The COVID-19 pandemic has brought negative economic consequences in the form of job losses, threatened the sustainability of firms and depressed growth in GDP.
Nigeria has the challenge of a large informal sector that is most vulnerable to the effects of the pandemic. Nigeria’s informal sector is also the employer of the largest number of citizens.
The federal government and other stakeholders must roll out measures to provide temporary support to the informal sector. Nigeria must design and roll out measures to support targeted groups and individuals in this sector.
The need to continuously drive Nigeria’s economy through support for small business may have become eminent. Recently, an innovative solar powered cubicle , known as Elite Solar kiosk is playing a key role to bridge the gap and create opportunities for SMEs, especially with the persisting challenges posed by the vicious Covid19 pandemic.
It is a tall order. The context is that the informal sector is a significant contributor to the Nigerian economy, accounting for a substantial portion of employment and national GDP. According to the International Monetary Fund (IMF), the informal sector accounts for approximately 65 percent of economic activities in Nigeria. In sub-Saharan Africa, the informal sector contributes about 72 percent to employment, excluding agriculture. Including agriculture should put figures at around 90 percent.
Speaking with the CEO of Elite Solar Kiosk, Mr David Adesanya stated that the innovative initiative, though already being adopted by several state governments is envisioned to support small scale entrepreneurs and owners of small businesses to surmount adverse economic challenges, thereby helping them survive and grow rapidly.
The CEO is optimistic that Elite Solar Kiosk will improve the Informal sector with indications and reports that provides a positive future for the sector. According to findings, the informal economy employs millions of Nigerian youths, which amounts to about three-quarters of the nation’s labour force). The International Monetary Fund(IMF), has years ago noted that the informal sector in Nigeria is estimated at about 65% and consists of activities ranging across several sectors and contributing significantly to the country’s national GDP, as it keeps rising over the years. Also, an unpublished survey few years ago stated that the informal sector in Nigeria accounts for about 90% of new jobs in the country.
The entire idea is ensure that Nigerians and state governments see the need to adopt the new Elite Solar Kiosk for small retail businesses, so as to help subsidize the economic challenges created by the coronavirus in the country. Elite Solar Kiosk is already making sustainable impact in areas of improving informal sector by making available and affordable it’s innovative solar powered kiosk to potential small business owners.
With regards to the Sustainable Development Goals which is designed to be a “blueprint to achieve a better and more sustainable future for all”, Elite Solar Kiosk will play a multiplier effect to enhance decent work and economic growth, Zero hunger, No poverty, gender equality, Employment opportunity, affordable and clean energy, poverty eradication especially Small business owners with low income, for Youths, both male and female adults in the various communities in our various States within Nigeria. Just like the SDGs, Elite Solar Kiosk project is a universal to action by Individuals, Government and private sector to end poverty.