Informal Market in Lagos, Nigeria

http://woculus.com/2011/10/28/how-nigerian-businesspersons-thrive-despite-all-that-is-happening/


After the last two classes we spent on reviewing Money Has No Smell, I was fascinated with the informal economy and dedided to research where else this market is found. Clicking through websites and various articles led me to Lagos, Nigeria. When I think of Nigeria, I do not think of a country that is rolling in cash, but, in fact, the informal electronic market of Lagos is doing just that.

This article briefly explores the world of the Nigerian underground electronic market as exposed by Robert Neuwirth in his article "The 'Informal Economy' Driving World Business." (Link to the article: http://www.npr.org/2011/10/26/141503411/the-informal-economy-driving-world-business ).

Neuwirth estimates that 80 percent of the work force in Lagos falls under the realm of the informal economy, which annually pulls in around $10 trillion around the world . Nigeria is particularly impressive because despite their country's shady government and lack of support and infrastructure for their business, they succeed in profitting from imported electronics from China.

These two articles are interesting and informative reads regarding the informal economy in other parts of the world, you should check them out!

-Julie Giles