The Need For A Strategic Credit System In Nigeria At This Time

Do you know people who have solid ideas that can in the long run contribute to nation building but don’t have the resources to bring them to life?

Well, you are not alone.

In fact, there is a report by the Central Bank of Nigeria that a lack of adequate collateral is preventing many of Nigeria’s small businesses from accessing the capital needed to grow. With the President budgeting about N100 Billion as consumer credit fund,? what should be considered for proper implementation of an effective credit system and why do we need it at this time??

Bear in mind that Nigeria is an entrepreneurial economy with an estimated 37 million micro, small and medium-sized companies, whose contribution to economic growth and job creation is significant.

Even at this, less than a third of the country’s Micro, Small and Medium Scale enterprises have successfully obtained a loan from a financial institution. Instead, most use personal savings or reinvested profits as a source of business financing.

Like you know, the smaller the business, the less likely it is to have applied for, and received, a loan from a bank or microfinance institution.

Many of these businesses have the potential to become bigger and more prosperous, but their growth is restricted for a variety of reasons – chief among them, access to finance.

The National Institute of Credit Administration (NICA) has raised concerns about the effects of limited access to credit for the expansion of businesses, improvement of production capabilities which has led to the worsening of poverty levels across Nigeria.

Our MarketSquare Host, Oluwapelumi Awe had a sit-down with the Registrar/CEO of The National Institute of Credit Administration, Prof Chris Onalo, FICA

Link - https://www.youtube.com/watch?v=61tviXOnDNs

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