Realizing the Millennium Development Goals 1 & 8 through the informal sector in the Delta Community of Nigeria

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Date

2013

Journal Title

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Volume Title

Publisher

Faculty of Law, Imo State University Owerri

Abstract

If Nigeria and other African nations must achieve MDGs, and also transform its economy it must revisit and encourage the informal sector as well as support entrepreneurial development. The Nigerian government has sought to accomplish this by establishing a special initiative in 2003 known as Small and Medium Enterprises Development Agency of Nigerian (SMEDAN) to solely provide support for small and medium scale enterprises. The enabling law mandates the agency to foster arrangements and workable models for enterprise development. The agency has a foremost responsibility for accelerating the development and modernization of small and medium scale enterprises (SMEs) operations thereby promote rural industrialization, ensure poverty reduction and job creation. In this regard, the Central Bank of Nigeria (CBN) spear – headed a three-year programme for empowering women bankers in the financial system and also women economic empowerment scheme which makes it possible for female entrepreneurs obtain credit from banks at single – digit rates of interest. This paper shall seek to suggest that supporting the informal sector and entrepreneurial development is a veritable approach to meeting the MDG projections, particularly goals 1 and 8. In other words, if the informal sector secures the required support, the number of cottage industries will surely grow and youth restiveness due to high unemployment is likely to be reduced by the year 2020.

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Keywords

Sustainable Development, MDG, Poverty

Citation

Onuora-Oguno A.C., & Ajoku O.O.: (2013) Realizing the Millennium Development Goals 1 & 8 through the informal sector in the Delta Community of Nigeria. Nigeria Journal of Legal Studies; XI, 20-31,.

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