Nigeria's Economic Summit to Tackle Youth Employment Crisis

The 32nd Nigerian Economic Summit (NES #32) is scheduled for October 26 and 27 in Abuja, focusing on the theme “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.” With nearly 70% of Nigeria's population under 35, approximately three million young Nigerians are expected to enter the job market each year. Despite periods of economic growth, the Nigerian Economic Summit Group (NESG) indicates that this growth has not translated into sufficient productive employment.

Key sectors like oil and gas, finance, and telecommunications have limited capacity for job creation. The summit will explore increasing investment in labor-intensive sectors such as manufacturing, agro-processing, construction, creative industries, and Micro, Small and Medium Enterprises (MSMEs).

The NESG cites that small businesses face challenges like limited access to finance and regulatory costs, which will be addressed during the summit. Skills development will also be a major topic, particularly the gap between jobseekers' qualifications and employers' competency requirements.