The National Bureau of Statistics (NBS) has revealed that 85.6% of Nigeria’s working-class population is self-employed, highlighting the country’s growing dependence on informal and entrepreneurial ventures.
This trend reflects the resilience of Nigerians who have turned to self-reliance in the face of limited formal job opportunities and economic challenges.
The report shows that only 14.4% of the working population is employed in the formal sector. Many see the rise in self-employment as evidence of Nigeria's entrepreneurial spirit, while others believe it underscores systemic issues in job creation and economic policy.
The surge in self-employment is linked to factors such as high youth unemployment, economic instability, and the rise of digital platforms, which have made freelancing and online businesses more accessible.
While these developments showcase adaptability, they also expose the struggles of entrepreneurs who often face limited access to funding, unreliable infrastructure, and a lack of social security benefits.
Financial analyst Chijioke Amadi described self-employment in Nigeria as a double-edged sword, stating that many people enter the sector out of necessity rather than choice.
He emphasized that while self-reliance fosters independence, it often lacks the stability and growth opportunities found in the formal sector.
Economist Dr. Halima Yusuf called on the government to implement policies that would support self-employed individuals while fostering formal job creation.
She suggested initiatives such as improved access to credit, enhanced infrastructure, and skills training to help entrepreneurs succeed and sustain their ventures.
The rise in self-employment showcases the ingenuity and resourcefulness of Nigerians. However, it also raises concerns about gaps in the labor market.
Experts stress the need for a balanced approach to economic development, one that supports both entrepreneurial efforts and the creation of formal employment opportunities.