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FG Lauds Moniepoint’s Contributions to the Growth of the Informal Economy
Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu’s Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.
L – R Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Honorable Minister, Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, and Director General, Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Charles Odii, at the launch of the Moniepoint Informal Economy Report 2024 in Abuja recently.
He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.
The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:
The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old
There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly
Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses
The reality that unemployment is the primary driver for starting a business by many players in the informal sector
Sen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. “We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.
In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.
She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.
Also delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.
“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”
Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner. The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”
In a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.
“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”
Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.
The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.
Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.
Millions of citizens across Africa are being denied access to essential services due to the rapid imposition of biometric digital-ID systems, a new report by the African Digital Rights Network has revealed.
Biometric
The study, published by the Institute of Development Studies (IDS), found that citizens are increasingly required to provide biometric and personal information as a condition for accessing fundamental rights and government services such as voting, education, healthcare, and social protection payments.
According to the report, marginalised groups including persons with disabilities, the illiterate, and those unable to afford mobile data or electricity for phone charging face significant barriers to registration, deepening existing inequalities.
It noted that many citizens also refuse to enrol due to fears of data breaches and mistrust of governments, with biometric identifiers such as fingerprints, iris scans, and facial recognition raising privacy concerns.
Dr Tony Roberts, Research Fellow at IDS and co-editor of the report, said: “Worryingly, fundamental human rights, like education, healthcare and the right to vote are rapidly becoming conditional on enrolment in biometric digital-ID systems.”
He added that some visually impaired citizens are forced to pay others to help them use their digital-ID on mobile phones to access social protection payments.
‘Gbenga Sesan, Executive Director of Paradigm Initiative and co-editor of the report, said: “Many citizens do not want to enrol for a biometric digital-ID because they have good reason not to trust their governments with their biometrics and personal information.”
The report highlighted examples of massive data breaches and cases where personal data was used to surveil critics and opposition leaders.
It warned that most systems, estimated to cost at least US$1 billion across Africa, lack adequate legal frameworks, robust digital security, and accountability mechanisms for remedy when errors or breaches occur.
The authors concluded that governments must adopt strong legislation to protect citizens’ rights and privacy before rolling out biometric IDs, stressing that systems should be developed with citizen participation rather than imposed top-down.
The report, Biometric Digital-ID in Africa: Progress and Challenges to Date – Ten Country Case Studies, covers Botswana, Namibia, Malawi, Côte d’Ivoire, Senegal, Democratic Republic of the Congo, Liberia, Ethiopia, Egypt, and Tunisia.
Senator Natasha Akpoti has emerged as the most searched personality in Nigeria, according to Google’s 2025 Year in Search report, which highlights the interests and concerns that shaped the nation’s online activity during the year.
The report showed that political conversations dominated searches, with Akpoti’s prominence underscoring the intensity of national discourse. Nigerians also followed global developments closely, including the Israel-Iran War and the United States elections.
The country mourned the passing of former whose deaths prompted widespread searches recalling their legacies and contributions to national life.
Entertainment trends reflected Nigeria’s cultural vibrancy, with gospel hit “Oluwatosin (Jesus Is Enough)” by Tkeyz featuring Steve Hills topping charts, alongside Afrobeats collaborations such as Davido and Omah Lay’s “With You.” Director Kemi Adetiba and the local series “To Kill a Monkey” also drew significant attention.
Google noted that Nigerians displayed curiosity in language and lifestyle, decoding slang like “Labubu” and exploring recipes ranging from Pornstar Martini to traditional Chinchin.
Technology searches were led by interest in the iPhone 17 and Tecno Pop 10, reflecting the country’s embrace of new devices.
“This data offers a real-time window into the Nigerian psyche in 2025, showing a nation engaged, reflective, and creatively vibrant,” said Taiwo Kola-Ogunlade, Google’s Communications Manager for West Africa.
14-year-old Oreoluwa Alayande has been crowned the winner of the MTN mPulse Spelling Bee 2025, following a thrilling grand finale that saw the top 20 contestants from schools across the country compete head-to-head.
MTN mPulse 2025 Spelling Bee
The grand finale of the MTN mPulse Spelling Bee 2025 competition was held on Saturday, November 29, at the MTN Plaza Rooftop. The event also had in attendance the Senior Special Assistant to the Lagos State Governor on Basic and Secondary Education, Opeyemi Eniola and mPulse Spelling Bee 2024 winner, Ikenna Ikechukwu.
As the 2025 MTN mPulse Champion, Oreoluwa was awarded an Educational Grant of N5 Million Naira, the opportunity to be the MTN CEO for a Day, a brand new laptop and smartphone, and the title of the face of mPulse for a year. Her victory also benefits her school, which will receive a N10 Million flagship gift, 10 laptops, and 10 MTN 5G routers, while her teacher receives a N500,000 cash prize.
Oreoluwa, a student of St. Lawrence Metropolitan College, Ado Ekiti, Ekiti State, expressed her gratitude. “I’d like to use this opportunity to thank MTN for providing a platform that empowers youths and increases the vocabulary of students,” she said. “I’d also like to thank my family, everyone who has supported me so far, and my school,” she said.
Speaking at the grand finale, Babatunde Oyeleye, Chief Strategy and Innovation Officer, MTN Nigeria, acknowledged the parents and teachers. “Every year, we bring you all together to see who becomes the exceptional speller in Nigeria, and the participants always perform exceptionally,” Oyeleye stated. “I’d like to say a big thank you to the parents and the teachers. You dedicate your time to nurturing these children, and the feeling of pride is always evident on your faces. We are glad to be enablers of that smile and pride you feel,” Oyeleye said.
The second position, Samuel Babalola, was rewarded with a N2.5 Million Educational Grant, 1 laptop, and 1 smartphone, with his teacher receiving an N300,000 cash prize. Levi Kelechi Ebisike, in third place, won a N1.5 Million Educational Grant, 1 laptop, and 1 smartphone, along with an N200,000 cash prize for his teacher.
The grand finale was streamed live on the MTN Nigeria YouTube channel and on the Holiday Channel 198 on both DStv and GOtv, allowing Nigerians nationwide to watch the brilliant spellers.
The MTN mPulse Spelling Bee continues to be one of Nigeria’s most impactful development initiatives, reiterating MTN’s commitment to promoting literacy and digital inclusivity. The competition, a flagship initiative under the MTN mPulse umbrella, is designed to foster digital literacy, academic excellence, and healthy competition among Nigerian students.
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