…Casual enterprise value rises by 80% – Report
…SMEDAN begins free registration for 250,000 casual companies
By Gabriel Ewepu, Abuja
Vice President Kashim Shettima has reaffirmed the pivotal position of Nigeria’s casual sector, describing it because the “heartbeat of the economic system.”
He made the assertion in Abuja through the presentation of the Casual Financial system Report 2025, powered by Moniepoint Microfinance Financial institution in partnership with the Federal Ministry of Trade, Commerce and Funding and the Small and Medium Enterprises Growth Company of Nigeria (SMEDAN).
Represented by the Minister of Trade, Commerce and Funding, Dr. Jumoke Oduwole, the Vice President mentioned the Tinubu-led administration locations excessive precedence on the casual sector, which has remained central to Nigeria’s financial resilience.
“The casual economic system lies on the coronary heart of Nigeria’s story of resilience, creativity, and enterprise — from market merchants to artisans, service suppliers, and younger digital entrepreneurs. Hundreds of thousands of Nigerians energy commerce every day in methods which might be unseen but indispensable to our economic system,” Shettima mentioned.
He recommended Moniepoint for its decade-long contribution to monetary inclusion, supporting hundreds of thousands of casual companies throughout Africa. The report revealed that girls dominate the casual sector and stay probably the most resilient operators, whereas youth participation continues to develop quickly, requiring focused help.
In response to the report, casual enterprise prices have risen by 80% over the previous 12 months as a consequence of inflation and operational challenges. Nevertheless, the sector continues to generate vital employment and drive productiveness.
Shettima highlighted that Nigeria is house to over 39 million Micro, Small and Medium Enterprises (MSMEs), accounting for about 96% of all companies, contributing 50% to GDP, and using over 84% of the workforce.
“This report provides an essential window into the challenges and alternatives inside the sector. It supplies a stronger basis for inclusive, evidence-based policymaking,” he mentioned.
The Managing Director of Moniepoint Microfinance Financial institution, Babatunde Olofin, described the report as “a mirror of Nigeria’s financial actuality,” including that it’s going to information policymakers and monetary stakeholders towards higher inclusion.
In his goodwill message, the Particular Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, praised Moniepoint for empowering hundreds of thousands of small companies by way of reasonably priced financing.
Additionally talking, the Director-Basic of SMEDAN, Charles Odii, disclosed that small enterprise possession has grown to 39.6 million nationwide. He added that companies incomes beneath ₦15 million yearly are actually exempted from firm revenue tax.
Odii introduced that SMEDAN, in collaboration with the Company Affairs Fee (CAC), has begun free registration for 250,000 casual companies to encourage formalization and entry to authorities help.
“We’re formalizing small companies for gratis. The objective is to present them id, entry to finance, and inclusion within the formal economic system,” he mentioned.
The occasion ended with renewed requires collaboration amongst authorities, monetary establishments, and entrepreneurs to strengthen Nigeria’s casual economic system — the true engine of progress and nationwide stability.
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