By Samson Adeyanju
Vice President Kashim Shettima has described Nigeria’s informal sector as the “heartbeat of the economy,” stressing its vital role in sustaining livelihoods and driving 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 recognizes the sector as a key pillar of economic resilience.
Represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, the Vice President noted that millions of Nigerians, market traders, artisans, and digital entrepreneurs, power daily commerce through the informal economy.
He commended Moniepoint for its role in promoting financial inclusion, while the report revealed that informal business costs rose by 80% in the past year due to inflation, with women and youth driving most of the sector’s activities.
SMEDAN Director-General, Charles Odii, announced the commencement of free registration for 250,000 informal businesses in collaboration with the Corporate Affairs Commission (CAC), to promote formalization and access to government support.
He added that small enterprises earning below ₦15 million annually are now exempted from company income tax.
The event ended with calls for stronger collaboration among government, financial institutions, and entrepreneurs to strengthen the informal sector, the true engine of Nigeria’s growth.
