The Nigerian Economic Summit Group (NESG) has urged the Federal Government to make efforts towards creating at least 27 million new formal jobs by 2030, equivalent to 4.5 million jobs annually.
The group said this in its report titled, “From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria”.
The report was unveiled at the 31st Nigerian Economic Summit (NES #31) in Abuja on Monday.
According to the report, the job creation is to prevent unemployment from worsening as the nation’s working-age population expands to 168 million within the decade.
It called for an urgent and coordinated national response to tackle unemployment, raise productivity and drive economic transformation.
“Without decisive action, unemployment and underemployment can double by the end of the decade, trapping millions of Nigerians in low-skilled, low-paying and vulnerable work.
“The future of Nigeria’s workforce depends on how quickly the country can move from a “hustle economy” dominated by informal activities to one that delivers decent and productive employment,” it said.
To tackle these challenges, the report introduced the “Nigeria Works Framework”, a blueprint designed to reposition the country’s economy around productivity, enterprise and inclusive growth.
“The framework lays out a comprehensive jobs and productivity agenda, focusing on the development of skills for productivity, sectoral engines of growth, and enterprise-led development, especially for small businesses.
“The framework also lays agenda for upgrading the informal economy, strengthening data and institutional systems, and promoting productivity as the foundation of national prosperity,” it said.
According to the report, the framework will serve as a guide for policymakers, the private sector and development partners to create quality jobs and raise living standards over the next decade.
It also identified manufacturing, construction, information and communications technology (ICT), and professional services as the sectors with the greatest potential for large-scale job creation and productivity growth.
The report also reaffirmed the NESG’s commitment to supporting the implementation of practical policy measures that would strengthen the link between economic growth and employment outcomes.
Presenting the report, the Senior Economist at the NESG, Dr Wilson Erumebor, said that the job crisis in the country had gone beyond the question of employment numbers and now represented a fundamental development challenge.
“This is not just a labour market issue, it is a huge development challenge.
“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.
Erumebor said that the structure of the country’s economy had created a situation where the vast majority of citizens depended on informal, insecure work to survive.
“The weak private sector capacity and reliance on the government for wage employment in some states have left millions of Nigerians with the option of finding work in the informal economy.
“The informal sector has become the default employer, absorbing a significant share of the country’s workforce,” he said.
Erumebor said that the informal jobs were often characterised by low pay, limited security, and minimal productivity.
According to, they account for 92.2 per cent of total employment in 2023 and rose to 93 per cent in the second quarter of 2024.
The Chairman of the NESG, Mr. Niyi Yusuf, said that the country’s next phase of reform must focus on job creation, productivity and inclusive growth.
“The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth and inclusion.
“These can be done while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian,” he said.
The chairman said that while past policies had concentrated on macroeconomic stabilisation, the time has come to translate those efforts into sustained job creation and real improvements in living standards.
He urged the Federal Government, state governments, and private sector to treat job creation and productivity improvement as national priorities, adding that they are the true pillars of economic resilience and social stability.
