CRC Chief Calls for Credit Reforms to Boost SME Growth

Dr. Ahm Popoola, the Managing Director and Chief Executive Officer of CRC Credit Bureau, called for significant reforms in Nigeria's credit system to address the $32.3 billion financing gap faced by small and medium enterprises (SMEs).

He made this statement on Monday while delivering a lecture titled "Financing Entrepreneurship: Infrastructure Trust" at the Faculty of Management and Social Sciences, Centre for Advanced Industrial Collaboration, Kwara State University. The event was attended by notable figures, including Vice Chancellor of KWASU, Prof.

Shaykh Luqman Jimoh, and Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewol.

Popoola emphasized the critical role of credit in economic development and highlighted that Nigeria's credit penetration remains low at 13% of GDP, compared to a global average of 91%. He urged policymakers to establish a unified national framework for financial access and promote broader data sharing across sectors.

Additionally, he noted the importance of building a reliable data ecosystem to enhance credit access and support sustainable financial markets.