World Bank Warns Nigeria of Imminent Jobs Crisis

The World Bank Group, led by President Ajai Banga, has issued a warning regarding a looming jobs crisis in Nigeria and other developing economies. In a blog post, the institution highlighted that 1.2 billion young people in developing countries are expected to enter the workforce within the next 10-15 years.

However, current economic projections indicate that only around 400 million jobs will be created during this period, leaving hundreds of millions without access to productive employment. Banga emphasized that global attention often focuses on immediate crises, such as conflict and technological disruption, while the long-term demographic shifts pose significant challenges.

The World Bank urges policymakers to prioritize job creation in upcoming international forums, including G7 and G20 meetings. The institution outlines a strategy built on three pillars: developing infrastructure, creating a supportive business environment, and expanding private sector support.

It identifies five sectors with high potential for job generation, including infrastructure, energy, agribusiness, healthcare, and tourism.