Namibia’s informal sector has been recorded to be the country’s largest employer and contributes about 24% to the country’s gross domestic product (GDP).
This was revealed by the minister of industrialisation and trade, Lucia Iipumbu, during a workshop late last week to integrate the informal sector into the formal sector.
“The informal economy is a key lever for ensuring sustainable livelihoods, and innovative and dynamic entrepreneurship – especially for those who are vulnerable or less educated, such as segments of women and the youth, who may have inclusivity limitations into the formal economy,” she said.
According to Iipumbu, much of the ministry’s policy work has revolved around the formal enterprise development arena, as evidenced by numerous policies pertaining to economic incentives, foreign direct investment, formal micro, small, and medium enterprises, and newer initiatives such as special economic zones…..