Nigeria must fix policy inconsistency, data fragmentation to unlock entrepreneurship – CRC boss

 

The Managing Director of CRC Credit Bureau Limited, Dr. Ahmed Tunde Popoola, has called for urgent reforms in Nigeria’s policy environment, infrastructure, and data systems, warning that without them the country’s ambition of building a strong entrepreneurial economy may remain unattainable.

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 policies.

“We must develop all these three in Nigeria to join the league of entrepreneurial economies,” he said, referring to strong financial services, robust financial infrastructure, and efficient socio-economic systems.

He expressed concern over what he described as frequent policy changes across administrations, noting that lack of continuity continues to undermine small businesses and investors.

“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.

Popoola also highlighted the dominance of informal credit systems in the country, saying millions of Nigerians still operate outside the formal financial structure, including users of unregulated digital lending 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, he advocated the harmonisation of multiple identification systems into a single national database anchored on the National Identification Number.

“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 also warned that increasing digital financial transactions come with rising risks of fraud and data breaches, stressing the need for stronger enforcement of data protection laws.

“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 further urged government to open up siloed data held by telecom operators, power firms, insurers and tax agencies 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 also identified poor electricity supply as a major constraint to enterprise development, insisting that industrialisation would remain difficult without reliable power.

“I do not think any nation can achieve greatness if access to electricity remains as poor as we currently have it in Nigeria,” he warned.

The CRC boss encouraged universities to assess the real impact of government interventions on small businesses, noting that many programmes may not be achieving their intended results.

“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 also pointed to emerging progress in Nigeria’s “infrastructure of trust,” including digital identity systems, payment platforms and credit reporting frameworks, while commending fintech firms such as Flutterwave, OPay, Interswitch and MoniePoint for driving the country’s digital economy growth.

Popoola, however, maintained that direct government funding alone cannot close financing gaps.

“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 concluded by stressing the need for investment in education and healthcare to empower Nigeria’s youthful population.

“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 collaboration with industry players to improve graduates’ employability and support national development.

He said the partnership with CRC Credit Bureau Limited, formalised in January 2026, is focused on finance, data science, credit management and entrepreneurship.

“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 initiative reflects the university’s goal of linking academic learning with real-world experience.

“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, the Dean of the Faculty of Management and Social Sciences, Dr. Rahman Mustapha, said trust remains central to Nigeria’s financial and entrepreneurial ecosystem.

“Financial innovation and entrepreneurial drive can only thrive where trust is firmly established,” he said, adding that the lecture theme was timely for the country’s economic realities.

Mustapha urged students to take advantage of the opportunity, noting that “the future of finance and entrepreneurship in Nigeria rests on your shoulders, and trust remains the currency that will sustain your endeavours.”

He also commended the university leadership and partners for fostering stronger ties between academia and industry, expressing optimism that the collaboration would yield long-term benefits for students and the wider economy.