Nigeria must urgently address policy inconsistencies, weak infrastructure and fragmented data systems if it is to build a sustainable entrepreneurial economy, the Managing Director of CRC Credit Bureau Limited, Dr. Ahmed Babatunde Popoola, has warned.
Speaking at a joint lecture organised by the Faculty of Management and Social Sciences and the Centre for Advancement and Industrial Collaboration at Kwara State University, Malete, Popoola said access to finance alone cannot drive economic growth without trust, reliable data and coordinated national policies.
He explained that Nigeria’s economic transformation depends on three key pillars: strong financial services, robust financial infrastructure and efficient socio-economic systems.
“We must develop all these three in Nigeria to join the league of entrepreneurial economies,” he said.
Popoola expressed concern over repeated policy changes across administrations, noting that lack of continuity continues to undermine support for small businesses.
“At the public policy level, a coherent access to finance framework for consumers and SMEs needs to be developed. We have observed that different administrations embark on different policies and continuity is not guaranteed. This is a major challenge in Nigeria,” he stated.
He also warned that a large portion of credit activity in Nigeria remains outside the formal financial system, especially with the rise of informal lending channels and unregulated digital platforms.
“A lot of credit activities take place informally outside the formal financial system. A robust finance framework would connect these fragmented sources to the formal system and enhance financial inclusion,” he said.
On identity management, Popoola called for the harmonisation of all identification systems into the National Identification Number (NIN), proposing it as the single identity for citizens.
“We need to accelerate the fusion of tax ID, passport, BVN, driver’s licence and voter’s card with the NIN. It should be the only unique number for everyone,” he said.
He further stressed the need for stronger data protection as Nigeria deepens its digital financial systems.
“Data is central to the success of the financial system. It must be protected from abuse and unauthorised access. Strict compliance with data protection regulations should be enforced,” he added.
Popoola also urged government agencies and private institutions to open up critical datasets to credit bureaus to improve lending decisions and expand access to credit.
“With the right data, credit bureaus can unlock access to credit for consumers and small businesses. Today, data is locked up in silos and not useful to the economy,” he said.
He warned that poor electricity supply continues to hinder entrepreneurship and industrial growth.
“I do not think any nation can achieve greatness if access to electricity remains as poor as we currently have it in Nigeria,” he said.
Popoola also challenged universities to assess the real impact of government interventions aimed at supporting SMEs, noting that many programmes lack proper evaluation.
“Rigorous research should determine whether these supports are achieving expected outcomes. As of now, we have little research activities in this area,” he noted.
He added that Nigeria is gradually building what he called an “infrastructure of trust,” supported by digital identity systems, credit reporting frameworks and payment platforms, and cited fintech firms such as Flutterwave, OPay, Interswitch and MoniePoint as evidence of progress in the digital economy.
While acknowledging government efforts, he maintained that direct funding alone cannot solve Nigeria’s financing challenges.
“Government direct financial support is a form of subsidy and cannot materially address the gaps in access to finance. The promotion of financial infrastructure will move the needle faster,” he said.
He also stressed the importance of education and healthcare in preparing Nigeria’s youth for entrepreneurship.
“When we build the capacity of people through quality education and accessible healthcare, we will unleash opportunities for our youthful population to live lives of dignity and prosperity,” he said.
In his remarks, the Vice-Chancellor of Kwara State University, Professor Shaykh-Luqman Jimoh, said the institution is strengthening its partnership with industry to improve graduate employability and national development.
He said the collaboration with CRC Credit Bureau Limited, formalised in January 2026, is aimed at linking academic learning with practical industry experience.
“Our students stand to benefit from structured internships, industry exposure, and targeted employability training, while our faculty will engage in joint research and knowledge exchange that strengthens both academic output and industry practice,” he said.
Jimoh added that the partnership reflects the university’s commitment to combining theory with practice for national development.
“For us, theory must meet practice on our campuses while practice must reflect grounded theories in our communities. This is the only way universities can contribute meaningfully to national development,” he said.
Also speaking, Dean of the Faculty of Management and Social Sciences, Dr. Rahman Mustapha, said trust remains central to Nigeria’s financial and entrepreneurial ecosystem.
“Today marks a significant milestone in our collective effort to bridge the gap between academia and industry,” he said.
He noted that financial innovation and entrepreneurship can only thrive in an environment of credibility and institutional confidence.
“Financial innovation and entrepreneurial drive can only thrive where trust is firmly established,” he said.
Mustapha urged students to actively engage with the lecture, saying their future success depends on understanding the evolving financial landscape.
“The future of finance and entrepreneurship in Nigeria rests on your shoulders, and trust remains the currency that will sustain your endeavours,” he said.
He also commended the university leadership and industry partners for sustaining initiatives that connect academic training with real-world skills, expressing optimism that the collaboration would have long-term impact on students, faculty and Nigeria’s economic development.
