Business

Nigeria Informal Sector; An Untapped Potential for GDP Growth

The COVID 19 Pandemic reveals a lot about the importance of Nigeria’s Informal Sector.

It also made it known to us all that about 60% of Nigeria’s working population is in the Informal Sector. To test the veracity or otherwise of this assertion, one can easily deduce such from the ‘Stay at Home’ order of the Government which was about a month. Those that felt the pinch the most were those of the informal sector of the Economy that earns through daily living.

Nigeria and the Informal Sector

This is an honest parameter to gauge and identify the high numbers of Nigeria’s population surviving through the informal sector. In calculating the Nation’s GDP, its almost impossible to factor-in their efforts and activities, because they are largely unorganized and their level of commercial activities cannot easily be ascertained and imputed in the country’s GDP figures compared to other sectors of the economy..

Read More Nigeria May Fight This Pandemic Till The End Of This Year

However, the best way to identify the volume and level of their economic and commercial activities is to place them under Associations which will help monitor, ascertain and streamline their various level of economic activities and help identify their worth. This will in turn further boost our GDP growth and help us have a well organized Informal sector.

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Lanre Shodimu

Am a seasoned journalist and procreative content journalist with over 20 years of industry achievement in professional Journalism.

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