The Nigerian Economic Summit Group has warned that Nigeria’s economic growth has failed to generate sufficient employment opportunities, calling for an urgent shift towards an economy capable of creating decent and sustainable jobs for the country’s growing population.
The group said the country’s employment challenge had become structural, noting that economic expansion over the past two decades had not translated into enough productive jobs or improved economic security for millions of Nigerians.
The NESG made the observation ahead of the 32nd Nigerian Economic Summit, scheduled to hold in Abuja on October 26 and 27, 2026, where job creation and workforce development will form a major part of discussions.
According to the group, sectors responsible for much of Nigeria’s headline economic growth, including oil and gas, finance and telecommunications, are not sufficiently labour-intensive to absorb the millions of Nigerians seeking employment.
“Nigeria must urgently shift from an economy that records growth without sufficient employment to one capable of creating millions of quality jobs for its growing population,” the group said.
The NESG noted that Nigeria’s population had surpassed 220 million, with nearly 70 per cent of the population below the age of 35, warning that the country must create enough economic opportunities to convert its youthful population into a demographic advantage.
It added that an estimated three million young Nigerians enter the labour market every year, placing increasing pressure on the economy to generate jobs.
“The difference between these two outcomes lies almost entirely in whether the economy can generate enough quality jobs to absorb the estimated three million young people who enter the labour market every year,” the group stated.
The organisation said Nigeria must deliberately expand sectors with greater capacity to absorb large numbers of workers, identifying manufacturing, agro-processing, construction, creative industries and the Micro, Small and Medium Enterprises ecosystem as critical to addressing the employment crisis.
It also raised concerns over the growing gap between the skills possessed by many young Nigerians and those required by employers, saying graduates often leave schools with academic qualifications but lack the technical, digital and soft skills demanded by modern businesses.
The NESG said the forthcoming summit, under its “Work Nigeria” agenda, would examine strategies for developing a job-rich economy, strengthening labour absorption and aligning skills development with the needs of high-growth sectors.
“The goal is not simply more jobs, but better jobs: work that comes with fair wages, dignified conditions, and pathways to advancement,” the group said.
The organisation called for stronger collaboration among the government, private sector, development partners and educational institutions, stressing that economic reforms must ultimately translate into improved livelihoods and employment opportunities.
The focus of the upcoming summit reflects the NESG’s broader position that macroeconomic stabilisation and reforms alone are insufficient unless they produce measurable improvements in jobs, productivity and shared prosperity.
