President Bola Ahmed Tinubu has been told to establish a workable National Credit System to ease Nigerians’ economic hardship, hunger and pain.
Prof Chris Onalo, the Chief Executive Officer of the National Institute of Credit Administration (NICA), gave this advice in a recent statement.
Onalo said the new economic strategy, if implemented, would redefine the Nigerian economic landscape and significantly boost production capacities.
“In the new economic dimension, businesses should be driven strictly on credit. The new dispensation should promote buying and consumption that is strictly credit-driven.
“With credit availability, production will increase because the capacity to produce in large quantities will be boosted as the producers have access to credit to expand their operations through a well-funded guarantee arrangement that will play the midwife role”, he stated.
The development comes amid the rising hardship in Nigeria.
Newspot recalls that Nigerians in some Kogi, Niger, Oyo and other states protested against the soaring cost of living in the country.
According to the National Bureau of Statistics, latest data, food inflation soared to an all-time high of 35.42 per cent in January.
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