Boosting Entrepreneurship Through Improved Access to Credit

The National Institute of Credit Administration of Nigeria (NICA) has underscored the potential for heightened entrepreneurship and economic expansion through enhanced access to credit. According to Prof. Chris Onalo, the Registrar/Chief Executive Officer of NICA, Nigeria possesses substantial untapped potential that could be unleashed by transitioning from a cash-based economy to one propelled by credit.

In a recent statement, Onalo emphasized the role of a credit-based economy in providing equal opportunities for individuals to pursue entrepreneurial ventures and personal skill development. He emphasized the necessity to open up the economy, especially for those lacking access to traditional financing, and to promote investment and purchasing power beyond reliance on fixed incomes.

Recognizing the vital role played by small and medium-scale enterprises in sustaining the economy, Onalo advocated for improved access to credit for these entities, alongside robust government support and collateral security measures.

A savings report by PIggyVest in 2023 further underscored the widespread aspiration among Nigerians to save towards launching their own businesses, spanning across various age groups.

Furthermore, Onalo affirmed NICA’s dedication to addressing the diverse needs of individuals and contributing to the implementation of the government’s economic policy agenda for the country.

The insights shared by NICA underscore the potential for fostering entrepreneurship and driving economic growth through a credit-based economy, and highlight the significance of supporting small and medium-scale enterprises in realizing this vision. By amplifying access to credit and aligning with the government’s economic policy objectives, Nigeria can create an environment conducive to enterprise development and economic prosperity.