Insurance Services, Sustainability, and Transformation of Businesses in the Nigerian Informal Sector: A Conceptual Review

Daniel E. Ufua, Mamdouh Abdulaziz Saleh Al-Faryan and Fawwad M. Butt

Journal of African Business, 2025, vol. 26, issue 3, 655-674

Abstract: This study explores the impact of insurance services and the sustainability of businesses in the Nigerian informal sector. The analysis relies on extant literature sourced from various sources to develop an understanding of the current trends of insurance services in the Nigerian informal sector and develop a suggested model for improved insurance service delivery in the Nigerian informal sector. Findings show that stakeholder commitment is necessary for better impact of insurance services in the sector. The conclusion emphasizes the possibility of business sustainability through consolidated insurance services among stakeholders in the sector. Part of the suggestion for further research is the need for a wider focus on insurance practices both in the formal and informal sectors of the Nigerian economy. This is coupled with an exploratory view on the impact of policy development on insurance support to business activities in the Nigerian informal sector.

Date: 2025
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DOI: 10.1080/15228916.2024.2400030

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