- As NICA hosts 2025 credit managers conference
The 2025 National Institute of Credit Administration (NICA) Credit Managers Conference and Industry Awards last Wednesday, brought together top government officials, industry captains and credit professionals, with renewed calls for a sweeping overhaul of Nigeria’s credit regulation framework.
The event was attended by dignitaries including Lagos State Governor Babajide Sanwo-Olu, represented by the Permanent Secretary of the Lagos State Debt Management Office, Alake Sanusi, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.
NICA Registrar/CEO, Prof. Chris Onalo, described the conference as “one of the most important platforms for stakeholders committed to advancing credit management and contributing to Nigeria’s economic stability.”
Delivering the keynote address, the founder and Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe, said Nigeria cannot achieve its $1 trillion economy ambition by 2030 without a vibrant, transparent and well-regulated credit system.
He criticised what he called the Central Bank of Nigeria’s “one-size-fits-all regulation,” arguing that commercial, mortgage and microfinance banks operate under different realities. Adedipe warned that current liquidity ratio policies continue to limit lending, noting:
“The CBN has raised the loan-to-deposit ratio to encourage lending, yet imposes liquidity and reserve requirements that push banks toward liquid assets instead of credit expansion.”
Adedipe urged the CBN to redefine its mandate to reflect price stability, job creation and financial stability, stressing that nearly 90 per cent of Nigerian adults still rely on informal credit.
He insisted that regulators must incentivise formal lending if Nigeria intends to deepen financial inclusion. “We must deepen the formal credit market if we truly want inclusive growth,” he stated.
Representing Governor Sanwo-Olu, Alake Sanusi applauded NICA’s role in pushing critical reforms aimed at strengthening the national credit ecosystem. He noted that Lagos has prioritised policies that support a resilient and transparent credit system.
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“A functional and well-regulated credit system is essential for supporting MSMEs, deepening financial inclusion and driving sustainable growth,” he said, assuring that the state remains committed to responsible borrowing and credit governance.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, also addressed the gathering, warning that Nigeria’s credit market is increasingly exposed to risks of abuse, instability and systemic shocks.
She emphasised that the health of the nation’s credit system is directly linked to its economic foundation. “The strength of a nation’s credit system is closely tied to the strength of its economic foundation,” she said.
Uzoka-Anite added that fixing current weaknesses requires a coordinated and multi-sectoral partnership among regulators, policymakers, financial institutions, practitioners, technology providers and academics.
Earlier in his welcome remarks, Prof. Onalo highlighted the significance of the conference theme, ‘Credit Policy and Regulation: The Frameworks and Policies that Impact Credit Management in Nigeria’, describing it as timely given the country’s evolving financial and regulatory environment.
He noted that the gathering provides “enormous networking opportunities” and equips participants with insights on credit risk management, compliance and emerging technologies shaping modern credit administration.
NICA President, Mr. Andy Ojei, praised the newly inducted members, graduates and award recipients, describing their achievements as a testament to professionalism and discipline within the credit sector.
He reiterated the institute’s statutory mandate under Act No. 26 of 2022 to regulate and promote credit administration in Nigeria, stressing that effective collaboration between government and the private sector is vital for sustainable economic growth.
“Government cannot implement its economic development policies in isolation,” he said, calling for deeper partnerships to advance Nigeria’s credit culture.
The event also featured the 10th Annual Nigeria Credit Industry Awards, honouring outstanding contributors across various categories, from entrepreneurs and credit managers to innovative financial analysts.
As the ceremony progressed, Prof. Onalo reminded attendees that every activity – from the conference deliberations to graduations and inductions – marks “a step toward building a more resilient, inclusive and prosperous credit economy for Nigeria.
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He expressed optimism that the 2025 conference would inspire fresh ideas, reinforce partnerships and strengthen the collective resolve to transform the nation’s credit system.