World Bank: 80 million Nigerians could lose their jobs by 2030. If Nigeria doesn't increase its employment rate, 80 million people...

 

World Bank: 80 million Nigerians could lose their jobs by 2030.

If Nigeria doesn't increase its employment rate, 80 million people of working age would not have a full-time job by 2030, according to the World Bank.

It also stated that if the country's poverty rate doesn't decrease, 23 million additional Nigerians will suffer from extreme poverty by 2030. This information was provided by the international bank in its publication, "Nigeria Development Update (December 2022): Nigeria's Choice."

If the country wishes to lessen poverty and boost economic change, it must first create better jobs, according to the report.

The majority of poverty in Nigeria, according to the bank, is work-related poverty, and having any employment does not ensure that one will be able to escape it. It was noted that poor people were far more likely to work in agriculture.

Nigeria was one of the countries with the best growth rates in the 2000s, according to the global bank, but it fell short in creating the institutions needed to support structural change and job growth. According to the report, this has caused Nigeria to struggle to keep up with the growth rates and transformation of its peers since the early 2010s, as evidenced by the country's GDP per capita falling from US$2,280 in 2010 to US$2,097 in 2020 and an increase in the number of citizens living in poverty from 68 million to about 80 million.

The 2021 Human Development Index places Nigeria as one of the least developed nations in the world, with a score of 160 out of 188.

According to the report, if employment rates do not increase and the poverty rate does not decrease, "Per capita income will stagnate, 80 million Nigerians of working age won't have full-time jobs by 2030, and 23 million additional Nigerians will live in extreme poverty."

The Washington-based bank made the following statement to highlight how important it is to create these opportunities: "Creating better jobs is a necessary condition for accelerating poverty reduction and economic development.

Nigerian City Of 3.5 Million

A public sector-led economy cannot accommodate the estimated 3.5 million Nigerians who enter the workforce each year. This significant number accounts for 41% of all newly arrived workers in West Africa.

But even if employment growth kept pace with labor force growth, other socioeconomic factors would need to improve in order for Nigerian workers to fully benefit. A Nigerian child born today will be 36% less productive as an adult than she could be if she had access to more and higher-quality education and had perfect health (the sixth-lowest percentage globally).

Young Nigerians are being compelled to leave abroad in pursuit of productive employment as a result of a mix of inadequate job growth, a booming population, and unfulfilled expectations.

The World Bank asserts that as the private sector is at the center of development and has been a crucial element in every success story of sustained growth around the world, releasing private investment would lead to the creation of more and better-quality jobs in the country over time.

The private sector, which accounts for 94% of jobs and an estimated 90% of Nigeria's GDP, was cited as being the only way to generate growth that would increase employment.

"Therefore, despite the current challenges, Nigeria can still chart a sustainable and inclusive growth path based on solid economic institutions with a sound macroeconomic environment that reduces regional disparities, strong human capital that will help children reach their full potential and acquire the skills needed for a modern economy, and productive firms that create more and better jobs," the report continued.

Nigerian City Of 3.5 Million