Lagos state commences new strategy promote informal sector

Lagos State Government has launched a new strategy to promote the informal sector, which is a significant contributor to the state's economy. The strategy, known as the "Lagos State Informal Sector Development Strategy", aims to improve the lives of informal sector operators and contribute to the state's economic growth.

The strategy was launched by the Lagos State Governor, Mr. Babajide Sanwo-Olu, at a ceremony held at the State House, Alausa, Ikeja. The Governor was represented by the Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke.

The strategy is designed to address the challenges faced by informal sector operators, including lack of access to finance, inadequate infrastructure, and limited opportunities for skill acquisition and entrepreneurship development. It also aims to promote the growth of the informal sector by providing support for small and medium-sized enterprises (SMEs) and promoting innovation and entrepreneurship.

Some of the key components of the strategy include:

1. Access to finance: The strategy aims to provide informal sector operators with access to finance through the establishment of a Lagos State Microfinance Bank and the provision of soft loans and other financial assistance.
2. Infrastructure development: The strategy includes plans to develop infrastructure such as markets, transportation systems, and energy supply to support the growth of the informal sector.
3. Skill acquisition and entrepreneurship development: The strategy aims to provide informal sector operators with opportunities for skill acquisition and entrepreneurship development through training and mentorship programs.
4. Promotion of innovation and entrepreneurship: The strategy includes plans to promote innovation and entrepreneurship in the informal sector through the establishment of innovation hubs and the provision of funding for start-ups.
5. Regulation and enforcement: The strategy includes plans to regulate and enforce the activities of informal sector operators to ensure that they operate in a safe and healthy environment.

The Lagos State Informal Sector Development Strategy is expected to have a positive impact on the state's economy by promoting the growth of the informal sector and improving the lives of informal sector operators. It is also expected to contribute to the state's economic development by creating jobs and stimulating economic growth.

Overall, the strategy is a positive step towards promoting the growth and development of the informal sector in Lagos State, and it is expected to have a significant impact on the state's economy and society.