The National Institute of Credit Administration (NICA) has renewed calls for the Federal Government to institutionalize a credit-driven economic model, arguing that a transition from predominantly cash-based transactions can deepen financial inclusion and improve long-term economic resilience.
Key argument: NICA says a functional credit economy depends on strong legal frameworks for default management and a culture of transparency, alongside closer collaboration between government reforms and professional credit institutions.
Context: Analysts cited in related coverage suggest a properly implemented credit-led recovery could boost growth, but implementation risks remain—especially amid inflation and policy uncertainty.
Echotitbits take: A stronger credit system could expand SME capacity and middle-class purchasing power. The real test is whether monetary policy and inflation dynamics can support affordable lending without increasing systemic risk.
Source: The Guardian – https://guardian.ng/business-services/nica-seeks-migration-to-credit-based-economic-growth/ (January 25, 2026)
The Guardian 2026-01-25
Photo Credit: The Guardian
