Nigerian Economic Summit Group highlights need for three million jobs annually to address unemployment

In a statement, the NESG noted that Nigeria's population has exceeded 220 million, with nearly 70 percent under 35, presenting a choice between a demographic dividend and an economic pressure point. The group stated that the economy must generate enough quality jobs to absorb an estimated three million young people entering the labor market annually. Ahead of the 32nd Nigerian Economic Summit on October 26 and 27, 2026, in Abuja, the event will focus on unemployment and ensuring economic expansion translates into sustainable employment.

The summit's "Work Nigeria" sub-theme will explore strategies to tackle the employment crisis and prepare the workforce. The NESG highlighted that Nigeria's labor market challenge is structural, as economic growth over the past two decades has not led to sufficient decent jobs. Sectors like oil and gas, finance, and telecommunications, while contributing to headline growth, are not labor-intensive enough to address unemployment on a large scale.

The NESG recommends expanding sectors capable of absorbing large numbers of workers, including manufacturing, agro-processing, construction, creative industries, and the micro, small, and medium enterprises MSMEs ecosystem. MSMEs, which account for approximately 96 percent of all businesses and nearly 84 percent of total