The Nigerian Economic Summit Group (NESG) has issued a stark warning that Nigeria must generate at least 27 million new formal-sector jobs by the year 2030 — equivalent to about 4.5 million jobs per year — if it is to avert a deepening unemployment crisis.
According to the NESG, without such a sustained job-creation drive, the country runs the risk of exacerbating social pressures, weakening labour market stability and undermining national development goals. The organisation emphasises that job creation needs to be both quantitative (in terms of number of jobs) and qualitative, meaning the jobs must offer sustainable income, formal status and good working conditions.
NESG’s analysis points to structural problems in the economy: a large informal sector, slow growth in manufacturing and agribusiness employment, and the absence of sufficient linkages between educational outputs and labour market demands. The organisation urges the government, private sector and development partners to coordinate around a comprehensive employment strategy that spans sectors such as agriculture, digital economy, manufacturing, renewable energy and the creative industries.
The employment challenge is amplified by Nigeria’s demographic profile: with a large youth population entering the workforce each year, failure to absorb them into productive employment could jeopardise economic growth and social cohesion. NESG calls for policies not only aimed at job quantity but also promoting sunalives development, entrepreneurship, investment in technology, and enabling environments for business expansion.
In its statement, the NESG said:
“Formal employment opportunities remain limited in many parts of the country, yet the youthful labour force continues to grow. The task ahead is enormous. We must urgently align our economic structure to generate millions of jobs that young Nigerians can access.”
Stakeholders across sectors have echoed the urgency of NESG’s warning. Observers say that unless Nigeria moves beyond headline targets to deliver actionable plans — including regional job-creation programmes, tax incentives for job-intensive industries, and measures to formalise parts of the economy currently dominated by informal labour — the country could struggle to convert its demographic dividends into economic growth.
The NESG’s assessment will likely inform upcoming policy dialogues, job-creation budgets and future iterations of Nigeria’s development plans under the Renewed Hope Agenda of the current administration.