Pan-Atlantic University Challenges Conventional Views on Nigeria's Informal Economy

Pan-Atlantic University marked its 25th inaugural lecture with a keynote address by Professor Olusegun Vincent, a scholar with extensive experience in accounting, taxation, finance, and corporate governance.

The event, held at the Honeywell Group Auditorium, Lagos Business School, was attended by principal officers of the university, faculty members, students, alumni, industry leaders, and members of the public.

Professor Vincent's lecture, titled 'Deconstructing Nigeria's Informal Economy: Tax Haven or Emerging Enterprise Ecosystem?', challenged the conventional view of the informal economy as merely a tax evasion reservoir. He argued that it is a complex ecosystem comprising survivalist enterprises, micro and small businesses, entrepreneurs, traders, and sophisticated actors who deliberately remain informal.

The professor cautioned against treating the informal economy and SMEs as interchangeable concepts, noting that this conceptual confusion has led to policy misdirection. He contended that sustainable domestic revenue mobilisation requires more than simply expanding the tax net; it demands approaches that encourage appropriate formalisation, support enterprise development, improve voluntary compliance, and strategically integrate the informal sector into the formal economy.