Tunji Andrews is Building Awabah, a Pension Platform for Nigeria´s Informal Sector
The world’s population is expected to grow by 2 billion people from 7.7 billion in 2019 to 9.7 billion in 2050. The report suggested that nine countries would make up over half the projected growth of the global population, five of which are African countries – Nigeria, the Democratic Republic of Congo (DRC), Ethiopia, Tanzania and Egypt. In agreement, Cities Alliance reported that about 95 per cent of this growth will happen in low and middle-income countries globally.
Africa is largely comprised of low, lower-middle, upper-middle, and high-income economies, many of which are either fragile or suffering the impact of a conflict. The informal sector, mostly comprised of small and medium enterprises (SMEs), is a major driver of the African market, accounting for nearly a trillion dollars in yearly sales and $2.6 trillion in nominal GDP. The sector also contributes around 80 per cent of employment in the continent.
Despite a huge contribution to the economy, players in the informal sector lack the necessary infrastructure to scale up their businesses and living standards. There is a growing need for governments and policymakers to put adequate mechanisms in place to provide economic security for the informal sector as a lack of access to infrastructure and financial coverage keep hurting businesses.
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