Nigeria’s Federal Government Unveils Informal Sector Report 2024
In a significant move to support Nigeria’s informal economy, the federal government has launched the Nigeria Informal Sector Report 2024. The report, developed in collaboration with Moniepoint Micro Finance Ltd and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlights the sector’s crucial role in employment, income generation, and economic resilience.
Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite launched the report in Abuja, emphasizing the administration’s commitment to SME growth under President Bola Ahmed Tinubu. The report aims to empower SMEs and enhance their contributions to the national GDP through supportive government policies.
SMEDAN’s Director-General, Charles Odii, outlined the agency’s “Grow Nigerian” agenda, which focuses on expanding local production capacities, improving market access, and creating an enabling environment for over 40 million small businesses. The initiative aims to address Nigeria’s forex and unemployment challenges through diversified import substitution and fostering economic engagement.
The report serves as essential reading for understanding the dynamics of the informal sector and aims to foster a more inclusive and sustainable economic landscape. Moniepoint’s Managing Director, Babatunde Olofin, reiterated the company’s commitment to financial inclusion and improving access to the financial system.
The launch concluded with a call for continued collaboration to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.
