The Informal Sector: The Backbone of Nigeria's Economy

https://global.ariseplay.com/amg/www.thisdaylive.com/uploads/b62dcef5-pension-pix-2.jpg In the bustling streets of Lagos, the vibrant markets of Kano, the industrious areas of Onitsha and the rural villages that dot the Nigerian landscape, a dynamic economic force thrives, often overlooked yet undeniably influential. This is the informal sector. The Nigerian economy is characterized by a vibrant informal sector, which operates outside the formal regulatory framework. This sector is composed of small-scale, unregistered enterprises. The lady that sells roasted corn on the roadside or "mama put", the roadside mechanic, "mai shayi", and the street affiliate marketer aka "oso ahia", can all be classified as informal workers. Despite its undocumented nature, the informal sector plays a pivotal role in the economic development of Nigeria. It provides employment opportunities, generates income and fosters entrepreneurial spirit, thus making it an undeniably inf...