Nigeria Needs 27 Million New Jobs by 2030 to Curb Rising Unemployment – NESG Warns

Nigeria must create at least 27 million new formal jobs by 2030 to prevent a worsening unemployment crisis as its working-age population grows rapidly, the Nigerian Economic Summit Group (NESG) has cautioned.

This warning was contained in a new report titled “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,” unveiled on Monday during the opening session of the NESG’s 31st Economic Summit in Abuja.

According to the report, Nigeria’s working-age population is expected to expand to 168 million by the end of the decade, while the total population could reach 275 million. Without significant intervention, the country faces the risk of mass joblessness and rising poverty levels.

NESG Calls for Urgent Action on Job Creation and Productivity

The NESG urged both federal and state governments, alongside the private sector, to take immediate, coordinated steps to stimulate employment and productivity.

“The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion,”
— Niyi Yusuf, NESG Chairman

Tinubu Reconstitutes Expanded Negotiation Committee To Avert Looming ASUU Strike

Yusuf emphasized that the Nigerian economy must shift from survival-based hustles to sustainable, productive employment that empowers households and supports inclusive growth.

He added that the current pace of job creation is inadequate to absorb the growing labour force, noting that urgent reforms are needed to strengthen key sectors such as manufacturing, construction, ICT, and professional services.

The report warned that if decisive action is not taken, unemployment and underemployment could double by 2030, leaving millions trapped in low-paying, insecure jobs.

Five Major Barriers to Job Growth Identified

The NESG highlighted five key obstacles impeding Nigeria’s job creation potential:

1. A weak private sector with limited access to capital and infrastructure.
2. Poor skill development systems that fail to meet industry needs.
3. Low-quality education, leaving graduates unemployable or underprepared.
4. Slow growth in employment-intensive sectors, especially manufacturing and agriculture.
5. Persistent structural bottlenecks, including poor regulation and policy inconsistency.

“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,”
— Wilson Erumebor, NESG Senior Economist

Erumebor described the situation as “a huge development challenge”, stressing that the dominance of informal jobs in Nigeria’s economy reflects the lack of strategic investment in productive sectors.

Informal Jobs Dominate Nigeria’s Labour Market

According to the report, informal employment accounted for 93% of Nigeria’s total employed population in 2024. This overwhelming dominance of informal jobs — characterised by low pay, lack of social protection, and limited productivity — underscores the country’s struggle to generate decent work opportunities.

The NESG said this imbalance shows a lack of investment in industries capable of producing large-scale, formal employment. It warned that relying on informal and subsistence-level work will only perpetuate poverty and economic instability.

“Nigeria’s economic transformation depends on moving from hustle to decent work — from survival jobs to sustainable livelihoods,” Erumebor said.

Introducing the Nigeria Works Framework

To tackle the employment challenge, the report unveiled the Nigeria Works Framework, a policy blueprint designed to promote productivity-led growth.

The framework focuses on three key strategies:

• Skill development and vocational training to make the workforce more employable.
• Support for small and medium enterprises (SMEs) as engines of job creation.
• Sectoral expansion in industries such as manufacturing, construction, ICT, and professional services.

The NESG believes that by implementing these reforms, Nigeria can unlock new sources of growth, improve competitiveness, and raise living standards for millions of citizens.

Population Growth Adds Pressure to Act

With Nigeria’s population projected to hit 275 million by 2030, the report cautioned that time is running out to address the employment deficit. The group stressed that demographic growth could become an asset or a liability — depending on how quickly the government acts to generate productive opportunities.

The report’s findings suggest that if job creation continues at its current pace, the gap between labour supply and available work will widen, worsening poverty and inequality.

“We must lay the foundations for long-term transformation that secures prosperity for every Nigerian,” Yusuf urged.

A Call for Collective Responsibility

The NESG called for a whole-of-government and private-sector partnership to prioritise job creation as a national emergency. It urged policymakers to align fiscal, trade, and industrial strategies toward stimulating employment and strengthening business competitiveness.

The group concluded that Nigeria’s economic recovery and social stability depend on its ability to move millions of people into decent, productive, and sustainable jobs over the next five years.

Failure to do so, it warned, could trap the nation’s youth in a cycle of poverty, underemployment, and frustration — with grave implications for social cohesion and long-term growth.