The World Bank has warned Nigeria about the lack of jobs for its growing labour force, which largely consists of youths.
This position was stated in the latest Nigeria Development Update released by the World Bank on Monday.
“Nigeria is poised to seize a powerful potential demographic dividend, provided it makes investments in human capital in tandem with creating jobs and growth.”
Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.
..
“Accumulation of human capital determines whether people work and, if they do, how productive they are, increasing disposable incomes.”
“Today’s youth jobs challenge can be found at least in part in the shortcomings of delivery systems a generation ago. Future growth prospects hinge on urgently closing access and quality gaps for families in healthcare, nutrition, education, water and sanitation, and social protection.”
The publication further noted that, at present, “the labour force is growing faster than the economy’s ability to create more and better jobs, and human capital investments are lagging.”
It warned that “without jobs and human capital development, too many young people will lack opportunities, creating risks of fragility and loss of social cohesion.”
The World Bank recommended inclusive growth as essential for achieving job creation in the country.
“To succeed, the economy has to grow at a faster pace, but also in a more inclusive way.”
“Not only must the economy grow faster, but it also needs to grow in such a way as to generate jobs and opportunities for the Nigerians who need it most: the poorest and least prosperous,” the statement read in part.
The World Bank further highlights that in order for the economy to meet the government’s aspiration of achieving a US$1 trillion economy by 2030 and deliver poverty reduction and shared prosperity, the pace of growth needs to accelerate further and its composition rebalanced towards those economic sectors and firms that are most productive, generate positive spillovers, and create jobs and opportunities at scale, especially for the poor and economically insecure.
It said at present, the best-performing sectors of the economy, like finance and ICT, are important drivers of growth but are not sources of mass employment as many Nigerians do not yet have the skills and opportunities to participate in them, stressing that a private sector-led, public sector-facilitated growth strategy can boost inclusive growth.
The Bank listed key elements of this strategy to include: addressing major infrastructure gaps, such as in electricity and transportation; fostering healthy competition, market openness, and improving the business environment to spur business dynamism; improving access to finance for new and existing firms to grow and improve productivity; improving policies in key sectors to help unleash the potential of these sectors.
..
... ... ...
Join Our Social Media Channels: