By Babajide Komolafe
Finance and social advocacy experts have called for a framework to institutionalise the social interventions of the Federal Government for sustainability and effective implementation.
The experts include Founder, LAPO Microfinance, Godwin Ehigiamusoe, Executive Director, Microenterprises, Bank of Industry, Toyin Adeniji, Co-Founder/Chief Executive Officer, Bankly, Tomi Adejana and Chief Impact Officer, Rendra Foundation, Onyeka Akpaida and Prof Olawale Ajai, Policy Lead, Sustainable and Inclusive Digital Financial Services initiative (SIDFS).
They spoke at virtual media parley on the impacts of COVID-19 on the informal sector and on people at the bottom of the pyramid.
Speaking against the backdrop of the economic challenges being experienced by Nigeria’s informal sector, Toyin Adeniji emphasised the need for continuous concerted efforts and partnerships between the government and private sector players to deepen solutions to reach a wider number of vulnerable groups in our informal sector.
In his presentation, Godwin Ehugiamusoe, spoke on the need to not just use data for quick fixes or interventions, but to institutionalize programmes that have worked so that the informal sector can actually start to build wealth and grow, rather than look to it as a fall back for hard times.
He added that institutionalizing these interventions means going beyond business credits and looking into other areas like micro-insurance for healthcare, educational support, both of which require huge expenditure from lean financial resources by households at the bottom of the pyramid.