Sanwo-Olu urges NICA to drive wider credit access, stronger regulatory balance

Lagos State Governor Babajide Sanwo-Olu has called on Nigeria’s credit professionals and policymakers to push for reforms that will expand credit access for businesses while strengthening the regulatory environment needed to safeguard the financial system.

Speaking through Alake Sanusi, Permanent Secretary of the State’s Debt Management Office, at the 2025 National Credit Managers Conference organised by the National Institute of Credit Administration (NICA) in Lagos, Sanwo-Olu said improved credit policies and responsible lending practices are essential to unlocking sustainable economic growth.

He said credit remains central to the functioning of businesses and households across the country, stressing that the quality of credit management “can make or break the economy.”

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“Credit is key to every business and household in Lagos and across Nigeria. When credit flows well, shop shelves stock, factories run, farmers plant and entrepreneurs scale,” he said. “But when credit is badly managed, when loans go bad, when rules are unclear, or when borrowers and lenders are not protected, everyone loses.”

Sanwo-Olu described this year’s conference theme, which focuses on credit policy and regulation, as timely for an economy aiming to strengthen productivity and support small and medium enterprises.

The governor praised NICA for championing reforms that had given credit management greater prominence and legal recognition in Nigeria’s financial system.

He also highlighted efforts by the Central Bank of Nigeria (CBN) to strengthen prudential guidelines and consumer protection standards across financial institutions.

“Regulators like the Central Bank of Nigeria have issued prudential rules and consumer protection standards that require institutions to have strong credit policies, proper loan classifications, and fair treatment of customers,” he said. “These rules are designed to keep our financial system safe while ensuring ordinary Nigerians have access to responsible credit.”

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According to Sanwo-Olu, responsible credit goes beyond expanding access. It must also promote ethical practices, transparency, clear risk assessment, and protections that guard both lenders and borrowers. He added that robust consumer protection frameworks are essential to sustaining confidence in the financial system, particularly for vulnerable borrowers.

The governor also underscored the role of accurate credit information in building trust and reducing the cost of borrowing.

“Credit bureaus and the credit reporting parts provide mechanisms to share credit information so that good borrowers are rewarded and risk is priced fairly,” he said. “When credit data is accurate and shared, lenders can lend more confidently at lower costs, and borrowers can build reputations they can use for the future.”

Sanwo-Olu pointed to recent regulatory moves—including permissible collateral adjustments and sector recapitalisation—as reminders that credit managers must remain alert and adaptive to policy changes. He reaffirmed Lagos State’s commitment to financial inclusion, stronger credit reporting systems, and ethical credit practices.

Participants at the conference agreed that improving credit culture, rewarding responsible borrowers, and strengthening protection mechanisms are critical to building a more resilient financial ecosystem for Nigeria.

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Delivering the keynote address, economist Abiodun Adedipe, chief consultant, B. Adedipe Associates Limited, outlined two priorities for repositioning Nigeria’s credit landscape: ensuring that credit is available, accessible, and affordable; and aligning credit strategy with the country’s ambition of achieving a one trillion dollar economy within five years.

“To achieve that aspiration, credit must play a pivotal role,” Adedipe said. He emphasised the need to strengthen credit infrastructure and deepen Nigeria’s credit culture, noting improvements in movable asset registries, collateral frameworks, credit guarantees, and other regulatory interventions.

Earlier in his opening remarks, Chris Onalo, NICA Registrar/CEO urged newly inducted MCMAIP graduates to uphold professionalism as they enter a credit management industry undergoing rapid evolution.

“This programme, which qualifies you for direct entry into the National Institute of Credit Administration, underscores the strategic importance of specialised credit knowledge in advancing economic development,” Onalo said. “Credit management remains the backbone of a strong economy, enabling access to finance, enhancing business sustainability, and widening financial inclusion.”

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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