NICA URGES CREDIT REFORMS TO DRIVE INDUSTRIALISATION

The Nigerian Investment and Credit Association (NICA) has called for comprehensive reforms in the country’s credit system to unlock financing for the manufacturing and industrial sectors, describing access to affordable credit as a critical driver of sustainable industrialisation.

At a recent stakeholders’ forum in Lagos, NICA President, Mrs. Funke Adekoya, highlighted high interest rates, stringent collateral requirements, and limited long-term financing as major barriers hindering industrial growth. “Without deliberate credit reforms, our industrialisation agenda will remain a mirage,” she stated.

The association recommended the introduction of targeted industrial credit windows, review of monetary policies to lower borrowing costs, and greater collaboration between banks and development finance institutions to support SMEs and large-scale manufacturers.

Participants at the forum, including representatives from the Manufacturers Association of Nigeria (MAN) and the Central Bank of Nigeria, agreed on the need for innovative financing models such as asset-based lending and venture debt to boost productivity.

NICA pledged to work closely with government and regulators to advocate for policies that prioritise industrial credit and reduce the cost of doing business.

The call comes as Nigeria seeks to diversify its economy and reduce reliance on oil through manufacturing and value-added production.