Nigeria: Over 60% of World's Employed Population Are in Informal Economy - ILO. Nigerian government policies are typically lopsided in favor of the formal economy. The informal sector, in which more than 80 percent of Nigerians work, includes a wide range of occupations, from street traders, taxi drivers, tradesmen, and … Nigeria: Informal Sector Growth Threatens Decent Work Agenda, Says ILO ... 85.8 per cent of employment is in the informal sector. Tomorrow’s business world looks radically different from today’s. It was the first decline in real non-oil GDP growth rate since Q3 2017. Academia.edu is a platform for academics to share research papers. Nigeria’s Trade Series: Working Paper No. The same approach has been adopted on the Tradermoni and Marketmoni initiatives of the Federal Government of Nigeria, being executed by the Bank of Industry. Informal activities are usually not captured in the process of computing GDP numbers. Also, the informal sector contributes 80 percent of the labour force in Africa. Taxing the Informal Sector (IS) and its taxpayers’ compliance level has become a focus of attention in recent times by scholars and policy makers because of IS contribution to the country. Meanwhile, working in the sector is attractive due to the ease attached to operations as a result of the absence of a bureaucratic regulatory framework, and little or no formal educational requirements. So, where do we begin? Single Digit Inflation Rate Now Unlikely - FSDH, Weekly Economic and Financial Commentary – WE 03rd August, 2018, Inflation Rate to Drop Marginally to 11.01% in July 2018, Watching From The Political Balcony - LBS Executive Breakfast Session – Aug 2018, Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018, GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017, Nigeria: Mid-Year Economic Review By Biodun Adedipe Associates, #NGOutlook2018: Nigeria’s Sustained Economic Recovery in H2, 2018, Hinges on Conditions in the Oil M, OAuGF 2016 Audited Annual Report Submitted, Issues Qualified Report, Nigeria’s Headline Inflation Drops To 11.23% In June 2018, Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate, Weekly Economic and Financial Commentary – WE 20th July, 2018, Strong Balance The sector is vast and encompasses a host of activities, ranging from agriculture and food production to mining, trade, transportation, accommodation, and even recreation services, amongst many others. The Republic of Namibia has been praised for its containment of the spread of the coronavirus. The panel discussion titled “Building the infrastructure to grow the informal sector in Nigeria” is timely and relevant being that the Nigerian Informal Sector is a major contributor to the Nigerian economy, accounting for a significant portion of employment and national GDP. As a result of these initiatives, we have been able to gain a better understanding of what these micro- and small businesses in the informal sector truly need: firstly, access; secondly, skills; and thirdly, tailored service delivery and channels of access. Meanwhile, the weak growth in the formal economy suggests that employment in this space will be relatively inadequate to reduce poverty. This was an improvement from the rate of poverty in 2018 (which was at nearly 50%, an estimated 86.9m people), and yet, as the informal sector remains incapacitated, the ripple effect will eventually lead more people to regress into abject poverty, undoing much of the progress that may have been made in recent years. Lagos’ growing informal economy sector. The public sector lost 7,012 jobs. Ghana was the first sub-Saharan African country to ease restrictions when it lifted lockdown measures on 20 April. The informal sector consists of micro, small and medium scale enterprises including traders and artisans and constitutes a significant portion of the Nigerian economy. Initially, much of the rhetoric centred on the need to ‘manage’ this ever-expanding behemoth that the informal sector was becoming. Her husband, who runs a private taxi service, has gone from approximately twenty customers a day, to about three to four customers a week. A new approach is expedient. major growth in the services sector—including in telecommunications, banking, Nollywood, and the informal economy (which was previously unaccounted for in official statistics). The fuzzy boundaries and intertwined nature of informal and formal sectors in Nigeria has varied impact on the economy. The study is restricted to the role of informal sector in unemployment reduction in Nigeria from 1980-2015 using Kano state as the case study. This narrative has since evolved into one that seeks to formalise these businesses, by catering to their needs and providing them with much-needed support. Lagos’ growing informal sector. READ MORE Social infrastructure investment, a development priority in Africa. n.a. This could draw actual power output closer to its potential pending the time the country sees other significant investments that could raise capacity. With the income from her shop, Salewa contributes to funding the education of her two sons and cares for her ageing mother. However, this formal-informal overlap comes with risks, especially when it comes to consumables. The crash in oil and gas prices, triggered by the coronavirus pandemic and the slump in economic