INFORMAL ENTREPRENEURSHIP AND SUSTAINABLE DEVELOPMENT: EVIDENCE FROM SELECTED SMALL BUSINESSES IN LAGOS STATE, NIGERIA

Abstract

Informal entrepreneurship is a vital aspect of economic activity in Nigeria, which has become very popular due to its capacity to generate income and employment, thus, reducing poverty and enhanced skills acquisition. This study examined the connection between casual business venture and supportable improvement in Nigeria with consideration regarding chosen private companies situated in Lagos state. 327 respondents were randomly chosen. Data collection was done through independent survey. Data gathered was analyzed using recurrence count and basic rates while regression was utilized to test for planned speculations at 5% degree of importance. The findings showed a huge positive relationship with casual business and supportable improvement in Nigeria. The result also identified some of the challenges confronting the conversion of informal entrepreneurship to formal entrepreneurship and make it more functional. Based on the findings, the study recommended that the government intervention through granting loans to industrious entrepreneur still operating in the informal setting in exchange for them to formalize their enterprises. Government should provide training ground for youth entrepreneurs that will motivate them to think bigger and get better such that, they will see formalizing their enterprise as a step for development.