Yesterday, the National Institute of Credit Administration (NICA) emphasized the importance for large corporations and multinationals to promptly settle debts owed to Small and Medium-Scale Enterprises (SMEs) within a timeframe of seven to 14 days. This call was made in a statement issued by Prof. Chris Onalo, the Registrar of the institute. NICA serves as Nigeria’s statutory body responsible for overseeing, supervising, and regulating the credit management profession.
Onalo emphasized the need for creditors to ensure timely payment to suppliers and other stakeholders within the specified timeframe of seven to 14 days. He further advocated for the implementation of legislation to protect SMEs from delayed payments, stating that businesses should not delay payments to SMEs based on their internal policies, which might extend payment terms beyond the recommended timeframe.
