Daily Post Nigeria Only 1.3 per cent Nigerian informal businesses reach over N2.5m profit – Informal Economy report Home News Politics Metro Entertainment Sport Business Only 1.
3 per cent Nigerian informal businesses reach over N2.5m profit – Informal Economy report Published on July 8, 2024 By Amos Tauna Only 1.3 per cent of Nigerian informal businesses reach over N2.
5 million profit on a monthly basis, the Informal Economy Report 2024, has shown. The report, compiled by financial technology provider, Moniepoint, revealed that the network of unregistered businesses, contributing over half of the country’s GDP with teeming street vendors, artisans and service providers, appeared prosperous based on revenue figures. Launched over the weekend in Abuja, the report also showed that businesses in the informal market contributed over half of Nigeria’s GDP as 72.
3 per cent of informal businesses surpassed the N1m mark in monthly revenue. It explained, “Put together, businesses in the informal market contribute over half of Nigeria’s GDP. This is evident in their revenues with the bulk of them (72.
3 per cent) hitting monthly revenues of over N1,000,000 monthly.” The report noted that their actual profit deviated from the high figures, saying that individually, most of them make less than N250,000 monthly, on the higher end of the spectrum, only about 1.3 per cent of businesses in Nigeria’s informal economy earn above N2.
5m monthly. According to the report, a significa.
