African Journal of Museology and Heritage Management | 28 January 2008
Entrepreneurship Dynamics in Lagos's Informal Sector: Opportunities and Challenges
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Abstract
Entrepreneurship in Lagos’s informal sector is a dynamic area of study, with significant implications for economic development and urban planning. The study employs a mixed-methods approach combining qualitative interviews with quantitative surveys to gather data from entrepreneurs across various sectors in Lagos. Data analysis includes thematic coding and statistical testing for robust insights. Entrepreneurial activities in Lagos’s informal sector are predominantly concentrated in the retail, food service, and small manufacturing domains, accounting for approximately 60% of total employment within these sectors. The findings highlight a vibrant entrepreneurial ecosystem that faces significant regulatory challenges but also presents substantial opportunities for growth and innovation. Policy recommendations focus on streamlining regulations and enhancing access to finance. This study recommends the development of targeted policies aimed at supporting small businesses, including streamlined licensing procedures and increased financial inclusion initiatives.