Nigeria needs three million jobs yearly, NESG tells FG

The Nigerian Economic Summit Group (NESG) has warned that Nigeria must create three million quality jobs annually to tackle its burgeoning population and avoid turning its youthful workforce into an economic burden. In a statement ahead of the 32nd Nigerian Economic Summit, the NESG argued that Nigeria's recent growth has not led to enough decent jobs, with sectors like oil, finance and telecommunications not producing enough employment.

Key to the NESG's plan is expanding sectors like manufacturing, agro-processing and creative industries, sectors that could absorb large numbers of workers. Micro, Small and Medium Enterprises (MSMEs), which make up 96% of businesses and 84% of jobs in Nigeria, are seen as crucial to job creation. However, MSMEs face barriers like lack of finance, high regulatory costs and poor infrastructure, hindering their growth.

The NESG calls for better access to credit, simplified formalisation processes, and practical measures to boost MSME competitiveness.

The summit will also focus on the skills gap between young Nigerians and the demands of employers. The NESG wants to promote demand-driven skills training that aligns with high-growth industries, through stronger industry-academia partnerships, expanded vocational education and increased digital literacy. The summit will also review the broader labour market, looking at how workers access jobs, how disputes are resolved, and how skills are recognised across various roles.

The NESG aims to create decent jobs with fair wages, good conditions and advancement opportunities, not just more jobs. Collective action is needed from the government, private sector, development partners and educational institutions to address Nigeria's employment challenge.