INFORMAL ECONOMY SECTOR AS A CATALYST FOR NIGERIAN ECONOMY DEVELOPMENT AND SUSTAINABILITY: A REVIEW

Abstract

Purpose: The informal economy is a major part of the global economy sector that provides the needed development approach through the use of local aspects, small market size and social capital generated by the sector for sustainability. This paper assessed the impacts or important of the informal sector on the economy development of Nigerian and its challenges for sustainability.

Methodology: The Max Weber and Dudley Seers social developmental theory were used to explain the study, while some importance and challenges of the sector were explored.

Results: The paper therefore concluded that since informal economy sector can help to reduce the focus from globalized to the local alternative path of development and sustainable future.

Unique Contribution to Theory, Policy and Practice: The study recommends amongst other that efforts must made to understand the dynamics of the sector and how best to tap the potential that lies therein since it has the potential for Nigerian economy development. Secondly, policy to support the sector and to address the identified challenges towards improving, sustainability and productivity of the sector should made possible in Nigeria