FG, NICA Plan Consumer Credit Framework

Federal Government is working with the National Institute of Credit Administration (NICA) to develop a framework for consumer credit in Nigeria. According to the government, NICA will provide advisory, policy drafting, legislative and regulatory advocacy services, while catalyzing the process, among others. Expected to be launched by the President soon, the consumer credit ecosystem will deliver to Nigerians the much-desired robust and sustainable economic structure that would enable Nigerians to put in their best and to give Nigeria Africa’s economic power, boost economic activities, boost consumer purchasing power, among others. Recall that in November 2022, the Federal Government launched the NICA Act No. 26 of 2022 to serve as a national body of expertise for matters relating to credit management in the country by setting professional standards, awarding professional qualifications in credit management; testing and assessing those who wish to become members, controlling, supervising and regulating the profession of credit management in Nigeria. The Act also enables NICA to promote the integrity and weigh the capacity of government at all levels to borrow for economic development against the backdrop of internal creditworthiness assessment of the overall economy. The Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo, commended the government’s efforts at revitalising the industries in the country to increase production, consumption, and financial inclusion.