Korede Abdullah in Lagos
The Lagos State Manager for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Olubunmi Kole-Dawodu, has revealed that over 50 million informal businesses operate in Lagos.
Speaking at the Stakeholder’s Forum on Economic Data Performance on Wednesday, Dr. Kole-Dawodu highlighted the sector’s vital role in driving the local economy.
“We know that a lot of activities run within that sector, a lot of value including employment creation, revenue generation, income generation for their employees and all that,” he said.
Dr. Kole-Dawodu emphasized the importance of collecting reliable data from the informal sector and incorporating it into economic planning and GDP calculations.
He noted that recognizing the sector’s role is crucial for Lagos’ economic development and will help the government create targeted policies to support its growth.
“The number of informal businesses in Lagos alone is above 50 million which means that some people run two or three businesses informally,” he stated.
The call for greater focus on the informal sector is part of ongoing efforts by SMEDAN and the Lagos State Government to engage stakeholders and develop strategies for formalizing and strengthening this key economic area.
