NESG Urges Nigeria to Create 3 Million Jobs Annually

The Nigerian Economic Summit Group (NESG) has called for urgent action from the government to create three million jobs annually to accommodate the youth entering the labor market. With Nigeria's population exceeding 220 million and nearly 70% under 35, the NESG warns that without sufficient quality jobs, the youth demographic could become a significant economic burden.

The group presented its position during the 32nd Nigerian Economic Summit (NES #32), focusing on employment under the sub-theme “Work Nigeria.” Despite positive GDP growth over the past two decades, this has not translated into adequate employment opportunities, leaving many Nigerians engaged in low-productivity informal work. The NESG attributes this issue to the nature of sectors driving economic growth, such as oil and gas and finance, which are not labor-intensive.

The group advocates for a strategic shift towards sectors like manufacturing, agro-processing, and micro, small, and medium enterprises (MSMEs), which are crucial for job creation, as MSMEs represent about 96% of all businesses in Nigeria.