Stakeholders seek stronger credit adoption for economic growth
Lagos, March 2026 (TBL Africa) Some experts say stronger awareness and wider adoption of credit facilities are critical to maximising ongoing efforts to deepen financial inclusion and support a credit-driven economy.
Nigeria has traditionally operated a cash-based system, but recent policy measures under President Bola Tinubu are aimed at expanding structured access to credit.
These include the establishment of the Nigerian Credit Guarantee Company (NCGC) and the Nigerian Consumer Credit Corporation to improve access to affordable financing.
In addition, the Federal Government, through the Office of the Vice President, has signed a Memorandum of Understanding (MoU) with six professional bodies to train 10 million Nigerians in financial literacy and credit access, with a focus on women and youth.
The institutions involved include the Institute of Chartered Accountants of Nigeria, Chartered Institute of Bankers of Nigeria, Chartered Institute of Stockbrokers and Chartered Risk Management Institute of Nigeria.
Others were National Institute of Credit Administration and the Nigeria Institute of Innovation and Entrepreneurship.
Experts said that while Nigeria’s credit expansion framework was gaining traction, sustained awareness, affordability and trust would be critical to driving adoption.
Stakeholders, however, noted that awareness remained a key factor in accelerating the impact of these initiatives.
According to an economist, Prof. Biodun Adedipe, said that consumer credit is central to expanding economic participation and supporting inclusive growth.
“Credit is a major driver of modern economies. When individuals and businesses can access financing, it stimulates demand, supports enterprise and improves overall productivity,” he said.
Adedipe, also founder and Chief Consultant of B. Adedipe Associates Ltd (BAA Consult), added that emerging financing windows are becoming more accessible and can help individuals acquire assets and grow small businesses.
“When people can access credit at reasonable rates, they are able to invest in assets and opportunities that improve their livelihoods,” he said.
Adedipe noted that linking credit to locally produced goods could further boost domestic industries and job creation.
“Encouraging the consumption of locally made products through credit schemes creates a cycle of production, demand and employment,” he said.
President-elect of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Dele Alabi, urged banks to expand lending to small businesses and consumers to sustain growth.
“In today’s environment, banks must look beyond large corporates. Supporting SMEs and retail borrowers is key to long-term sustainability,” he said.
He noted that ongoing recapitalisation by the Central Bank of Nigeria would strengthen banks’ lending capacity.
“With stronger balance sheets, banks will be better positioned to support economic activities through increased lending,” he said.
Alabi also stressed the importance of a strong repayment culture.
“A sustainable credit system depends on responsible borrowing and timely repayment. This is essential for building trust in the system,” he said.
Dr Markie Idowu, President and Chairman of Council, National Institute of Credit Administration (NICA), identified awareness, access and affordability as key drivers of credit adoption.
“People need to understand that credit is available, how it works and how to access it responsibly,” she said.
She said the planned training of 10 million Nigerians would help bridge knowledge gaps and improve financial literacy.
“This initiative will equip Nigerians with the knowledge to make informed financial decisions and take advantage of available credit opportunities,” she added.
President of Chartered Institute of f Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, said the programme had commenced with a train-the-trainer phase and would be delivered virtually for wider reach.
“We are leveraging digital platforms to ensure that participants across the country can benefit from this programme,” he said.
He added that the initiative would enhance financial literacy and promote inclusion.
“By empowering women and youth in particular, we are strengthening participation in the formal financial system,” he said.
President of the Institute of Chartered Accountants of Nigeria (ICAN), Malam Haruna Yahaya, said the programme targets grassroots entrepreneurs operating outside the formal system.
“Many small business owners lack the knowledge and tools to access finance. This programme is designed to change that,” he said.
He added that improved record-keeping and financial management would increase their chances of accessing credit.
“When businesses maintain proper records, they become more credible to lenders and better positioned for growth,” he said.
