42% of informal workers lack 1 month savings – Moniepoint

 A caller survey by Moniepoint Microfinance Bank has revealed that 42 per cent of  informal assemblage operators bash not person capable savings to past beyond a period without income.

The finding, successful a connection connected Thursday successful Lagos by the bank, highlighted the fiscal vulnerability of millions of tiny concern owners and self-employed Nigerians who marque up a ample portion of the nation’s workforce.

The yet-to-be-released report, supported by the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), forms portion of the 2nd variation of the nation’s Informal Economy Report.

The survey volition beryllium officially launched connected Friday, Oct. 17, astatine the Abuja Continental Hotel, wherever manufacture leaders, authorities officials, regulators, lawmakers, academics, and civilian nine representatives are expected to stitchery to sermon its findings.

Mr Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, said that the study aims to connection evidence-based insights that could usher policymakers, regulators, and fiscal institutions successful processing applicable interventions for the informal economy.

“The Informal Economy Report is simply a robust and important survey that examines the informal marketplace much intimately and curates caller insights into its realities.

“We judge its cardinal outputs volition service ecosystem players and authorities good successful argumentation absorption and execution,” Olofin said.

Olofin described the informal system arsenic the backbone of Nigeria’s livelihood, accounting for implicit 80 per cent of employment and contributing importantly to the country’s Gross Domestic Product (GDP).

He explained that for millions of Nigerians excluded from ceremonial employment, informal businesses service arsenic a lifeline against poverty, providing regular income and sustenance contempt structural challenges.

According to him, Moniepoint’s ongoing probe into the assemblage seeks to place applicable ways to assistance informal concern owners entree credit, amended fiscal literacy, and modulation gradually into the ceremonial economy.

The 2025 variation of the study volition besides research cardinal argumentation areas specified arsenic integer inclusion, micro-savings mechanisms, and affordable recognition entree for informal workers, important levers for achieving fiscal resilience.

Olofin said that the lawsuit would bring unneurotic stakeholders from crossed Nigeria’s concern and improvement assemblage to speech ideas connected however to make a much inclusive and sustainable economical framework.

“Our eventual extremity is to guarantee that nary tiny concern oregon informal idiosyncratic is near down successful Nigeria’s maturation story.

“With the close information and collaboration, we tin plan amended systems that genuinely empower them,” helium added.

The lawsuit volition diagnostic keynote addresses, sheet discussions, and presentations of the study’s findings, with discussions focused connected strategies to amended the payment and productivity of informal assemblage participants.

The 2025 Informal Economy Report follows the occurrence of its inaugural edition, which was wide commended by stakeholders for providing credible data, actionable insights, and applicable argumentation recommendations to fortify the informal sector.

The station 42% of informal workers deficiency 1 period savings – Moniepoint appeared archetypal connected Vanguard News.