Nigeria Faces Critical Jobs Challenge: 27 Million New Positions Needed by 2030
Nigeria must create 27 million formal sector jobs by 2030 to address unemployment concerns as its working-age population expands to 168 million, according to a new report from the Nigerian Economic Summit Group (NESG).
The findings were presented in a comprehensive study titled “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,” unveiled at the opening of NESG’s 31st summit on Monday.
The report highlights an urgent need for reform, warning that failure to act could result in unemployment and underemployment rates doubling within the next six years. Currently, informal employment dominates the Nigerian labor market, accounting for 93 percent of total employment in 2024.
NESG Chairman Niyi Yusuf emphasized the critical nature of the situation during the conference. “The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion,” he stated. “We must lay the foundations for long-term transformation that secures prosperity for every Nigerian.”
The organization identified five key barriers hampering job creation:
– A weak private sector
– Inadequate skill development
– Poor quality education
– Limited growth in employment-intensive sectors
– Structural bottlenecks
NESG Senior Economist Wilson Erumebor characterized the employment crisis as “a huge development challenge,” warning that without significant reform, an entire generation risks being trapped in vulnerable employment that neither alleviates poverty nor advances national development.
To address these challenges, NESG introduced the Nigeria Works Framework, a strategic plan focusing on productivity-led growth through enhanced skills development, support for small businesses, and expansion in key sectors including manufacturing, construction, ICT, and professional services.
With Nigeria’s population expected to reach 275 million by 2030, the NESG has called for immediate action from both federal and state governments, as well as private sector stakeholders, to prioritize job creation and productivity improvements. The timeline for implementing effective solutions grows shorter as the population continues to expand rapidly.
