NESG Calls for Inclusion of Informal Sector in Policies

During a virtual media interaction, Dr. Olusegun Omisakin, Chief Economist and Director of Research at the Nigerian Economic Summit Group (NESG), addressed the significant exclusion of the informal sector from economic policies.

He noted that while the informal sector accounts for a considerable share of economic activity, it remains largely outside the reach of government policy support programs. Omisakin pointed out that implementing policies within the formal sector is more straightforward, but the informal sector requires a deliberate, data-driven inclusion strategy.

He stressed the challenges faced by the government in addressing the informal economy, particularly regarding tax implementation and tracking operations. Omisakin also underscored the importance of stronger coordination between fiscal and monetary authorities to ensure economic policies achieve desired outcomes, especially in light of high inflation affecting household welfare and business sustainability.

He advocated for improved public spending efficiency, infrastructure investment, and transparency in public financial management at the sub-national level to stimulate growth and deliver sustainable economic outcomes.