The Federal Government has reiterated its commitment to supporting small business operators in the informal sector of the economy.

Dr.Doris Uzoka-Anite, Minister of Industry, Trade and Investment, restated this on Friday in Abuja at the launch of the Informal Economy Report 2024, powered by Moniepoint.

Anite assured that the Federal Government would provide incentives to the operators of informal economy as part of government approach to supporting the sector.

She pointed out that informal sector often appears to be forgotten, adding that from henceforth, that they would begin to enjoy Federal 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 government approach to supporting the informal economy.

“Informal economy plays a significant role in Nigerian economy. We can now bring them up to enjoy incentives that government is providing to the broader economy as well.

“More importantly, we will let them know that they are not forgotten. Sometimes, we think that the informal economy is the forgotten sector.

“They are not forgotten. It is now that they will begin to enjoy the benefits of President Bola Ahmed Tinubu- led administration. They will now begin to enjoy the Renewed Hope Agenda or promise of Mr. President.

“I want to thank Moniepoint again for this laudable initiative. I will support every recommendation that is here towards collaborating to see how we can take the recommendations within the Renewed Hope Agenda and how to support them much more.”

Earlier, the Managing Director of Moniepoint Microfinance Bank, Mr.Babatunde Olofin, said Moniepoint creates an ecosystem where everyone experiences financial freedom that catalyses them to a sustainable future that they would be proud of.

Olofin explained that with the deployment of technology, that the financial organisation, empowers over 5million businesses as well as offers all kinds of payment platforms and banking services.

Commenting on the Informal Economy Report 2024, he explained that the Report was done in collaboration with the Federal Ministry of Trade, Industry and Investment as well as Small and Medium Enterprisrs Development Agency of Nigeria(SMEDAN).

He expressed the unwavering commitment to untap Nigeria’s full potential and provide much needed support to the most vulnerable households in the society .

He said: “The Report sheds more light on the vibrant, indispensable sector, offering fresh insights into critical issues and serving as critical results for enhancing human capital development as well as poverty reduction.”

Also speaking, Mr, Charles Odii, Director General/Chief Executive Officer of Small And Medium Enterprises Development Agency Of Nigeria(SMEDAN), urged small business operators to form Cooperatives or Associations to benefit from Federal Government’s financial interventions.

Odii said the present present administration places high premium on supporting small business operators, while urging them to formalise their businesses through registration of their businesses with Corporate Affairs Commission(CAC).

He further underscored the need for Nigerians to patronise Made in Nigeria products, adding that this would bring about quantum leap in Nigeria’s economy.