Moniepoint Microfinance Bank has revealed that 42 per cent of Nigeria’s small businesses cannot survive for a month without income, according to findings from the second edition of its Informal Economy Report.
In a statement on Thursday, the bank said the report highlighted the fragile financial position of small businesses that employ a large share of Nigerians.
The report, scheduled for release on Friday, received support from the Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria.
“The Informal Economy Report is a robust and important study that examines the informal market and provides fresh insights into its realities.”
“We believe its key outputs will serve ecosystem players and government well in policy direction and execution,” said Managing Director of Moniepoint Microfinance Bank, Mr. Babatunde Olofin.
Nigeria’s informal economy accounts for over 80 per cent of employment and drives most economic activity. For millions excluded from formal job structures, it remains vital for survival and poverty alleviation.
Moniepoint said the report aims to provide evidence-based insights to guide policymakers, regulators, and financial institutions in designing interventions that strengthen and formalise informal enterprises.
The Informal Economy Report 2025 follows the success of the inaugural edition, which earned commendation from the Federal Ministry of Industry, Trade and Investment, the Corporate Affairs Commission, SMEDAN, and leading business associations for providing credible data and actionable recommendations.
Four Nigerians, Aliko Dangote, Ngozi Okonjo-Iweala, Mo Abudu and Burna Boy, have been named among 15 personalities featured on Forbes Africa’s inaugural Icons list for 2026.
PUNCH Online on Saturday reported that the list, published in the magazine’s October-November anniversary edition, recognises individuals whose ideas, innovations and voices have influenced Africa’s past, present and future.
The selection marks the 15th anniversary of Forbes Africa, which said it chose personalities whose work had made a lasting impact beyond their industries and national borders.
The four Nigerians represent business, international economic leadership, media and music.
Dangote, president of Dangote Group, is recognised for his role in African industry and private enterprise.
Dangote
Okonjo-Iweala, director-general of the World Trade Organization and a former Nigerian finance minister, represents Africa’s presence in international economic leadership.
Iweala
Abudu, founder and chief executive of EbonyLife Group, is recognised for her contribution to African media and entertainment, while Burna Boy, whose real name is Damini Ebunoluwa Ogulu, represents the international reach of Nigerian music.
Mo Abudu
The other personalities on the list are South African businessman Adrian Gore, CAF president and businessman Patrice Motsepe, Zimbabwean entrepreneur Strive Masiyiwa and former Liberian President Ellen Johnson Sirleaf.
Also featured are Nobel Prize-winning novelist Abdulrazak Gurnah, Ethiopian athletics legend Haile Gebrselassie, former Ivorian footballer Didier Drogba, South African businessman Johann Rupert, Kenyan-Mexican actor Lupita Nyong’o, South African comedian Trevor Noah and Beninese musician Angélique Kidjo.
The 15 personalities represent sectors including business, public service, literature, sport, music and entertainment.
According to Forbes Africa’s methodology, the selection was based on factors including global recognition, legacy, measurable economic, social or cultural influence, and contributions to Africa’s growth narrative over the years.
The magazine said its editorial team consulted established figures, experts and professionals in the respective industries to gather insights on the honourees’ impact and legacy.
The list is presented in no particular order, the release noted.
Full list of Forbes Africa Icons 2026
– Mo Abudu — Nigerian-British media entrepreneur and founder-chief executive of EbonyLife Group.
– Ngozi Okonjo-Iweala — Nigerian economist and director-general of the World Trade Organization.
– Adrian Gore — South African businessman and founder-chief executive of Discovery Group.
Gore
– Patrice Motsepe — South African businessman and president of the Confederation of African Football.
Motsepe
– Strive Masiyiwa — Zimbabwean entrepreneur and founder and executive chairman of Econet Global and Cassava Technologies.
Masiwiya
– Ellen Johnson Sirleaf — Former president of Liberia.
Sirleaf
– Aliko Dangote — Nigerian industrialist and president of Dangote Group.
– Burna Boy — Nigerian singer and songwriter.
Burna Boy
– Abdulrazak Gurnah — Zanzibar-born novelist and Nobel laureate in Literature.
Gurnah
– Haile Gebrselassie — Ethiopian athletics legend and businessman.
Gebrselassie
– Didier Drogba — Former Ivorian footballer.
Drogba
– Johann Rupert — South African businessman and chairman of Compagnie Financière Richemont.
Rupert
– Lupita Nyong’o — Kenyan-Mexican actor.
Nyong’o
– Trevor Noah — South African comedian, writer, producer and former host of The Daily Show.
Noah
– Angélique Kidjo — Beninese musician and actor.
Kidjo
Forbes Africa said the list celebrates individuals whose contributions have helped shape the continent’s development and standing on the global stage.
