Edidiong Uwemakpan (Vice-President at African digital fintech, Moniepoint) has announced the launch of the 2024 Moniepoint Informal Economy Report – Nigeria’s first report on the country’s Informal Economy. Achieved in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the publication was unveiled by Dr. Doris Uzoka-Anite (Honourable Minister, Federal Ministry of Industry, Trade and Investment).
Referring to the millions of businesses in Nigeria, many of them operating in the informal economy, Edidiong says:
They might look small individually, but together, they contribute more than half of our GDP. Very few know this space like [Moniepoint], so we wanted to do much more.
Over the past few months, we’ve spent a lot of time with the numbers, trying to understand this shadow economy. Who are these people? What do they do with their money? The 2024 Moniepoint Informal Economy Report is the result of that research.
The 2024 Moniepoint Informal Economy Report is consistent with an earlier Moniepoint case study titled ‘How families power Nigeria’s Economy’ (released April 2024), a testament to the company’s clear understanding that analysing the scale, impact and challenges of the informal sector is crucial for creating inclusive policies and sustainable development.
And because policy approaches for the informal economy (such as increasing access to finance, skills training, property rights and extending legal protections) can help transition informal operations into the formal sector over time, Uwemakpan adds:
You see, my favourite thing about Moniepoint is how we’ve been able to give people their (first) big break. Helping people who are already doing well climb Mount Everest is great, but who’s looking out for those who just need to get off the floor? Those who just need a chance?
Click here to download the 2024 Moniepoint Informal Economy Report.