informal sector statistics in nigeria

#NGOutlook2018: Nigeria’s Sustained Economic Recovery in H2, 2018, Hinges on Conditions in the Oil M, 9. SELECTED BANKING SECTOR STATISTICS (Q1 2015 – Q3 2016) 5: 10: 38: ... PETROLEUM PRODUCTS CONSUMPTION STATISTICS IN NIGERIA – (Q1 – Q3 2016) 5: 10: 35: ... GDP 2015 FORMAL AND INFORMAL SECTOR ESTIMATED SPLIT: 2: 6: 39: GPD, Report, … The study takes a quantitative dimension and employed pure descriptive statistics for its analysis. Human Capital Remains Key to Unlocking Nigeria’s Economy, 20. This is commendable, albeit with a potential marginal impact as the amount only represents 0.05% of total population and 0.12% of the country’s labor force. 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. What the border closures have resulted in is an increased need to look within our shores for the goods and services we require – from an individual and a business perspective; there are increased opportunities to create business linkages between the formal and informal sector. Public Debt 1 Six cities. But even beyond this the Bank of Industry is driving a series of other microcredit and intervention programmes, such as the North-East Fund as well as special funds targeted at states. 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. READ MORE Coronavirus: South Africa to rev economy by easing lockdown. Also in South Africa, the country’s National Empowerment Fund is providing support to entrepreneurs to manufacture products to support in the fight against COVID e.g. Nigeria: Informal Sector Growth Threatens Decent Work Agenda, Says ILO ... 85.8 per cent of employment is in the informal sector. The informal sector in Nigeria refers to eco nomic activities in all sectors of the economy that are operated outside the purview of gov ernment regulation. The structure of Nigeria’s informal economy Nigeria’s population is said to have reached about 167 million people in 2012 (National Bureau of Statistics). ** Urban Areas. Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018, 6. However, the The sector grew by 0.8% in 2017. n.a. The country’s Minister of Finance Ken Ofori-Atta argued the 21-day lockdown of Ghana’s biggest cities had become financially unbearable for most of the population, a concern that gave the government little choice but to lift the restriction. This puts Nigeria in a class of its own as the United Nations assessments suggest that for developing economies the average percentage composition of GDP by informal sector ought to be 41% and for countries in transition; 38%. The Republic of Namibia has been praised for its containment of the spread of the coronavirus. Employment Rate in Nigeria averaged 85.42 percent from 2014 until 2018, reaching an all time high of 93.60 percent in the fourth quarter of 2014 and a record low of 76.90 percent in the third quarter of 2018. The Nigerian Informal Sector (IS) is a major contributor to the Nigerian economy, accounting for a significant portion of employment and national GDP. 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Given the link between poverty and the informal sector in Nigeria, it is realistic to assume that the informal sector serves as a source of employment for the poor, absorbing low-level education holders, and those unable to secure wage employment in the formal sector. 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 Available statistics in Nigeria also shows that the informal sector contributes about 60 per cent of the nation’s Gross Domestic Product (GDP). By comparison, 45% of Nigerians live in extreme poverty. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Downloadable! In Lagos state alone, the informal economy employs about 5.5 million people – about three-quarters of the state’s 7.5 million labour force. READ MORE Social infrastructure investment, a development priority in Africa. 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. READ MORE Coronavirus: Nigeria’s varied responses to controlling COVID-19. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. - Lingering Negative Output Gaps, Nigeria’s Trade Nigeria’s GDP as at the end of 2015 was about N94.1 trillion out of which N38.7 trillion is from the informal and another N55.3 trillion formal. In addition to skill acquisition, workers in Nigeria’s informal economy have raised concerns over credit accessibility. 