The Nigerian Economic Summit Group (NESG) has urged the Federal Government to create at least 27 million new formal jobs by 2030 — about 4.5 million annually — to curb rising unemployment as the nation’s working-age population continues to expand.
The appeal was made on Monday in Abuja during the presentation of a new report titled “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria” at the 31st Nigerian Economic Summit (NES #31). The group warned that unless decisive action is taken, millions of Nigerians will remain trapped in low-paying and insecure informal jobs.
According to the report, Nigeria’s working-age population could reach 168 million by 2030. It cautioned that without a clear national jobs strategy, unemployment and underemployment could double by the end of the decade.
“The future of Nigeria’s workforce depends on how quickly the country can transition from a ‘hustle economy’ to one that delivers decent and productive employment,” the report stated.
To address this challenge, the NESG launched the Nigeria Works Framework — a policy blueprint designed to reposition the economy around productivity, enterprise, and inclusive growth.
The framework focuses on four pillars: developing relevant skills, supporting small businesses, upgrading the informal sector, and strengthening data and institutional systems to sustain job creation.
Presenting the report, Dr. Wilson Erumebor, Senior Economist at the NESG, said the country’s employment crisis has moved beyond statistics, describing it as a major development concern.
“This is not just a labour market issue; it is a profound development challenge,” he said. “Without decisive reforms to create decent and productive jobs, an entire generation could remain stuck in vulnerable employment that perpetuates poverty.”
Erumebor observed that Nigeria’s weak private sector and overreliance on government jobs have forced millions into informal work, which now accounts for more than 93 per cent of total employment.
“The informal sector has become the default employer, but most of these jobs are poorly paid, insecure, and unproductive,” he added.
Also speaking, NESG Chairman, Mr. Niyi Yusuf, said Nigeria’s next phase of reform must prioritise job creation, productivity, and inclusive growth.
“The challenge before us is to embed reforms that drive jobs, growth, and inclusion,” he said. “We must now move from stabilisation to transformation, ensuring that reforms translate into real improvements in people’s lives.”
He urged the Federal and state governments, alongside the private sector, to treat job creation and productivity improvement as national priorities, describing them as the true foundations of economic stability and social progress.
