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July 05, 2024

3 mins read

Moniepoint, SMEDAN set to launch Nigeria’s Informal Economy Report in Abuja  

by Bemigho Awala

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Africa’s fastest growing financial institution according to the Financial Times, Moniepoint MfB in conjunction with the Ministry of Industry, Trade, and Investment, and Small and Medium Enterprise Development Agency of Nigeria, SMEDAN  is set for the launch of Nigeria's Informal Economy Report 2024 holding in Abuja on the 5th of July 2024 at the Abuja Continental Hotel. 

Speaking on the impending launch, Babatunde Olofin, the bank's managing director said “the report signposts Moniepoint's commitment to deepening the resource pool for policy makers in Nigeria and the financial ecosystem stakeholders, by providing a fresh and holistic viewpoint and critical analysis on accessing the informal economy, opportunities for growth and vivid portraits of the informal sector players as well. 

Nigeria's informal economy plays a crucial role in the nation's economic landscape. Its importance is signposted by the employment opportunities it provides for a significant portion of the Nigerian population, particularly for those who may not have access to formal employment. This space also serves as a primary source of income for many households, contributing to poverty alleviation.

According to Director General/CEO SMEDAN, Charles Odii, "Nigeria's approximately 40 million small businesses that reside in the informal sector are born of both necessity and entrepreneurial zeal, they exemplify the famous 'hustling' spirit that unites Nigerians across social divides and is responsible for the employment of millions. Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN."

Some of the dignitaries expected at the event are Vice President, Federal Republic of Nigeria, Alhaji Kashim Shettima, GCON, Hon Minister of Industry, Trade and Investment, Hon (Dr) Doris Nkiruka Uzoka-Anite, Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, Special Adviser on Economic Affairs, Office of the Vice President, Dr Tope Fasua, SSA to the President on Entrepreneurship in Innovation & Digital Economy, Jennifer Adighije, House Committee Chairman on Small and Medium Scale Enterprises (SMEs), Hon. Mansur Manu Soro among others. 

The Nigeria's Informal Economy Report has been curated as a must-read for individuals and organizations interested in understanding the dynamics of Nigeria's informal economy and shaping a more inclusive and sustainable economic landscape. The Moniepoint brand has long championed the importance of financial inclusion and financial happiness even as improving business and consumer access to the financial system is core to Moniepoint’s philosophy. 

Industry experts have averred that this collaborative exercise between Moniepoint, SMEDAN and the Ministry of Industry, Trade, and Investment represents an important milestone that will catalyze Nigeria's informal economy while giving a huge boost to the Renewed Hope Agenda of President Bola Ahmed Tinubu as all stakeholders continue to show resolve in helping the informal economy thrive and surpass its current contributions to Nigeria’s economic aspirations.

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