The National Institute of Credit Administration (NICA) says inadequate funding is delaying the implementation of the federal government’s plan to train 10 million Nigerians in credit management and financial inclusion.

The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, disclosed this in an interview on Sunday in Lagos.

In February, the federal government signed an agreement with six professional bodies to train 10 million Nigerians free of charge in financial inclusion and literacy.

The professional bodies were NICA, the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria, the Chartered Institute of Stockbrokers, the Chartered Risk Management Institute, and the Nigeria Institute of Innovation and Entrepreneurship.

Mr Onalo listed the professional bodies involved in the initiative, which is coordinated by the Office of the Vice President.

According to him, the participating professional bodies have developed and submitted their training curricula, while a technical working committee is harmonising the contents ahead of implementation.

“The programme is on a sound course. The curricula are ready, the professional bodies are prepared, but funding remains the major challenge,” he said.

He described the project as a massive national undertaking targeted at educating 10 million Nigerians, with priority given to women and youths.

Mr Onalo said the professional bodies lacked the financial capacity to execute the nationwide programme and called on state governments, banks, multinational companies and development partners to support its implementation.

“We are expected to travel across the country, engage communities physically and virtually, train participants in local languages where necessary and provide facilitators. All these require substantial funding,” he said.

He urged the Central Bank of Nigeria (CBN) to mobilise banks to contribute financially, adding that the banking sector would be the primary beneficiary of a more financially literate and creditworthy population.

“The CBN should encourage or even mandate banks to support this initiative because it will strengthen the lending ecosystem and improve borrower behaviour,” he said.

Mr Onalo explained that NICA’s aspect of the programme would focus on improving Nigerians’ creditworthiness by promoting responsible borrowing, financial discipline and proper separation of personal and business finances.

According to him, creditworthiness extends beyond collateral and includes an individual’s financial behaviour, spending habits and commitment to honouring financial obligations.

He said registration had commenced through NICA’s online portal, with more than 1,000 Nigerians registering within weeks despite limited publicity.

The NICA boss said recruitment would target artisans, students, graduates, professionals, micro, small and medium enterprises (MSMEs), and other groups through community associations, religious organisations, local governments and social media platforms.

He added that the training would be delivered through a hybrid model combining virtual and physical sessions.

 (NAN)