Topic > Advantages and Disadvantages of Access to Finance

We note that the population of Lagos State is 18% higher than that of Zhenjiang, but Zhenjiang's GDP is 58% that of Lagos State with a much lower population, suggesting that Zhenjiang's population is more productive than that of Lagos. One of the main reasons for the low productivity of the population of Lagos (17.5 million) can be traced back to the high unemployment rate and the huge presence of participants in the informal sectors of 2,307,281 people representing 13% of the population, the national unemployment rate was 21.1% of the workforce in 2010 (National Survey of Households and the Informal Sector, 2010). Tapping the latent economic capacity of the informal sector in Lagos remains a task for policymakers and Lagos State's current resident registration system will help capture the true size of its residents and economic planning. Government's collaborative partnership and recognition of informal trade associations and groups are producing positive economic benefits with various basic skills training and skill development opportunities aimed at blending the informal-formal economy