From Taiye Joseph, Ilorin
The Managing Director of CRC Credit Bureau Limited, Dr. Ahmed Tunde Popoola, has warned that Nigeria’s ambition of building a strong entrepreneurial economy will remain unrealised unless urgent steps are taken to address policy inconsistencies, weak infrastructure and fragmented data systems.
Speaking at a joint inaugural 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 policy direction.
According to him, “access to finance is not enough. Without trust in the system, data integrity and policy coordination, entrepreneurship will remain constrained.”
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He identified strong financial services, robust financial infrastructure and efficient socio-economic systems as the three pillars necessary for Nigeria to compete in the global entrepreneurial space.
Popoola expressed concern over repeated policy reversals across different administrations, warning that inconsistency has weakened support systems for small businesses and discouraged long-term investment.
He also highlighted the dominance of informal credit systems and unregulated digital lending platforms, noting that millions of Nigerians still operate outside the formal financial sector.
On identity management, Popoola called for the harmonisation of national identity systems, urging that the National Identification Number (NIN), should become the single identity platform for all citizens.
He further raised concerns about rising digital financial risks, urging stronger enforcement of data protection laws to safeguard sensitive information.
The CRC boss also urged government to open up siloed data held by telecom operators, electricity distribution companies, insurers and tax authorities to credit bureaus to improve lending decisions.
He commended the university leadership and industry partners for supporting initiatives that prepare graduates for the labour market, expressing optimism that the collaboration would deliver long-term benefits.
He stressed that Nigeria’s poor electricity supply remains a major constraint to enterprise growth, warning that industrial progress cannot be achieved without reliable power.
Popoola also challenged Nigerian universities to evaluate the effectiveness of government interventions aimed at small and medium enterprises, saying there is limited evidence on their real impact.
“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 further encouraged academic research into fintech growth, digital systems and financial infrastructure such as BVN, NIN and credit bureaus in reducing poverty and expanding access to finance.
He cited the rise of Nigerian fintech companies such as Flutterwave, OPay, Interswitch and MoniePoint as evidence of the country’s growing influence in Africa’s digital economy.
While acknowledging government efforts, Popoola insisted that direct financial intervention alone cannot solve structural financing challenges.
He concluded by stressing that investment in education and healthcare remains critical to unlocking Nigeria’s youthful population for entrepreneurship.
Meanwhile, the Vice-Chancellor of Kwara State University, Professor Shaykh-Luqman Jimoh, said the institution is strengthening collaboration with industry players to improve graduate employability and national development.
Jimoh said the partnership with CRC Credit Bureau Limited, formalised in January 2026, is designed to bridge the gap between academia and industry through practical exposure, internships and joint research.
He added that the initiative reflects the university’s commitment to ensuring that academic learning translates into real-world impact.
The Dean of the Faculty of Management and Social Sciences, Dr. Rahman Mustapha, also stressed that trust remains central to Nigeria’s financial and entrepreneurial development.
He commended the university leadership and industry partners for supporting initiatives that prepare graduates for the labour market, expressing optimism that the collaboration would deliver long-term benefits.
