Only 1.3% of informal businesses in Nigeria make above ₦2.5 million in monthly profit according to Moniepoint's 2024 Informal Economy Report.
Most informal businesses in the country can only boast a monthly profit of ₦250,000.
However, considering revenue, many informal businesses rake in ₦1 million monthly.
These businesses, although informal, contribute a large amount to Nigeria's GDP — 34% — which makes them very important to the economy.
The report also shared that the total number of informal businesses in Nigeria is 40 million.
Out of this 40 million, Moniepoint's report is made up of a survey of two million businesses that revealed how they raise capital, accept payment, and which line of businesses are the most popular in Nigeria.
Overall, retail and general trade are the most popular line of informal businesses in Nigeria accounting for 24% of the total amount of businesses surveyed.
By Bolu Abiodun.
Full story at Tech Point Africa.
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