E-hailing drivers in Lagos State have begun an indefinite strike over concerns about fare structures, commissions, deductions and welfare.
The drivers, under the Amalgamated Union of App-Based Transporters of Nigeria, announced the industrial action in a notice seen by PUNCH Metro on Saturday, saying it would commence on Monday and continue until further notice or satisfactory progress was made in addressing their grievances.
AUATON, an affiliate of the Nigeria Labour Congress, said the strike followed persistent concerns over operational policies, drivers’ welfare, safety, security and the sustainability of their operations.
“Despite repeated efforts by drivers and stakeholders to draw attention to these concerns, many of the issues remain unresolved,” the union said.
It added that the decision to embark on the strike was informed by the need to address challenges affecting drivers’ earnings and working conditions.
To cushion the impact of the industrial action, AUATON appealed to fleet owners and managers to grant temporary relief from daily remittance obligations and related operational targets for the duration of the strike.
“During the industrial action, drivers will not be generating their normal revenue from which daily remittance obligations ordinarily arise.
“We, therefore, appeal to fleet partners to refrain from imposing penalties, sanctions or adverse measures solely on the basis of a driver’s participation in the action, as drivers are not expected to operate during this period,” the notice read.
The union said its task force would be deployed across all local government areas in Lagos State to monitor compliance with the strike.
It warned that drivers found operating in violation of its directives could face sanctions under its internal disciplinary measures.
AUATON, however, urged fleet owners, managers and affected drivers to maintain open communication and resolve operational concerns through constructive engagement during the strike.
Highlighting the potential benefits of addressing its demands, the union said improved earnings, welfare and operating conditions could help boost driver retention, reduce turnover and improve commitment among drivers.
“Meaningful improvements in driver earnings, welfare and operating conditions may contribute to improved driver retention and reduced turnover, better driver commitment and engagement, more sustainable vehicle utilisation and reduced operational disputes between drivers and fleet partners,” it said.
The union added that better earnings could also improve vehicle maintenance and promote stability in the app-based transportation sector.
It stressed that its objective was not to disrupt businesses unnecessarily but to advocate better operating conditions for drivers and other stakeholders.
The notice was signed by the Lagos State Chairman of AUATON, Jaiyesimi Olalabi Azeez, popularly known as Makavelli, who appealed to fleet partners for understanding and cooperation.
The union reiterated its commitment to peaceful engagement and constructive dialogue with fleet owners, managers and other stakeholders to find lasting solutions to the issues prompting the industrial action.
President Bola Tinubu on Sunday welcomed the World Bank’s latest Nigeria Development Update, saying its findings, including that the poverty rate has stabilised for the first time since 2019, confirm that his economic reforms are working.
In a statement on Sunday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the October 2026 edition of the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,’ showed that the reforms were delivering results and putting the economy on a firmer footing for sustained growth.
He noted the bank’s expectation that poverty will decline gradually as gross domestic product grows faster than the population.
According to the report, the economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the first half of 2025, despite the impact of the conflict in the Middle East.
The bank projected growth to average at least 4.4 per cent between 2026 and 2028.
On prices, it said inflation fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025.
Higher global fuel prices linked to the Middle East conflict have since slowed the decline, but the bank said it expects inflation to ease to about 12 per cent by 2028.
The report also said the current account surplus rose to $12bn, or 7.0 per cent of GDP, in the first half of 2026, from $8.6bn a year earlier.
Gross external reserves increased from $45.5bn at the end of 2025 to $53.8bn at the end of August 2026.
The bank credited the reforms since 2023 with raising federation revenues by 69 per cent in real terms between 2023 and 2025, with states the largest beneficiaries.
It said states used the extra resources to increase capital spending by 151 per cent in real terms over the same period, most of it going to roads and other transport, agriculture, energy and housing.
Twenty-nine of 33 states shifted spending towards economic infrastructure, while real social spending per person rose in all but one state, the report said.
It also found that internally generated revenue grew in real terms in 31 of 35 states; 21 states reduced their debt-to-GDP ratio between 2021 and 2025; and Nigeria’s overall public debt is expected to fall from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.
Tinubu said the findings confirmed that “the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people.”
“The dividends of reform are becoming visible,” he said, adding, “But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people.”
He said his administration would “stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda.”
Tinubu promised to keep expanding targeted cash transfers, which he said had already reached more than 10 million households.
He also pledged to accelerate the rollout of Compressed Natural Gas, raise agricultural productivity, and improve access to affordable healthcare and quality education “so that the prosperity being created is shared by all.
President Tinubu urged state governments to use their higher revenues “more prudently” and to prioritise projects that improve living standards and the health and education of residents.
He commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, as well as state governors and other stakeholders, for their cooperation in implementing the reforms.
He said, “I assure Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared prosperity for all Nigerians.
