Dr. Olubunmi Kole-Dawodu, State Manager for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), revealed that Lagos is home to more than 50 million informal businesses, showcasing the sector’s vast economic potential.
Speaking at the Stakeholders’ Forum on Economic Data Performance, organized by the Lagos Bureau of Statistics (LBS) at the Lagos Chamber of Commerce and Industry, Kole-Dawodu emphasized the informal sector’s critical role in employment, revenue generation, and income growth.
“Many entrepreneurs operate multiple informal ventures without registration or tax identification, leaving their contributions untracked,” he stated, highlighting the need for improved integration of these businesses into formal economic systems.
Kole-Dawodu stressed the importance of accurate data collection to reflect the informal sector’s contributions in GDP calculations and inform targeted policies for its growth.
Mrs. Olayinka Modupe Ojo, Permanent Secretary of the Lagos State Ministry of Economic Planning and Budget, echoed this sentiment. She noted the sector’s substantial role in providing livelihoods while pointing out its underrepresentation in economic data, which limits effective integration into policy frameworks.
The forum brought together stakeholders from government, civil society, and the private sector to address these challenges. Participants explored strategies to better integrate the informal sector into economic planning, paving the way for sustainable development in Lagos and beyond.
