The National Institute of Credit Administration (NICA) has urged Nigerian businesses to become more credit-ready and creditworthy to improve their access to funding in the emerging liberal economy.
NICA Registrar and CEO, Prof. Chris Onalo, said credit was increasingly becoming a key driver of business growth, with access to funding depending more on a company’s ability to manage and repay loans than on connections, collateral or political patronage.
He identified conscientiousness, trustworthiness, honesty and integrity as essential qualities for building strong credit profiles. He also warned businesses against poor record-keeping and dishonest financial practices, saying transparency would increasingly determine which businesses attract funding..
Onalo said NICA was using education, certification and other systems to promote creditworthiness, while its CreditAcademy provides training for Nigerians seeking to develop the skills needed in a credit-driven economy. He urged MSMEs, traders, entrepreneurs and corporate organisations to build businesses trusted by banks, suppliers and other financiers..
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