The Nigerian Economic Summit Group (NESG) has raised alarm that Nigeria must create at least 27 million new formal jobs within the next five years to avert a looming unemployment and underemployment crisis that could push the combined rate to 30 per cent.
This was contained in the group’s latest Jobs and Productivity Report, unveiled on Monday at the 31st Nigerian Economic Summit (NES#31) in Abuja.
The report described the coming five years as “a make-or-break period” for stabilising the country’s fragile labour market, warning that the working-age population is projected to surge to 168 million by 2030.
“The country faces a defining challenge — to create 27 million new formal jobs or risk unemployment and underemployment rates doubling to 30 per cent,” the report stated.
The NESG identified several structural barriers frustrating job creation, including regulatory bottlenecks, poor infrastructure, weak private sector growth, and an education system misaligned with labour market needs. It also expressed concern about the growing trend of jobless growth, where the economy expands without a corresponding rise in employment opportunities.
To reverse the tide, the group urged the federal government to focus on high-employment sectors such as manufacturing (especially agro-processing), construction, ICT, and professional services — sectors it said could collectively generate about 9.7 million jobs, representing 35 per cent of the total jobs required.
According to the report, manufacturing alone could account for 21 per cent of the new jobs if properly harnessed.
The group further emphasised that success in tackling unemployment would depend on strong stakeholder collaboration, effective data systems, consistent monitoring, and, most importantly, political will to implement key reforms.
It also unveiled a new policy model tagged the “Nigeria Works Framework”, built on six strategic pillars aimed at boosting productivity and employment: skills development, high-growth sectors, enterprise-led growth, data-driven systems, strong institutions, and productivity-based prosperity.
The NESG warned that failure to act swiftly could worsen poverty levels and threaten Nigeria’s long-term economic stability.
“More urgent than ever, Nigeria needs a Jobs and Productivity Agenda to create decent jobs and raise productivity across the economy,” the report concluded.
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