The Nigerian Economic Summit Group has said that Nigeria’s economic growth has failed to translate into jobs, leaving millions of citizens behind.
The group announced this while unveiling plans for the 32nd Nigerian Economic Summit, NES #32.
According to Head of Strategic Communication and Advocacy, Ayanyinka Ayanlowo, the summit will focus on unemployment and building a workforce-ready economy.
“Nigeria’s economy has grown, but far too many Nigerians have been left behind,” Ayanlowo stated.
According to statement, for years, GDP expansion has failed to translate into the dignified, sustainable employment that millions of young Nigerians desperately need.
It said: “At the 32nd Nigerian Economic Summit (NES #32), themed ‘Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,’ this disconnect will take centre stage under the first sub-theme: Work Nigeria.
“With a population surpassing 220 million, nearly 70 percent of whom are under the age of 35, Nigeria is sitting on either the greatest demographic dividend or its most dangerous pressure point.
“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.
“Nigeria’s labour market crisis is structural, not cyclical. The economy has recorded positive GDP growth for much of the past two decades, yet the unemployment and underemployment rates remain at historically troubling levels.”
NESG said a significant proportion of economically active Nigerians either cannot find work or are engaged in low-productivity, informal activity that provides little income security or social protection.
“This is the paradox that NES #32 seeks to resolve. Aggregate growth, measured at the national level, masks deep sectoral and regional imbalances.
“The sectors that have historically driven headline growth including oil and gas, finance, and telecommunications are not labour-intensive enough to meaningfully reduce unemployment at scale.
“What Nigeria needs is a deliberate pivot toward sectors that absorb workers in large numbers: manufacturing, agro-processing, construction, creative industries, and the broader MSME ecosystem.
The group that Micro, Small, and Medium Enterprises (MSMEs) have remained the engine room that Nigeria is yet to fully explore and ignite.
“Micro, Small, and Medium Enterprises (MSMEs) account for approximately 96 percent of all businesses in Nigeria and nearly 84 percent of total employment, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
“Yet the sector punches below its weight. Access to finance remains a perennial barrier; regulatory costs are prohibitive; infrastructure deficits, particularly in power, logistics, and connectivity erode competitiveness; and the path from informal to formal operation remains unclear and costly.
“NES #32 will examine concrete, implementable strategies for strengthening MSME competitiveness and creating accessible formalisation pathways.
“The argument is simple: when small businesses thrive, they hire. When they formalise, their workers gain access to social protection, credit, and the stability needed to plan for the future.
“MSME formalisation is not a bureaucratic exercise, it is a jobs policy.”
It further observed that a recurring theme in Nigeria’s labour market conversation is the mismatch between what educational institutions produce and what employers actually need.
“Graduates enter the market with credentials but without the technical, digital, and soft skills that a modern economy demands.
“Meanwhile, employers report persistent difficulties filling roles that require practical competence.
“Under the Work Nigeria agenda, NES #32 will prioritise demand-aligned skills development, not training for training’s sake, but preparation directly tied to the needs of high-growth sectors.
“This means deepening partnerships between industry and educational institutions, expanding vocational and technical education pathways, and investing in digital literacy programmes that equip young Nigerians for an increasingly technology-driven economy.
The group assured that the NES #32 would also address the architecture of Nigeria’s labour market itself: how workers find jobs, how disputes are resolved, how portability of skills is recognised, and how vulnerable workers, particularly women in informal employment are protected.
“Strengthening labour market information systems, formalising apprenticeship models, and expanding social insurance coverage are among the policy levers that summit participants will examine.
“The goal is not simply more jobs, but better jobs: work that comes with fair wages, dignified conditions, and pathways to advancement.
“The Work Nigeria agenda recognises that sustainable employment is the foundation of social stability, and that a government committed to inclusive growth must make labour absorption a primary outcome of economic policy.
“The Work Nigeria conversation at NES #32 is ultimately a call to multiple stakeholders: to government, to reform labour regulations and invest in enabling infrastructure; to the private sector, to hire and train at scale; to development partners, to align financing with Nigeria’s employment priorities; and to educational institutions, to retool their offerings for economic relevance.”
