Saturday, 16 June 2012

Project DONE. (Drivers of Nigeria's Economy)

Following my intentions made known on Facebook and Twitter, (@dragdapperdon and Olajide Alara) I begin the journey to finding out through accessible sources, what sector truly "caters" for Nigeria’s socio-economic survival. As I engage conversations with business owners in our formal and informal sectors, I urge you to consistently visit this blog for interesting stories that would also provide valued information and business referrals. For easier flow and understanding, I deem it quite necessary to give an overview to what these sectors I intend to engage are and who make them up.

The formal sector of Nigeria is the ceremonially recognized sector in our economy on which income taxes are or must be paid. This also is the same in most parts of the world. It is perceived organized and covers those enterprises of work where terms of employment are regular. On basis of employment conditions, people tend to have “assured” employment. It is also guided by government’s traditional rules and regulations and often believed to offer more job security due to its business structure, employee strength and employers union. It is called formal because perceived organized processes and procedures rule it. Examples of formal sector businesses are Universities, Insurance Companies, Banks, Hospitals, Telecommunication Providers and Media Firms.

The informal sector is quite the opposite. Simply put, it is that business sector in Nigeria which includes small or largely scaled enterprises that aren’t monitored, supported or regulated by government. Its participants are “perceived” to add nothing to the economy’s gross national product or more so, gross domestic product, which is a valid indicator of the country’s standard of living. It is labeled as a sector of low wages and one poor in terms of job security. Examples of Informal sector businesses are Garment Makers, Social gathering Caterers, Street Vendors, Food Hawkers, Garbage recyclers, Make-up Artists, Hair Dressers, Road side Mechanics, Household Farmers and much more.

In context of our Nigeria, I intend to find out if truly the general perception of a more profiting formal sector over an informal one is the case. As said ealier, I would be meeting with business owners in both sectors as much as I can, sharing their stories to determine who truly are facilitators of our economy. I would also be presenting a platform to which readers can easily have access to assured and proven formal and informal services. 

My next post would be engaging a Young and Vibrant informal sector participant in the Catering business who just under two years of service delivery, has grown his business to an employee strength of 10 and catered in almost all of Nigeria’s South-Western region. His conversation with me promises to be very enlightening and overall, this project promises to be interesting and empowering. Kindly visit here often and stay tuned; also if you a business owner in Nigeria do get in touch. Its you who drives our economy, come share your story.

Jide Alara.

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  1. This comment has been removed by a blog administrator.

  2. This is going to be very informative, enlightening and interesting. Can't wait for your next post. Well done Jide Alara.

  3. This is going to be very informative, enlightening and interesting. Can't wait for your next post. Well done Jide Alara.


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