Connect with us

Uncategorized

Informal Sector, Heartbeat of Nigeria’s Economy -Shettima

Published

on

By Ade Iyamoye 

Vice President Kashim Shettima has described Nigeria’s informal sector as the “heartbeat of the economy,” emphasizing its critical role in sustaining livelihoods and driving national productivity.

Speaking in Abuja at the presentation of the Informal Economy Report 2025 by Moniepoint Microfinance Bank in collaboration with the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Shettima said the Tinubu administration prioritizes the sector as a pillar of economic resilience.

Represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, the Vice President said millions of Nigerians, from market traders to artisans and digital entrepreneurs, sustain daily commerce through the informal economy.

“The informal economy lies at the heart of Nigeria’s story of resilience, creativity, and enterprise.

“Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy,” Shettima stated.

He commended Moniepoint for its decade-long contribution to financial inclusion, noting that the report offers valuable insights into the opportunities and challenges shaping informal businesses.

The report revealed that informal business costs have risen by 80% in the past year due to inflation and operational constraints.

However, it also showed that women remain the dominant and most resilient players in the sector, with youth participation rapidly expanding.

Highlighting the significance of small enterprises, Shettima said Nigeria is home to over 39 million Micro, Small and Medium Enterprises (MSMEs), representing 96% of all businesses, contributing about 50% to GDP, and employing 84% of the nation’s workforce.

In his remarks, the Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, described the report as “a mirror of Nigeria’s economic reality,” urging policymakers to use it as a guide for inclusive financial development.

The Director-General of SMEDAN, Charles Odii, disclosed that the agency, in collaboration with the Corporate Affairs Commission (CAC), has commenced free registration for 250,000 informal businesses to encourage formalization and access to government support.

“We are formalizing small businesses at no cost to help them gain identity, access finance, and benefit from government interventions,” Odii said.

He added that small enterprises earning below ₦15 million annually are now exempted from company income tax.

Also speaking, the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, lauded Moniepoint for empowering millions of small business owners through affordable financing and digital support tools.

The event ended with calls for stronger collaboration between government, financial institutions, and entrepreneurs to fortify Nigeria’s informal economy, the true engine of growth and national stability.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Democracy Day: Foundation to engage youths through 21km marathon

Published

on

By

 

Apo Progressive Foundation (APF), a non-governmental organisation has concluded arrangements to host the second edition of its 21-kilometer “Peace and Unity” Marathon Race on June 12.

Mr Faleye Adebowale, Chairman of the foundation, disclosed this during a press briefing in Abuja on Tuesday.

The event, scheduled to coincide with the 2026 Democracy Day celebrations, is aimed at promoting grassroots sports, engaging talented youths, and supporting security agencies in the fight against insecurity.

Adebowale stated that the theme of this year’s edition, “Let’s Defeat Insecurity,” was deliberately chosen to encourage citizens to partner with security agencies through actionable intelligence and community solidarity.

”Sports is a powerful unifying factor that transcends religious, tribal, and regional differences. By bringing youths from diverse backgrounds together, we are creating an avenue for unity.

”Through this interaction, we can advocate for peace and encourage our people to support security agencies with necessary information to battle crime in our communities,” he said.

He said the event was open to both male and female runners nationwide, with participants expected from states such as Plateau, Kwara, Kaduna, Niger, and Lagos.

Adebowale explained that it replicated the cross-country attendance recorded during the maiden edition.

According to the chairman, the race will strictly feature adult runners from the age of 18.

He outlined the designated 21km route to include the take-off point at the Apo Community Stadium, through NEPA Junction to Games Village Roundabout, connecting Galadima Roundabout down to Kabusa Junction, and terminating at the Apo Community Stadium.

Adebowale, however, lamented the lack of corporate sponsorship for the event, revealing that the cash prizes and logistics were being funded through the collective personal resources of the foundation’s members.

”We do not have any sponsors for now. Everything you see, including the advertisements and the cash prizes for the athletes, is from individual contributions of our members.

”We are heavily open to sponsorship and partnership from well-meaning Nigerians and corporate bodies because this project benefits the entire Federal Capital Territory (FCT) and the nation,” he added.

Also speaking, the Secretary of the foundation, Mr Victor Chollom, stated that APF had officially written to various security agencies, to provide lectures and security tips for the participants.

These, he said, included the Nigeria Police Force, the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), and the Federal Road Safety Corps (FRSC),

Chollom linked the prevailing economic hardship in the country to rural insecurity, which he said had prevented farmers from accessing their farmlands.

”Part of the reason there is economic hardship is that insecurity in rural areas won’t allow parents to go to the farm, leading to food scarcity in the markets.

”We are using this platform to advocate for the government to hasten interventions like the forest guards so farmers can safely return to their farmlands.

“We are also catching these young ones early through sports and educational scholarships to ensure they grow with a mindset of peace,” Chollom said.

On his part, the Foundation’s Public Relations Officer, Mr Husain Yahaya, expressed worry over the high number of unengaged, talented youths roaming the streets.

He said that the marathon was designed to take them off the streets and expose them to global sports opportunities.

Yahaya said the foundation had embarked on aggressive roadshows, radio announcements, and school visitations to ensure grassroots athletes without regular platforms are given an opportunity to showcase their skills.

Cash prizes will be awarded to winners in both the male and female categories.

The first position winners will smile home with N350,000 each, while the second, third, fourth, and fifth-position runners will receive N250,000, N200,000, N150,000, and N100,000 respectively.(NAN)

Continue Reading

Uncategorized

NNPP Disowns Planned Protest Against INEC

Published

on

By

By Omoniyi David

The New Nigeria Peoples Party (NNPP) has disowned a planned protest against the Independent National Electoral Commission (INEC) scheduled for Tuesday, January 20, 2026, in Abuja and other parts of the country.

