‘NICA Act To Propel Nigeria To Credit-based Economy’

The National Institute of Credit Administration (Establishment) Act No 1018 of 2022 which was signed into law by president Muhammadu Buhari on the 16th of August, 2022, will transit Nigeria from cash-based Economy to a credit economy.

The president, NICA, Mr. Andy Ojei, who stated this yesterday, at a press briefing on the proposed public unveiling of NICA Act by President Muhammadu Buhari, in Lagos on November 22, 2022, noted that, no economy grows without the use of credit and that there is no example of any advanced society where credit is not in use.

“The assent of Buhari to the NICA Bill, he stressed, is an unprecedented foundation laid for transition of Nigerian economy from age-long cashbased to modern credit-based economy, a system which will serve as a catalyst for both economic growth and social transformation.

Stating that NICA is a chartered body of eminent credit management elites, he added that, coupled with the unveiling, the institute has approved conferment of Honourary Fellowship Award of itself on some eminent Nigerians in recognition of their commitment to the growth and development of Nigerian economy.

“Those to be conferred the honourary fellowship include: Governor of Lagos State, Babajide Olusola Sanwo-Olu, Governor of Kogi State, Alhaji Yahaya Bello, Governor of Taraba State, Arc. Darius Dickson Ishaku, Governor of Osun State, Alhaji Isiaka Adegboyega Oyetola, the chairman of Newcross and Pan Ocean Group of Companies, and Dr. Festus Alani Fadeyi,” he pointed out.