The Abuja Chamber of Commerce and Industry (ACCI) has canvassed for the transition of informal economy into formal economy as a prerequisite for achieving social justice in commemoration of the 2022 World Social Justice day.
This campaign is in support of the international celebration of the United-Nations to mark the 2022 World Social Justice Day themed “Achieving Social Justice through Formal Employment”. The annual celebration comes up every 20th of February in support of efforts by the international community to search for solutions to achieve sustainable development such as poverty eradication, the promotion of full employment and decent work, universal social protection, gender equality and social justice for all.
The President of ACCI, Dr. Al-Mujtaba Abubakar in his address, he stressed that government and key stakeholder need to make the formal sector more attractive for people in the informal sector to come on board. The lack of access to information, markets, finance, training, technology and legal frame work amongst other are often the characteristic of the informal sector. Noting that the sector accounts for over 60% of Nigeria’s work force.
“Over the past two decade the informal sector has witnessed an expansion in operations which is rooted in elements relating to the economic context in the country, decreasing levels of market regulation, weak policy frameworks, rise in unemployment, widening inequality between the rich and poor, low-level education, including poverty,” he said.
He commended the government for initiating programmes that will help in the transition informal worker into the formal economy such as the Anchor Borrower program, the Agro-Processing Productivity Enhancement and Livelihood Improvement Support project (APPEALS) aimed at helping farmers, the formalization of the Artisanal Miners into cooperative groups for easier management and access to financial support and commodity markets and so on.
The transition of the informal sector is a necessity for social justice which through the harmonization of tax, implementation of National livestock transformation program and other initiatives will expand the tax net, boost the GDP of the country, take better advantage of Africa Continental Free Trade Area (AfCFTA) create more jobs and bridge the inequality gap.
Happy World Social Justice Day!!!
By Ama Agbebaku