Nigeria must create at least 27 million new formal jobs by 2030 to keep pace with its rapidly expanding working-age population and prevent a worsening unemployment crisis, the Nigerian Economic Summit Group (NESG) has warned.
The economic think tank made this known in its new report, “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,” launched on Monday at the opening of the 31st Nigerian Economic Summit in Abuja.
According to the report, Nigeria’s working-age population is projected to rise to 168 million by 2030, underscoring the urgency of coordinated reforms to drive productivity and private sector growth. It cautioned that failure to act could see unemployment and underemployment double by the end of the decade, trapping millions in low-income, insecure jobs.
“The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion,” said NESG Chairman Niyi Yusuf. “We must lay the foundations for long-term transformation that secures prosperity for every Nigerian.”
The NESG identified five key barriers to job creation in Nigeria: a weak private sector, poor skill development, low-quality education, limited growth in employment-intensive sectors, and structural bottlenecks.
Wilson Erumebor, Senior Economist at NESG, described the labour situation as “a huge development challenge,” noting that 93 per cent of employed Nigerians in 2024 worked in the informal sector.
“Without decisive reforms to create decent and productive jobs, an entire generation risks being trapped in vulnerable work that neither lifts families out of poverty nor moves the nation forward,” he said.
The report introduced the Nigeria Works Framework, a policy blueprint aimed at driving productivity-led growth through skills development, MSME support, and expansion in key sectors such as manufacturing, construction, ICT, and professional services.
NESG urged federal and state governments, as well as private sector stakeholders, to prioritise job creation and productivity reforms, warning that Nigeria’s population, projected to hit 275 million by 2030, leaves little room for delay.
