No economy grows without the use of credit and there is no example of any advanced society without the use of credit. Credit at whatever level of sector, if not properly managed could spell doom for an economy.
As we are all aware, for the economy to grow to the point of providing desired jobs and wealth creation, there must be credit extension at all levels of industrial and commercial activities. But credit business extended or granted under a sloppy arrangement is an evil worse than an economy driven by a cash-and-carry regime.
All over the world, businesses extend credit to each other, but successful management of these credits has been hampered, abused to a large extent following lack of standards, unethical conducts, insider's abuse resulting to sharp practices in the industry. Evidencing that there is a systematic absence of regulation and protection of relationships between debtors, creditors, and managers of credit.
In other countries of the world where economy is driven by credit system, national institutes for credit are in place to regulate, set standards, moderate ethical conducts and build capacity of the people involved in managing, controlling and monitoring credits at all levels of commercial or business credit activities.
The incidence that triggered the world economic and financial meltdown in years back stemmed largely from proper attention that was not paid to sound and disciplined credit management system, thus re-enforcing the need for every country to provide necessary safeguards and infrastructures to protect local credit market economy.
Enter your email to be the first to know about all jobs in Nigeria
Enter one word that best describes the job you are looking for
MyJobMag.com is a fast growing job website in Nigeria.
We assist job seekers by providing latest and verified job adverts and career information from employers and recruiters in all Nigerian states. We ensure candidates get to apply for insider job vacancies that go unadvertised both online and in newspapers. Our job services are FREE ie. we do not expect jobseekers to pay for our career services. Subscribe to MyJobMag via the following channels: email, Facebook, Twitter, Blackberry: