The World Bank has said that about 40 million young Nigerians will be in need of a job by 2030 if the right policies are not put in place by the government.
The multilateral lender said if the share of working population remains the same as in 2018 and 2019, 31 million young people aged 15-29 will need jobs in 2021.
Jonathan Lain, an Economist in the World Bank’s Poverty and Equity Global Practice, working in the Western and Central Africa said this during a virtual media roundtable to present and discuss the key findings of a new World Bank Report, ‘Good Jobs for a New Generation: Delivering Quality Jobs for Young Nigerians After COVID-19.’
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The World Bank projections show that unemployment levels may grow worse than the 33.3 per cent or 23.2 million unemployed Nigerians published by the National Bureau of Statistics.
The revelation is coming a day after the International Labour Organisation advised the Federal Government on drafting and implementing a workable National Employment Policy.
The Employment Policies Specialist, ILO, Drew Gardiner, in an event in Abuja, adviced the FG to adopt an evidence based NEPs policy that integrate decent and sustainable employment in the economic and social development agenda.
The World Bank report showed that more than two third of Nigerians are under 30 and would need to create millions of jobs.
He said, “Nigeria therefore needs policies to fulfil the promise of its young population, ushering in its potential ‘demographic dividend.
“Young Nigerian may end up disappointed, as informal and precarious jobs dominate Nigeria’s labour market.”
Lain, in his presentation said with wage employment low and social security lacking, Nigerians cannot afford not to work.
Tara Vishwanath, the bank’s lead economist in the Middle East and North Africa Region’s Poverty Reduction and Economic Management group said the country’s present crisis underscores the need for reforms to promote good jobs for the young population.
Vishwanath explained that Nigeria needs to invest in human capital, facilitate a reform to boost job creation as well as make deliberate efforts to grow business enterprises.
“Evidence- based policy action in these three areas can help ensure good jobs are available, enabling Nigeria to seize the demographic dividend of its young po;pulation and lay strong foundation for future inclusive growth,” she said quoting the report.
The lead economist further highlighted the need to make the voices of those in the informal sector heard.