Stakeholders Task Govt, Private Sector On Sustainable Credit Reform

Stakeholders in Nigeria’s financial credit sector are advocating a robust regulatory framework, an ethical lending culture and strengthened collaboration among industry players to build a resilient and inclusive credit economy for the country.

The call was made at the Credit Managers Conference and Industry Awards organised by the National Institute of Credit Administration (NICA) in Lagos on Wednesday.

Speaking at the event, the registrar/CEO of NICA, Prof. Chris Onalo, described the conference as a convergence of experts, policymakers and practitioners committed to advancing the practice of credit management and contributing to the stability of Nigeria’s economy.

He stated that, the theme of the event was timely, especially, as the nation’s economy continues to evolve amid new regulatory, financial and technological realities.

According to Onalo, the gathering provides opportunities for knowledge exchange and industry partnership.

“The conference provides enormous networking opportunities, enabling participants to connect with peers, industry experts and partners to foster collaboration and promote business growth,” he said.

He added that, “this event also recognises industry professionals who have demonstrated exceptional innovation, professionalism and integrity in advancing the practice of credit administration.”

The NICA boss stressed the need for a strong credit culture to support national development.

He said, “Let us be reminded that every conversation here is a step toward building a more resilient, inclusive and prosperous credit economy for Nigeria.”

Meanwhile, Onalo expressed optimism that the deliberations would lead to new partnerships and improved commitment to ethical credit practices across the sector.

On his part, Lagos State governor, Babajide Sanwo-Olu, represented by the permanent secretary of the Lagos State Debt Management Office, Mrs. Alake Sanusi, reaffirmed the government’s commitment to promoting responsible lending and consumer protection.

According to him, “Credit is key to every business and household. When credit flows well, shops stock shelves, factories run, farmers plant, and entrepreneurs scale.”

Sanwo-Olu warned that, weak lending practices create systemic risk, stressing that, “when credit is badly managed, when loans go bad, when rules are unclear, or when borrowers and lenders are not protected, everyone loses.”

He pointed to existing reforms such as prudential rules, consumer protection standards and strengthened credit reporting systems, promising continued collaboration with NICA to ensure credit ecosystem supports innovation, protects consumers, and drives economic development.

Commenting, the president of NICA’s Governing Council,  Andy Ojei, lauded graduates, inductees and awardees, stating that their accomplishments reflect the true spirit of professional excellence.

He said, the NICA Act No. 26 of 2022 empowers the institute to regulate and advance the profession nationwide while emphasising that nationwide economic stability cannot be driven by the government alone. “Government cannot implement its economic development policies in isolation; collaboration with stakeholders and professional organisations like NICA is crucial for success,” he cautioned.

He highlighted that credit remains the lifeblood of commerce, noting that, when properly managed, it fuels growth, investment and innovation, but when poorly managed and regulated, it weakens confidence and slows development.

He acknowledged existing gaps in credit enforcement and information systems but said technology was opening new frontiers.

Ojei, however, observed that, advancements in digital scoring and data-driven lending present opportunities to improve transparency, efficiency and credit access across sectors.

The NICA president reaffirmed the institute’s ongoing reforms, saying, “Our mission remains clear: to make credit work for sustainable economic growth.”

He urged industry participants to convert ideas from the conference into actionable reforms that strengthen Nigeria’s credit landscape and expand financial inclusion for households and businesses nationwide.