Additionally, the study showed that 39.5% of participants in the informal sector utilised digital banks, 47.5% saved money through contributions and cooperatives, and 2.3% used alternative saving methods.
Moniepoint Inc., in collaboration with the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), served as the anchor organisation for the “Informal Economy Report 2024.”
As per the survey, ThisDay reported that more than 50% of Nigeria’s GDP was attributed to enterprises operating in the informal market. It was revealed that the majority of the savings of informal enterprises came from cooperatives and group donations since these methods allowed many of them to feel “closer to home.”
The report said
It clarified that roughly 1.3% of informal sector enterprises in Nigeria made more than N2.5 million per month.
Based on the data it stressed that women own 37.1% of businesses in this sector.
The paper claims that the youthful enthusiasm presents a huge opportunity for entrepreneurship, innovation, and the development of wealth and jobs that will revolutionize society on a socioeconomic level.
It added,
The report offered additional insights into the informal sector by stating that the most frequent cause for launching an unofficial firm was unemployment.
It did, however, emphasize that, although men were more likely to establish a business due to unemployment, women were more likely to do so due to a lack of income from more formal employment.
TimesNow.com.ng reported that the Proshare Bank Strength Index (PBSI) identified Access Corp, Zenith Bank, FBNH, ETI, UBA, and GTCO as Tier 1 Banks in 2024.
Supporting the Afrinvest-inspired idea of FUGAZE, the report is based on a pool of financial metrics based on audited financial statements for the Financial Year (FY) 2023.
Consequently, Fidelity Bank ranked above the tier-two banks, followed by FCMB, Stanbic IBTC, Sterling Holdco, Wema, and Unity Bank.
Source: TimesNow.com.ng
