4 weeks ago
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The Nigerian Economic Summit Group (NESG) has launched its landmark study titled ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation successful Nigeria’ astatine the 31st Nigerian Economic Summit successful Abuja.
The study called for a bold, coordinated nationalist docket to tackle unemployment, rise productivity and unlock sustainable economical transformation.
The study revealed that Nigeria’s working-age colonisation volition emergence to 168 cardinal by 2030, requiring the instauration of 27 cardinal caller ceremonial jobs, an mean of 4.5 cardinal jobs per twelvemonth to support unemployment astatine existent level.
Without urgent action, the NESG warned, unemployment and underemployment could treble by the extremity of the decade, leaving millions trapped successful low-skilled, low-income work.
“The situation earlier america is to determination decisively into the consolidation phase, embedding reforms successful ways that thrust jobs, growth, and inclusion, portion simultaneously laying the foundations for semipermanent translation that secures prosperity for each Nigerian,” Mr Niyi Yusuf, NESG president said.
Presenting the study astatine the summit, elder economist astatine the NESG, Dr Wilson Erumebor, stated: “This is not conscionable a labour marketplace issue; it is simply a immense improvement challenge. Without decisive reforms to make decent and productive jobs, an full procreation risks being trapped successful susceptible enactment that neither lifts families retired of poorness nor moves the federation forward.”
The Jobs and Productivity Report identifies 5 cardinal challenges: constricted extent of Nigeria’s backstage sector; skills mismatch and anemic quality superior development; mediocre learning outcomes successful education; maturation concentrated successful low-employment sectors; and structural bottlenecks specified arsenic inadequate infrastructure and precocious vigor costs.
To code these, the study introduced the Nigeria Works Framework, which is simply a blueprint for a Jobs and Productivity Agenda that emphasises skills for productivity, sectoral engines of grow, enterprise-led growth, particularly tiny concern support, upgrading the informal economy, information and organization reforms and roductivity for prosperity.
The NESG concluded that productivity indispensable go the cardinal metric of nationalist competitiveness. It indispensable beryllium tracked, measured and elevated arsenic the instauration of shared prosperity.
The study showed that implicit 90% of Nigeria’s workers were successful informal employment portion implicit 80% of workers were engaged successful low-productivity sectors/activities, with a telephone for the state to prioritise 4 sectors – manufacturing, construction, ICT, nonrecreational services – which clasp the top imaginable for large-scale occupation instauration and productivity growth.
In the report, the NESG said six strategical pillars would marque up the Nigeria Works framework. The sectors are skills for productivity, sectoral engines of growth, endeavor development, upgrading the informal economy, institutions and data, and productivity for prosperity.
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