{
  "id": 5450525,
  "title": "Informal sector key for job creation, economic growth — Don",
  "url": "https://urgent.news/2026/09/04/informal-sector-key-for-job-creation-economic-growth-don",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-04T00:36:29.000Z",
  "source": {
    "name": "Punch Nigeria",
    "slug": "punch-nigeria",
    "url": "https://punchng.com/informal-sector-key-for-job-creation-economic-growth-don/"
  },
  "original_language": "en",
  "account": "Prof. Kenneth Amaeshi, a Chair in Business Ethics at the University of Lagos, has called for greater recognition of the informal sector as the main driver of job creation and economic growth in Nigeria. During the inaugural lecture of the FirstBank Samuel Asabia Professorial Chair in Business Ethics, Amaeshi highlighted that while large corporations receive public attention and government support, they employ a negligible fraction of the workforce compared to micro-enterprises. He emphasized that informal sector workers constitute the majority of Nigeria's economy, with small businesses providing livelihoods for the majority of Nigerians. Despite the glamour of large businesses, their ability to create direct employment opportunities remains significantly lower than that of small businesses. Amaeshi noted that formalizing the informal economy could help small enterprises access finance and support systems, but rigid taxation often creates friction. He stressed that tax accountability matters and urged policymakers to show how tax revenues are utilized. FirstBank Group's CEO, Mr. Olusegun Alebiosu, reiterated that the informal sector contributes approximately 42.5% to Nigeria's GDP, serving as the primary source of livelihood for millions of households. He emphasized that the sector operates on personal trust and reputation, making ethical conduct essential for growth. FirstBank's commitment to academic research and ethical leadership through the Samuel Asabia Chair was also highlighted, with the university community expressing gratitude for the institution's partnership.",
  "summary": "Discover why Nigeria’s informal sector is crucial for job creation and economic growth, despite challenges like taxation and lack of formal support. Read More: https://punchng.com/informal-sector-key-for-job-creation-economic-growth-don/",
  "key_points": [
    "Informal sector crucial for Nigeria's job creation and economic growth",
    "Micro-enterprises employ majority of workforce, unlike large corporations",
    "Informal sector contributes 42.5% to Nigeria's GDP, based on FirstBank's data"
  ],
  "editors_take": "Emphasizing the informal sector's role in job creation and economic growth shifts focus from large corporations to micro-enterprises as key drivers of Nigeria's economy, highlighting a need for supportive policies.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch",
        "title": "Informal sector key for job creation, economic growth — Don",
        "url": "https://urgent.news/2026/09/04/informal-sector-key-for-job-creation-economic-growth-don-5450900",
        "published": "2026-09-04T00:38:29.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}