SME sector to steer Nigeria into leading global economy

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The Coordinator of the United Nations System in Nigeria, Pa Lamin Beyai, has emphasised the key role the informal sector could play in enhancing the country's economic growth. Beyai was speaking at a validation workshop on the report of the informal sector study conducted in the Nigeria State Employment and Expenditure for Results (SEEFOR) participating States of the Niger Delta. The UN official said the informal sector is critical to the growth of Nigeria’s economy and also will help in reducing poverty in the country. Beyai also stated that activities in the informal sector could also play a crucial role in actualizing the ambition of Nigeria becoming one of the top 20 economies in the world by the year 2020. Meanwhile, Secretary to the National Planning Commission, Bassey Akpanyung, has Akpanyung assured that the Federal Government is committed to rejuvenating and improving the operations of the informal sector at the national and sub- national levels, including the Niger Delta Region to speed up economic growth. Akpanyung was also speaking at the SEEFOR event. SEEFOR Project is a world Bank funded project with a concessionary interest free loan of US$200 million designed for four Niger Delta States, namely Bayelsa, Delta, Edo and Rivers. The four States have been identified as States with highest rates of youth restiveness due unemployment caused by environmental degration as a result of the activities of oil companies.

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