NISAC’s establishment will provide jobs, revenue and social security—DG
NEWS DIGEST–Access to credit facilities, receiving pension benefits, creation of jobs, accrue revenue and an official legislative recognition, are what traders, artisans, government and business-owners, among others, operating as members of the densely-populated informal business sector, stand to gain after the Nigeria Informal Sector Affairs Commission (NISAC) bill is eventually passed by the National Assembly (NASS) and assented to by Mr. President.
These was disclosed by NISAC’s Director-General (DG), Comrade Popoola Akinlolu, in a press conference with journalists, in Abuja, on Friday.
He noted that despite the informal sector contributing significantly to economic growth and increasing the Gross Domestic Product (GDP) of the country, it has continuously been denied its deserving recognition.
‘’At present, the informal business sector contributes about 80 percent of the nation’s GDP, according to a credible study. If such staggering statistic is anything to go by, then one can only wonder how much trillions the country will rake in as revenue, by the time the Corporate Affairs Commission (CAC) completes the registration processes for the about 12, 000, 000 companies which are presently unregistered’’, he said.
He stated that since NISAC’s executive members received a letter from the presidency in 2016 indicating their support for the agency’s establishment as a business-regulating agency, the NISAC bill has already passed through the first and second reading at National Assembly.
Comrade Popoola, further added that their advocacy for the establishment of NISAC is pertinent since the existing policies aimed at boosting the growth of the informal sector are weak, and ineffective.
He said: ‘’The need for the establishment of NISAC cannot be over-emphasized. Its establishment will not only give the informal sector constitutional recognition, it will also help in properly regulating the activities of its members and stakeholders. By the time NISAC is birthed, members with great business ideas and entrepreneurship spirits will be able to access loans from the Bank of Industry (BOI) and Central Bank of Nigeria (CBN) to grow their businesses. NISAC as a commission will also defend its members’ right, preventing them from been exploited and treated unfairly. It will be one commission that will further contribute to boosting the nation’s economy. And more importantly, we shall expedite action in resolving the industrial disputes among our members.’’
Speaking also, NISAC Executive Secretary, Engineer Gbenga Iji, said that as part of creating awareness about the proposed government’s agency, a Proficiency Management Training Course supported by CBN-EDC, ALF and Sterling bank, for NISAC members is on-going at the Lagos and Ibadan South-West Centres.
He observed that the training will expose participants to public administration, entrepreneurship and business development, together with revenue mobilization and communication management.
Gbenga, pointed out that the establishment of the commission will provide over 50 thousand direct employment and will generate over three hundred billion naira in the first year of its operation, while also connecting more than twenty million informal sector operators to social securities.