Key points
- NICA says inadequate funding is delaying the Federal Government’s plan to train 10 million Nigerians in financial literacy and credit management.
- The training curricula have been completed and are being harmonised by a technical working committee.
- The programme targets women, youths, MSMEs, artisans and other groups across the country.
- NICA is urging the CBN, banks, state governments and development partners to fund the initiative.
- More than 1,000 Nigerians have already registered despite limited publicity.
Main story
The National Institute of Credit Administration (NICA) says inadequate funding is slowing the implementation of the Federal Government’s plan to provide free financial literacy and credit management training to 10 million Nigerians.
The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, disclosed this in an interview in Lagos, saying funding remains the biggest obstacle to rolling out the nationwide programme.
The initiative, announced by the Federal Government in February, is being coordinated by the Office of the Vice President in partnership with six professional bodies, including NICA, the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Bankers of Nigeria (CIBN), the Chartered Institute of Stockbrokers (CIS), the Chartered Risk Management Institute (CRMI), and the Nigeria Institute of Innovation and Entrepreneurship (NIIE).
Onalo said participating organisations had already developed and submitted their training curricula, while a technical working committee was harmonising the content ahead of implementation.
He described the programme as a major national intervention aimed at improving financial inclusion, with women and young people identified as priority beneficiaries.
According to him, the professional bodies lack the financial resources to execute a project of such scale and have called on state governments, banks, multinational companies and development partners to support its implementation.
He explained that the programme would require facilitators to travel across the country, conduct physical and virtual training sessions, and deliver lessons in local languages where necessary.
Onalo also urged the Central Bank of Nigeria (CBN) to mobilise commercial banks to contribute financially, arguing that a financially literate and creditworthy population would strengthen Nigeria’s lending ecosystem.
He said NICA’s component of the programme would focus on promoting responsible borrowing, financial discipline and better management of personal and business finances.
According to him, creditworthiness extends beyond the availability of collateral and includes an individual’s financial behaviour, spending patterns and willingness to meet financial obligations.
Onalo disclosed that registration had already commenced through NICA’s online platform, with more than 1,000 Nigerians signing up within weeks despite minimal publicity.
He added that participants would be drawn from artisans, students, graduates, professionals, micro, small and medium enterprises (MSMEs), religious organisations, community associations and local government areas through a hybrid model combining online and physical training.
The issues
Financial literacy remains low in many parts of Nigeria, limiting access to formal credit and financial services. While the government’s proposed programme could improve financial inclusion and responsible borrowing, inadequate funding may delay its rollout and reduce its potential impact unless additional public and private sector support is secured.
What’s being said
“The programme is on a sound course. The curricula are ready, the professional bodies are prepared, but funding remains the major challenge.” — Prof. Chris Onalo
“The CBN should encourage or even mandate banks to support this initiative because it will strengthen the lending ecosystem and improve borrower behaviour.” — Prof. Chris Onalo
What’s next
The technical committee is expected to complete the harmonisation of the training curriculum, while the government and participating professional bodies seek funding from banks, state governments, development partners and other stakeholders before nationwide implementation begins.
Bottom line
The Federal Government’s plan to train 10 million Nigerians in financial literacy is progressing in terms of preparation, but its success will depend largely on securing the funding needed to deliver the programme across the country.
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