Institute of Credit Administration, ICAN has advised the president-elect, Major General Muhammed Buhari to ensure that his government drastically cut the cost of doing business in Nigeria when he assumes office.
The institute, in a statement pointed out that the incoming administration would gain local and global acceptance if the aforementioned is achieved.
The ICA said “it is really possible to fi x electricity by all means within six months,” even as it urged Buhari to prioritise nationwide road construction.
While congratulating the president-elect, the ICA further advised him not to: “fail Nigeria and Nigerians; do not also fail the friends of Nigeria in the uttermost parts of the world. Endeavour to deliver in accordance with your campaign promises to which you must expect that Nigerians and international community will hold your government.”
“As Nigeria’s only national body for overseeing and monitoring standards, behaviour and administration of those who give, take, facilitate and manage credits in the economy, the ICA is confi dent that you, General Mohammed Buhari, has the requisite discipline to lead our great country into the next regime of strong economic prosperity, social justice and freedom.
“First among your priorities should be to address the nation’s urgent economic, social and security situation, and to build a strong economy for the future. Your approach no doubt should be to focus very quickly on structural reforms, fi scal responsibility and investment.
“Set up as a matter of urgency a national agency that guarantees access to loans by SMEs, and not to disburse loan to them. Such agency can be called – Nigerian Credit Guarantee Corporation, NCGC,. Surprisingly, up till today, Nigerian government is still not dreaming of creating this national platform that would support the development of SMEs.
“If a National Credit Guarantee Corporation is set up by the federal government with strong capital base and very robust operating fund, you can be sure that that corporation would serve as collateral and security which people who want to borrow money do not have, that is, those within the class of SMEs. This is the practice in other countries.

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