Informal sector drives most jobs and growth in Nigeria, says expert
Prof. Kenneth Amaeshi has highlighted the crucial role of Nigeria’s informal sector in job creation and economic growth. Speaking at a public lecture, he emphasised that small businesses and micro-enterprises provide the majority of employment opportunities in the country, far surpassing large corporate entities. Olusegun Alebiosu of FirstBank and Prof. Folasade Ogunsola of the University of Lagos also acknowledged the sector’s significance and the need for ethical business practices. The event underscored the importance of transparency, accountability, and support for small enterprises.
TLDR
- Kenneth Amaeshi described the informal sector as the main driver of job creation and economic growth in Nigeria, noting its dominance over large corporations in employment numbers.
- He pointed out that banks collectively employ about 600,000 people, a small fraction compared to Nigeria’s population, highlighting the vast reach of the informal economy.
- Olusegun Alebiosu stated that the informal sector contributes around 42.5% to Nigeria’s GDP and supports millions of households.
- Speakers stressed that small business owners are willing to pay taxes but are discouraged by concerns over government transparency and accountability.
- The FirstBank Samuel Asabia Professorial Chair aims to promote ethical leadership and research that benefits both formal and informal sectors.
