90% of Lagos Business Locked Outside Formal Sector

The 2017 Global Award for Entrepreneurship Research goes to Hernando de Soto

The Global Award for Entrepreneurship Research is the most prominent international award in entrepreneurship research with a price sum of EUR 100,000. De Soto’s analyses have had tremendous influence on policy throughout the world and were a main source of inspiration for the World Bank’s Doing Business program. Read More

2017 Award Winner

Hernando de Soto Peru Institute for Liberty and Democracy For developing a new understanding of the institutions that underpin the informal economy as well as the role of property rights and entrepreneurship in converting the informal economy into the formal sector. Read More

15 February 2013: The Lagos State Government has rolled out fresh statistics of its domestic economy, noting that about 90 per cent of businesses operating in the state “are locked outside the formal sectors”.

Consequently, the state government unveiled comprehensive institutional reforms, designed to formalise the state’s informal sector and integrate about one million actors operating in the sector.

Commissioner for Commerce and Industry, Mrs. Olusola Oworu, disclosed the plan at a training organised in collaboration with Institute of Liberty and Democracy (ILD) for the contract workers, who will carry out a study on the challenges of informal sector with a view to tackling them.

Oworu, who addressed the trainees along Permanent Secretary, Mr. Wale Raji, and the institute’s Senior Economic Research, Mr. Enrique Daiz, also said there “is a gap in the number of people paying tax in the state.”

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