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About three million young Nigerians are expected to enter the labour market every year.
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NES #32 will examine how Nigeria can turn economic growth into productive employment.
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Manufacturing, agriculture, MSMEs and creative industries are among the sectors expected to drive job creation.
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The summit will also focus on skills development, labour reforms and better-quality jobs.
September 07, (THEWILL) — Nigeria’s persistent struggle to translate economic growth into sustainable employment will be a major focus of the 32nd Nigerian Economic Summit (NES #32), as policymakers and business leaders examine ways to expand job creation and productivity.
The summit, scheduled for October 26 and 27 in Abuja, will be held under the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.” Its first sub-theme, “Work Nigeria”, will focus on employment, skills development, small businesses and labour-market reforms.
Nigeria faces a particularly pressing employment challenge because of its young and rapidly growing population. With nearly 70 per cent of its more than 220 million people estimated to be below 35, about three million young Nigerians are expected to enter the labour market annually.
While Nigeria has recorded periods of economic growth over the past two decades, the Nigerian Economic Summit Group (NESG) said the expansion has not generated sufficient productive employment.
Part of the problem is the structure of growth. Some sectors that have contributed significantly to economic output, including oil and gas, finance and telecommunications, have limited capacity to employ workers on the scale required by Nigeria’s population.
The summit will therefore examine how greater investment in labour-intensive sectors, including manufacturing, agro-processing, construction, creative industries and Micro, Small and Medium Enterprises (MSMEs), could strengthen employment creation.
MSMEs will form an important part of the discussions. Citing data from the Small and Medium Enterprises Development Agency of Nigeria, the NESG said small businesses account for a substantial share of businesses and employment in Nigeria, but continue to face obstacles including limited access to finance, infrastructure deficiencies and regulatory costs.
The summit will consider measures for improving MSME competitiveness and making it easier for informal businesses to enter the formal economy.
Skills development will also feature prominently, particularly the longstanding mismatch between qualifications held by jobseekers and the practical competencies demanded by employers.
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According to the NESG, the discussions will focus on strengthening collaboration between businesses and educational institutions, expanding technical and vocational education and improving digital skills.
Beyond creating employment, participants are expected to consider wider reforms to Nigeria’s labour-market system, including apprenticeship structures, labour-market information, dispute resolution and social protection for vulnerable workers, particularly women working in the informal economy.
“The goal is not simply more jobs, but better jobs: work that comes with fair wages, dignified conditions, and pathways to advancement,” the NESG said.
The employment discussions come as Nigeria seeks to ensure that improvements in headline economic indicators translate into higher household incomes and living standards.
NES #32, which will hold at the Transcorp Hilton Hotel in Abuja, is expected to bring together government officials, private-sector executives, economists, development partners and civil society representatives to discuss policy options for improving employment, productivity and economic inclusion.
Segun Adeyemi serves as the Associate Editor of THEWILL Newspaper, leveraging more than ten years of editorial expertise and a proven track record in mainstream journalism.
