A yet-to-be-released survey conducted by Moniepoint Microfinance Bank has revealed the fragile financial position of millions of small businesses in Nigeria.
The study, Nigeria’s Informal Economy Report, expected to be made public in Abuja, showed that 42% of the country’s informal sector operators do not have enough savings to survive beyond one month without income.
Moniepoint said the report was designed to provide evidence-based insights that can guide policymakers, regulators, and financial institutions in shaping interventions that strengthen and formalise informal enterprises.
Already, it has received the support of the Ministry of Industry, Trade, and Investment, and the Small and Medium Enterprise Development Agency of Nigeria ,SMEDAN.
Nigeria’s informal economy is the backbone of the nation’s livelihood, accounting for over 80% of employment and driving the majority of economic activity. For millions of Nigerians locked out of formal employment structures, this sector is essential in serving as a bulwark against poverty.
“The Informal Economy Report is a robust and important study that examines the informal market more closely and curates fresh insights into its realities. We believe its key outputs will serve ecosystem players and government well in policy direction and execution”, the Managing Director of Moniepoint Microfinance Bank, Mr Babatunde Olofin, said in a statement ahead of the launch this weekend.
The event is expected to attract senior government officials, regulators, lawmakers, industry leaders, trade associations, academics, civil society, and development organisations.
It will feature keynote addresses, panel discussions, and presentations of the study’s findings, with participants exploring strategies to create a more inclusive and sustainable economic landscape.