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 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. In its efforts to increase its internally generated revenue and to be less dependent from dwindling federal resources, the Government of Lagos made several unsuccessful attempts to tax small business owners in the informal sector, writes Adeolu Adesanya. OAuGF 2016 Audited Annual Report Submitted, Issues Qualified Report, 10. Nigeria: Mid-Year Economic Review By Biodun Adedipe Associates, 8. In the quest for economic diversification from oil, the government has given priority to solid minerals and agricultural sectors. The structure of Nigeria’s informal economy. Price Pressure Persists - Pentad, You would be the first to know the latest happenings around the Financial Market on, Proshare is Nigeria’s Premier Financial, Business and Economic Information Hub (since 2006), Registered Office: Plot 590B, Lekan Asuni Close, Omole Phase II, Isheri LGA, P.O. This poverty situation in Nigeria is unarguably worrisome and it demands urgent policies that boost employment and aggregate income. GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017, 7. 2 May 2018. Her husband, who runs a private taxi service, has gone from approximately twenty customers a day, to about three to four customers a week. Quarter on Quarter growth of the sector was recorded at –13.31%. New graduates from the would-be government skills development institutions are expected to be faced with the same challenge. Addressing power infrastructure challenges demands huge capital requirements and takes a long time to materialize. Weekly Economic and Financial Commentary – WE 20th July, 2018, 13. Lagos’ growing informal sector. Therefore, this study assessed the prevalence, patterns and factors associated with occupational injuries among e-waste workers in the informal sector in Nigeria. of Payments but Vulnerable, Weekly Economic She runs a small market stall at Mushin, selling cosmetic products; for years, this has been a reliable source of sustenance for Salewa and her growing family. Given the poor condition of power supply in the country, most of those who fall in the category of high users resort to generators. Maximizing gas availability could result in significant benefits, not just for the informal economy, but Nigeria as a whole. Nigeria is now the country with the highest number of extreme poor, with 87million Nigerians in abject poverty. of people who look to the informal sector for economic survival. Meanwhile, the weak growth in the formal economy suggests that employment in this space will be relatively inadequate to reduce poverty. It goes back to my earlier statements regarding the needs of the informal sector: The government has rolled out important relief measures, which include the provision of financial palliatives to over 11 million Nigerians listed on the National Social Register; but, considering that the estimated need potentially cuts across nearly 100 million people, there are still significant lengths left to be taken. The study found the informal economy significantly expanding in Nigeria. The purpose of this paper is to evaluate the role of informal sector towards Job creation and poverty reduction in Nigeria. Various reports over the past few years have surmised that the sector, which accounts for over half of global employment, could be worth approximately N40 trillion in Nigeria. Vulnerable to Exchange Rate Movements, Domestic Economy Initially, much of the rhetoric centred on the need to ‘manage’ this ever-expanding behemoth that the informal sector was becoming. This website makes use of cookies to maximise functionality and improve your experience on the website. Statistics – Oil Dependence Persists, 19. A study released in 2016 revealed that the informal sector … Strong Balance Strategies to spur informal economic growth. A grant might even be more effective in reducing poverty, as it has the ad-vantage of taking off the burden of repayment. 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. Failure to pay attention to the needs of the informal sector will worsen what is already a precarious economic situation for Nigeria grappling with high unemployment and poverty rates. major growth in the services sector—including in telecommunications, banking, Nollywood, and the informal economy (which was previously unaccounted for in official statistics). 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. METHODS: This cross-sectional study adopted a multistage sampling method to select 279 respondents from three cities (Ibadan, Lagos and Aba) in Nigeria. No Respite As 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. But as states learn to live with this new reality, they must also create policies to minimise the economic impact this crisis will undoubtedly bring. Single Digit Inflation Rate informal sector statistics in nigeria Drop Marginally to 11.01 % in real terms during the quarter! The labour force in Africa, parallel, non-structured, backyard,,... The informal sector statistics in nigeria decade highlights the need for the government could create and sponsor well-equipped platforms that individuals... Case came mid-March, but Nigeria as a whole profits and further ease their escape the... 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