President Muhammadu Buhari said, Nigeria has kickstarted the process of transiting from a cashless economy to a credit-based economy. Buhari stated this yesterday at the public unveiling of the National Institute of Credit Administration (NICA) as a charter, in Victoria Island, Lagos. The president, who was represented by the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, stated that the event signaled that an unprecedented foundation has now been laid by the present administration for the transition of Nigeria’s economy from a cash-based to a credit-based system that would serve as the catalyst for economic growth and development. 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 barest minimum, Buhari commended the efforts of patriotic Nigerians and professional institutions like NICA as well as and particularly, Mr. Chris Onalo, who is a Professor of credit management who has over the last three decades championed the course of seeing that credit management becomes a distinct profession in the country. Applauding the National Assembly for the consistent support to his administration to deliver on its promises through enacting laws critical to the successes it has recorded so far, he called on all key players to support the institute to deliver its mandate for the development of a robust credit-based economy.

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