According to President Muhammadu Buhari, Nigeria has begun the transition from a cash-based economy to a credit-based economy.
This was said by Buhari yesterday during the public chartering of the National Institute of Credit Administration (NICA) on Victoria Island in Lagos.
The event signaled that the current administration has laid an unprecedented foundation for the transition of Nigeria’s economy from a cash-based to a credit-based system that would serve as a catalyst for economic growth and development, according to the president, who was represented by the minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed.
Buhari commended the efforts of patriotic Nigerians and professional institutions like NICA, particularly Mr. Chris Onalo, a Professor of Credit Management, who has over the course of the past three decades championed the course of seeing that credit management becomes a distinct profession in the country.
While charging NICA to ensure that bad management of trade credit, unethical handling of consumer credit, and unprofessional treatment in business credit dealings with Small and Medium Enterprises (SMEs) are reduced to the bare minimum, Buhari also
