Nigeria experts call for stronger credit systems and SME structural readiness

Experts are highlighting the need for structural improvements to support the growing digital economy and small business sector in Nigeria. Gbemi Adelekan, Chairman of the Money Lenders Association, has called for enhanced credit infrastructure, including improved credit bureau systems, effective scoring, and stronger consumer protection to sustain the growth of digital lending.

Adelekan noted that as internet penetration rises and the unbanked population declines, digital lending is increasingly complementing traditional banking, particularly for millennials, Gen Z, and freelancers.

Complementing this view, Muyiwa Kwesi Femi-Pearse of The SME Mall emphasized that access to capital alone is insufficient for small and medium-sized enterprises (SMEs). He identified weak business structures, poor financial record-keeping, and limited management capability as primary hurdles. Femi-Pearse argued that SMEs must prioritize structural readiness and governance to move from survival to sustainable growth amidst high operating costs and inflation.