Nigerian Economic Summit Group (NESG)

Nigeria must create at least 27 million new formal sector jobs by 2030 to avert an escalating unemployment crisis, according to the Nigerian Economic Summit Group (NESG). The warning came in a new report titled “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,” unveiled on Monday during the 31st Nigerian Economic Summit in Abuja.

The report paints a sobering picture of the country’s labour market, projecting that Nigeria’s working-age population will reach 168 million by 2030, while the overall population could grow to 275 million. Without urgent intervention, NESG warns, unemployment and underemployment could double, trapping millions of citizens in poverty and informal, low-paying work.

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

A Call for Deep Structural Reforms

NESG emphasized that Nigeria’s employment problem goes beyond job numbers—it’s also about job quality and productivity. According to Wilson Erumebor, Senior Economist at the NESG, the dominance of the informal economy reflects “limited investment in sectors that can deliver quality jobs at scale.”

He noted that informal jobs accounted for 93 percent of total employment in 2024, highlighting the urgent need for policies that promote decent work and sustainable livelihoods.

“Without decisive reforms to create productive jobs, an entire generation risks being trapped in vulnerable work that neither lifts families out of poverty nor moves the nation forward,” Erumebor cautioned.

Five Major Barriers to Job Creation

The NESG identified five critical challenges stifling job creation in Nigeria:

1. Weak private sector growth
2. Poor skill development
3. Low-quality education
4. Stunted growth in employment-intensive sectors
5. Structural and regulatory bottlenecks

These obstacles, according to the group, have prevented the economy from expanding in ways that generate large-scale, decent employment opportunities.

The Nigeria Works Framework

In response, NESG introduced the Nigeria Works Framework—a policy blueprint designed to promote productivity-led growth. The framework calls for targeted investment in skills development, small business support, and expansion in manufacturing, construction, ICT, and professional services—sectors that have strong potential to absorb Nigeria’s growing labour force.

The report also urged federal and state governments, alongside the private sector, to take collective responsibility for driving job creation, productivity, and inclusive economic growth.

A Race Against Time

With Nigeria’s population projected to hit 275 million by 2030, NESG warned that the window to act is rapidly closing. Without sustained job creation and productivity improvements, the country could face severe social and economic instability.

“The future of work in Nigeria must be about creating decent jobs that provide dignity, income, and security for millions of young people entering the labour market every year,” the group stressed.

Conclusion