Stakeholders at the African Talent Company, Jobberman Nigeria, have emphasized the need for the federal government to focus on the informal sector to enhance economic sustainability for the country.
The stakeholders who spoke at the roundtable discussion organized by Jobberman Nigeria in partnership with the Mastercard Foundation, the stakeholders discussed the theme of “A Pathway To Sustainable Economics.”
Speaking at the event, Jobberman’s CEO, Oreoluwa Boboye, highlighted the importance of assisting Nigerian youth who are unable to secure formal employment by encouraging them to develop their businesses, which would contribute to the nation’s economy.
Boboye underscored the significance of the informal sector, pointing out that research has shown that it drives 80% of Nigeria’s economy.
Speaking on a launched report, the head of Partnerships at the African Talent Company/Program Manager, Partnerships at Jobberman Nigeria, Ahmed Alaga, noted that the informal sector has been a dominant force in employment trends for over five decades in Nigeria.
Also speaking on the dominance of the informal sector in employment trends, Alaga, cited statistics that show the sector accounts for about 90% of all new jobs, 60% of urban jobs, 50% of the nation’s GDP, and 80% of all non-agricultural employment in Nigeria.
He also mentioned that the recent drop in Nigeria’s unemployment rate can be attributed to the recognition of informal work in the country’s new methodology.
He said: “We are the largest young population, and I strongly believe that in the next couple of years, Nigeria has only two options. One, we are either the largest workforce in the world based on our population or the largest criminal force in the world.
“The only aim is to see how we address that challenge by providing the right tools, the right resources, assets, and agency for young people to be able to take advantage of this opportunity and access the opportunity to earn an income or to have some sort of dignified job at the end.”
Speaking on the achievement of Jobberman in the stabilization of youth in the informal sector, the CEO of the African Talent Company, Hilda Kragha, said that the company has found the youth where they are and has created a strong ecosystem around them, such that the informal sector for young people is no longer precarious.
She further explained that the company desires to see improvements in the livelihoods of youth in the sector as well as reduction in the social vices.
