Stakeholders Urge Reform to Build Resilient $100bn Nigerian Credit Sector
Stakeholders in Nigeria’s credit sector have called for stronger regulatory frameworks, an ethical lending culture, and closer collaboration between the government and private sector to build a resilient and inclusive credit economy.
The appeal was made at the Credit Managers Conference and Industry Awards organised by the National Institute of Credit Administration (NICA) in Lagos on Wednesday.
Prof. Chris Onalo, NICA’s registrar and CEO, described the event as a convergence of policymakers, practitioners, and industry experts dedicated to advancing credit management practices and supporting economic stability.
“The theme of this conference is timely as Nigeria’s economy continues to evolve amid shifting regulatory, financial, and technological realities,” he said, noting that participants had opportunities to exchange knowledge, forge partnerships, and explore innovations that can strengthen the credit ecosystem.
He added that the conference also recognised professionals who have demonstrated exceptional integrity, innovation, and excellence in credit administration. “Every conversation here is a step toward building a more resilient, inclusive, and prosperous credit economy for Nigeria,” Onalo stressed.
Representing Lagos State Governor Babajide Sanwo-Olu, Permanent Secretary of the Lagos State Debt Management Office, Mrs Alake Sanusi, reaffirmed the government’s commitment to responsible lending and consumer protection.
She noted that credit is the lifeblood of business and households: “When credit flows effectively, shops stock shelves, factories operate at full capacity, farmers plant, and entrepreneurs scale. Weak lending practices, however, create systemic risk that affects everyone.”
Sanusi highlighted ongoing reforms, including prudential rules, consumer protection standards, and strengthened credit reporting systems, and promised continued collaboration with NICA to ensure the credit ecosystem supports innovation, protects consumers, and drives economic growth.
Mr Andy Ojei, president of NICA’s Governing Council, emphasised that the institute, empowered by NICA Act No. 26 of 2022, regulates and advances the credit profession nationwide. “Economic stability cannot be driven by government alone; collaboration with stakeholders and professional organisations like NICA is essential,” he said.
Ojei stressed that properly managed credit fuels growth, investment, and innovation, while poorly regulated credit undermines confidence and slows development.
He acknowledged existing gaps in credit enforcement and information systems but highlighted technology as a game-changer. Advancements in digital scoring and data-driven lending, he said, provide opportunities to improve transparency, efficiency, and credit access across sectors.
Reaffirming NICA’s ongoing reforms, Ojei said, “Our mission remains clear: to make credit work for sustainable economic growth.”
He urged participants to convert conference discussions into actionable reforms that strengthen Nigeria’s $100 billion credit landscape, expand financial inclusion, and support the nation’s long-term economic development.
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