activity, has dealt a blow to the plans and public finances of major oil- and gas-producing countries. As we graduate from Harvard amidst the pandemic, we reflect on the juxtaposition of our relative privilege with the systematic marginalization of the artisanal miners in the Democratic Republic of Congo. Including agriculture should put figures at around 90 percent. The Divisional Head, Large Enterprises, Bank of Industry, Mr. Joseph Babatunde, has said that more than 17 million small businesses in Nigeria are in the informal sector and not registered with the Corporate Affairs Commission. These efforts clearly require the collective contributions of our private sector and government stakeholders, and must be holistic and sustainable if they are to have the desired impact. Quarter on Quarter growth of the sector was recorded at –13.31%. The National Bureau of Statistics (NBS) put Nigeria’s unemployment rate at 23.1 percent. The informal sector throughout West Africa, and particularly in Benin, represents approximately 50 percent of GDP (70 percent in Benin, in fact) and 90 percent of employment. IS seems difficult to tax because of administrative problems, human capital and personnel shortage, lack of record keeping, nature of its economic activities and cost implications. Maximizing gas availability could result in significant benefits, not just for the informal economy, but Nigeria as a whole. Nigeria’s average electricity output per day of about 3,500MW/hour has been significantly below installed capacity of about 7,500MW, while gas unavailability accounts for approximately 45% of total generation constraints. Still, despite this harsh reality, Salewa and her family are in a better position than the millions of individual construction workers, tradesmen and women, restaurant service workers, street vendors, market salespeople, and the millions of low-income Nigerians whose livelihoods have disappeared. This sector may be invisible, irregular, parallel, non-structured, backyard, underground, subterranean, unobserved or residual. At times, even Nigerians with high formal education find employment in the informal economy when well- paid formal sector jobs are unavailable. Given the poor condition of power supply in the country, most of those who fall in the category of high users resort to generators. In sub-Saharan Africa, the informal sector contributes about 72 percent to employment, excluding agriculture. The public sector lost 7,012 jobs. The Nigerian Informal Sector (IS) is a major contributor to the Nigerian economy, accounting for a significant portion of employment and national GDP. New graduates from the would-be government skills development institutions are expected to be faced with the same challenge. The campaign for a vaccine against the cororonavirus to be recognised as a global public good – patent-free, produced at scale and internationally available  – is making headway. Wake up to the essential with the Editor's picks. Unregistered household enterprises comprise a significant portion of Nigeria’s economy, accounting for as high as 65 percent of GDP, says the International Monetary Fund (IMF) in a blog article seen by businessamlive.. According to the National Bureau of Statistics, the Lagos informal sector employs 5.58 million people, some two-thirds of the state’s working population. Big oil-producing countries have faced a double-hit in recent months: the sudden drop in prices of oil and the economic impact of the global pandemic. Like many other developing countries, the sector is considered crucial to job creation as it accounts for about 90 percent of jobs in the country. However, one thing is certain: our micro-entrepreneurs and small businesses can become a harnessed economic force if we make the concerted efforts to empower them. More attention is required. According to the International Monetary Fund (IMF), the informal sector accounts for approximately 65 percent of economic activities in Nigeria. The recorded growth rate was –7.70% points lower compared to the rate recorded during the same quarter of 2019, and –7.60% points compared to the first quarter of 2020 Therefore, this study assessed the prevalence, patterns and factors associated with occupational injuries among e-waste workers in the informal sector in Nigeria. In less than two months, Salewa’s household has become a single-income household. Complete the form for your free download of The Africa Report’s special feature "The top 50 Disruptors". Employment Rate in Nigeria decreased to 76.90 percent in the third quarter of 2018 from 77.30 percent in the second quarter of 2018. source: National Bureau of Statistics, Nigeria. 2.1 Informal Sector Earnings Compared with Farm Sector Earnings in Kenya, Ghana, Nigeria, and Rwanda 50 2.2 Distribution of Wages and Earnings in Ghana and Kenya 51 2.3 Urban Share of Formal and Informal Sector Work in Nigeria, Ghana, Tanzania, and Kenya 52 2.4 Women’s Share of Informal Sector Work by Area in Rwanda 53 The Nigerian economy added 187,226 new jobs in the third quarter of 2016 after adding 475,180 a year earlier. Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018, 6. No Respite As In the meantime, the government could focus on securing an adequate supply of gas to power stations. 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