NESG warns Nigeria faces job crisis

The Nigerian Economic Summit Group (NESG) has warned that Nigeria’s current level of investment is not enough to create the jobs required to support its growing population, calling for increased investment in businesses, infrastructure and human capital.

The private-sector-led policy advocacy group issued the warning in a statement ahead of the 32nd Nigerian Economic Summit scheduled for October 26 and 27, 2026, in Abuja.

NESG said the country needs more productive investment to improve productivity, expand businesses and deliver the level of prosperity needed by millions of Nigerians.

According to the group, challenges including infrastructure gaps, limited access to long-term financing, regulatory uncertainty and high operating costs have continued to discourage productive investment.

NESG said while recent economic reforms aimed at stabilising the economy, improving fiscal sustainability and restoring investor confidence were important, they must be matched with stronger investment to generate meaningful opportunities.

The group stressed that economic stability must translate into increased business activity, higher incomes and job creation.

“Nigeria needs greater investment in businesses, industries, infrastructure, innovation and human capital to support sustainable economic growth,” the group said.

NESG noted that Nigeria adds an estimated 3.5 million new entrants to its labour force annually, increasing pressure on the economy to create enough employment opportunities.

It said the challenge is not only achieving economic growth but ensuring that growth creates jobs and improves living standards for Nigerians.

The warning comes ahead of the 32nd Nigerian Economic Summit, which is themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”

The summit is expected to bring together government officials, private sector leaders, development institutions and other stakeholders to discuss ways of increasing investment, improving productivity and expanding economic opportunities.

NESG said moving Nigeria from economic stabilisation to sustainable growth would require deliberate efforts to increase investment and strengthen the country’s productive capacity.