THE FUNCTION OF INFORMAL MARKET: THE HIDDEN ECONOMY.

[Bitco55]

The informal market are simply unregistered, unregulated, & untaxed businesses. They include, the hawkers on the road and streets, okada riders, street food vendors, the tailors, caterers, akara sellers, suya sellers, etc,. This sector contributes over 35%- 60% of GDP in alot of African countries. Nigeria's informal market especially accounts for nearly 65% of employment in the country. This sector provides jobs for millions who can't find or attain white collar/formal jobs. It is creative, fast, flexible, though fragile. Running a business ( especially in Nigeria is not easy at all). The government often ignore this sector. It has no protections, safety nets & absolutely no taxes, which I feel shouldn't be so. The informal market helps in keeping the economy alive even during crisis e.g, the informal food sellers kept the supply chains going even during COVID-19 lockdown.

So, do you think the informal economy should be formalized by the government or should it be protected as it is since it feeds the majority and is indisputably very important in the economy?

[New Judgement]

Majority of these business you mentioned are being taxed in one way or the other if you don't know. Most of these bike riders or as popularly known as okada riders are taxed. These guys buy tickets on daily basis from the local government were they operate. Same thing goes to the hawkers and street sellers you see Hawking on the street. You think these are not taxes they are playing? Anyone who's telling you that these guys are not taxed is not telling you the truth. Some Okada riders pay as high as #1k for tickets on daily basis. Or are these not considered as taxes in your eyes? Government is taxing everyone in this country don't let them deceive you. If they are not reporting these taxes they are doing that to syphon the money gotten from these areas and make you and other inspecting citizens believe that these guys are not taxed, and money is not coming out from the so called informal sector.