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ICA tasks government on sound legislation for economic development

For a speedy economic development with sound legislative process that would translate well on the citizens and as well cultivating Nigerian environment for foreign investment, Institute of Credit Administration has tasked the Buhari administration to form a sound policies through the legislative arm of the government. This it said at the induction exercise of new members recently in Lagos.

ICA is Nigeria’s only National Body for Credit management since 1992. It has contributed immensely to the economic well-being of Nigeria and other countries through its uncompromising standards of raising professional in credit administration.

Former ICA President, Professor Chris Onalo was of the opinion that if the present governance system of Nigeria must deliver, the economy must be put in sound footing and a structure put in place.  According to him, the legislation must shy away from mere policy pronouncement, and apply realistic approaches that would touch what needed to be touched to trigger policy system that is implementable such that would bring it closer to the people.

“Government will have to do a lot of talking to be able to interpret the positions of the legislation that is geared towards establishing a strong economy and then getting all the stakeholders to comply with the position of such legislation, saying that the National Assembly has to go back to the drawing board and actually go beyond  the rhetoric of few people making comments. They have to look at the knitty gritty, and ask themselves questions, do we need to review legislation that is going to govern a strong economy, and by so doing they need  to alienate themselves with various institutions of expertise, organised private sector, Chambers of Commerce and other laudable industries that have been able to put themselves together under strong regulations like the banking and insurance sectors and other such industries that are well regulated  with a view to getting themselves acquainted with happenings in the industries.”

In addition, Onalo said, that is the way to lay very quiet perfection for economic growth and then  appropriate legislation is produced and getting the legislation interpreted by again the typical role of professional organisations that should be able to acquaint their members with the position of the law just as it is in other parts of the world.

In the same vein, he said, why the economic has not been able to fly or the drive for development has not been able to fly in Nigeria is that policy pronouncement without bringing it into realistic atmosphere  ended up producing nothing, saying that the laws are there but no effect on people and that is why the economy has been in comatose. “I think if the President’s expectation mean what they said, they really need to go back to practical approach to be able to set in motion a new economic idealogy that would deliver Nigeria into the comic of nations that are standing well in economic activities and then making Nigeria a destination for other parts of the world who are looking to invest in a safe and sound market place, who are looking to bring up certain ideal of product or services that enhances human living.

In addition to charting a new course towards building a strong economy through a legislative process, G.R.E Ozulumba (FICA) in his lecture at the induction exercise of new members to ICA on, “The effects of maintaining best practices, standard and ethnics” advised credit managers, stakeholders to help build a strong credit system in the new government dispensation by adhering and adopting the Central Bank’s monetary stability and sound financial system as well as Monetary Policy guidelines stipulated for industry operation.

Omotayo G.M. Ajani (FICA) also enthused that if Nigeria must develop in this new era of governance, it must implore a good credit market system that promotes production of goods and services,


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