Economist calls for credit expansion to fuel Nigeria’s entrepreneurial ambition

Keypoints

• Ahmed Popoola, CEO of CRC Credit Bureau, revealed that Nigeria’s credit penetration rate stands at just 13%, a figure he deems too low for a thriving economy.
• Out of 35.6 million registered enterprises in Nigeria, only about two million currently have access to formal credit.
• Popoola advocated for the “fusion” of all identification systems—including BVN, tax IDs, and driver’s licenses—into the National Identification Number (NIN).
• The economist urged the government to mandate data sharing from telcos, DisCos, and tax authorities with credit bureaus to improve lending accuracy.
• The lecture at Kwara State University (KWASU) was designed to bridge the gap between academic theory and practical industrial finance.

Main Story

Nigeria’s path to becoming a global entrepreneurial hub is currently blocked by a “credit bottleneck.”

Speaking at a collaborative lecture at Kwara State University on Monday, April 27, 2026, economist Ahmed Popoola warned that the nation cannot achieve sustainable growth while 94% of its registered businesses are excluded from formal financing.

With only 13% of the population able to access credit, Popoola argued that the “infrastructure of trust” in Nigeria remains underdeveloped.

To solve this, the CRC Credit Bureau chief proposed a radical simplification of Nigeria’s data landscape. He called for the immediate integration of all personal identifiers; from Bank Verification Numbers (BVN) to voter cards, into a single National Identification Number (NIN).

This unified system, paired with mandatory data sharing from utility companies and telcos, would allow lenders to better assess the creditworthiness of millions of “invisible” small business owners. However, he cautioned that this digital leap must be protected by ironclad data privacy laws to prevent the misuse of personal information.

The Issues

The primary challenge is the information-asymmetry gap; banks are often unwilling to lend to small businesses because they lack a documented “financial history,” creating a cycle where businesses can’t grow because they can’t prove they are trustworthy. Authorities must solve the problem of data-siloing, where valuable payment data held by telecommunications and power companies is not shared with credit bureaus, leaving a massive gap in credit scoring.

Furthermore, there is a digital-privacy risk; as Nigeria moves toward a unified NIN-centric system, the threat of unauthorized data access increases. To succeed, the “infrastructure of trust” must not only track who is a good borrower but also ensure that the borrower’s personal data is never exploited.

What’s Being Said

• “Entrepreneurship cannot thrive without an entrepreneurial economy,” stated Ahmed Popoola.
• Popoola highlighted that only two million out of 35.6 million enterprises have access to formal credit, calling it a major constraint.

What’s Next

• The Federal Government is expected to face renewed pressure to accelerate the NIN-BVN linkage to create a more transparent financial identity for citizens.
• Credit bureaus are anticipated to push for new legislative mandates that would require DisCos and telcos to report consistent bill-payers to help boost their credit scores.
• KWASU and other universities are likely to introduce more industry-collaborative courses to teach students the practicalities of securing business funding.
• A national debate on data protection is expected to intensify as more sectors are urged to share sensitive consumer information to improve credit penetration.

Bottom Line

Nigeria has millions of entrepreneurs but very few borrowers. By pushing for a unified ID system and better data sharing, experts like Ahmed Popoola are trying to build the “trust” necessary to turn 33 million “uncredited” businesses into active contributors to the national GDP.

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