In a statement issued Monday from its National Secretariat in Abuja, the party said reports linking it to the proposed protest were false, describing the planned demonstration as illegal.

The statement, signed by the NNPP National Publicity Secretary, Ladipo Johnson, said the organisers of the protest were impostors and not members of the party.

The NNPP cited a Federal High Court judgment delivered on April 18, 2024, in Suit No. FHC/ABJ/CS/1354/2024, in which Justice Emeka Nwite upheld the expulsion of the individuals involved.

The party urged the public and security agencies to disregard any attempt to associate it with the protest, reaffirming its commitment to lawful and democratic engagement.

Continue Reading

Uncategorized

2025 Awards Night: ACCI Spotlights Business Excellence, International Collaboration

Published

on

By

By Ade Iyamoye 

The Abuja Chamber of Commerce and Industry (ACCI), on Tuesday celebrated outstanding contributions to enterprise development and international cooperation at its 2025 Awards and Dinner Night, with a renewed commitment to building a resilient, globally competitive business community.

Speaking at the event held at the Prince Adetokunbo Kayode SAN Trade and Convention Centre, ACCI President, Chief Emeka Obegolu, SAN, PhD, said the awards night was a moment of appreciation for businesses and individuals whose innovation, perseverance and investments continue to drive Nigeria’s economy.

Obegolu said the Chamber had made “meaningful progress” over the past year in line with its vision to strengthen infrastructure, facilitate trade, build capacity, professionalise the Secretariat, expand global partnerships and reposition the ACCI brand.

He highlighted the ACCI Business, Entrepreneurship, Skills and Training (BEST), Centre as a key intervention aimed at skills development and entrepreneurship, preparing members and young Nigerians to compete locally and globally.

According to him, ongoing projects around the Chamber are designed to create a sustainable commercial ecosystem and long-term value for members.

The ACCI president also underscored the importance of engagement with government institutions, development partners and the diplomatic community, noting that such collaborations have enhanced the Chamber’s credibility and positioned it as a vital platform for dialogue.

“The presence of ambassadors and members of the diplomatic corps here tonight underscores the growing international interest in Abuja as a business destination,” Obegolu said, adding that business, beyond profits and policies, is ultimately about people.

He reaffirmed ACCI’s commitment to delivering value to members, growing its membership base and attracting investment that will contribute to Nigeria’s economic growth and global competitiveness.

On his part, the Brazil’s Ambassador to Nigeria, Carlos Garcete, commended ACCI for its role in deepening bilateral trade and cultural relations between Brazil and Nigeria, describing 2025 as a “remarkable year” for relations between both countries.

Garcete cited multiple high-level exchanges, including visits by President Bola Tinubu to Brazil for the G20, BRICS and a state visit, reciprocal visits by ministers and vice presidents of both countries, and Nigeria’s participation in COP30.

He particularly praised ACCI’s instrumental role in the Brazilian trade mission led by ApexBrasil, which brought over 40 Brazilian companies and more than 60 business leaders to Nigeria, the largest standalone Brazilian business delegation to the country.

Receiving the ACCI Award for Promotion of Cultural and Economic Exchange on behalf of the Brazilian Government, Garcete described the honour as both recognition and a call to sustain strong cooperation, expressing optimism for deeper collaboration in 2026.

The event brought together captains of industry, diplomats, partners and stakeholders for networking and celebration, reinforcing ACCI’s role as a bridge between Nigerian enterprise and the global business community.

Continue Reading

Trending

Sweet bonanzagrandpashabetgrandpashabet girişgrandpashabetJojobetRomabetgrandpashabetgrandpashabetgrandpashabetgrandpashabetgrandpashabetpusulabetCasibombetpark girişbetparkkralbetstarzbetmariobetdeneme bonusu veren sitelerdeneme bonusugrandpashabet girişgrandpashabet girişdeneme bonusu veren sitelerdeneme bonusugrandpashabetcasino sitelerigrandpashabetmarsbahisgrandpashabetdeneme bonusudeneme bonusudeneme bonusu veren sitelergrandpashabet resmi adrestaraftarium24justin tvultrabetmatadorbetcasibomjojobetmarsbahisgoldenbahiscasinowoncasinowon girişmatbetbetsalvador girişbetsalvadorbetbey girişjojobetpalacebet girişmatbetmercurecasino girişpalacebetcashwinmercurecasino giriş1wincashwin giriş1win1win resmi güncel girişjojobet resmi adresmatbet girişsekabet girişpusulabet girişcasinowonjojobetibizabetbetsalvador girişbetbeypalacebetmercurecasinocashwin casino1win girişromabetimajbet girişromabetligobettipobetcasino sitelerideneme bonusudeneme bonusucasibomjojobetgrandpashabetjojobetholiganbetwbahisibizabethititbetcashwingrandpashabetgrandpashabetbetewin güncel giris adresijojobetcasibomjojobet girişHoliganbetHoliganbetJojobet Girişmaxwintürk ifşaromabet girişmarsbahisgrandpashabetpusulabetvdcasinosekabetmatbetholiganbetmarsbahisgrandpashabetpusulabetjojobetcasibomgrandpashabetjojobetjojobetjojobetjojobetpusulabetdeneme bonusudeneme bonusugrandpashabetjojobetdeneme bonusu veren sitelerbelugabahiscasinowongrandpashabetgrandpashabetgrandpashabetroyalbetCasibomJojobetgrandpashabet