The World Bank has warned that Nigeria and other developing economies face a potential employment crisis over the next decade because of rapid population growth and limited job creation. In a post, the Washington-based institution said demographic shifts could leave millions without work.
The Bank estimates that around 1.2 billion young people will enter the workforce in developing countries within the next 10 to 15 years. However, it projects that only about 400 million new jobs may be created during the same period, leaving a possible shortfall of 800 million positions.
The World Bank Group President, Ajay Banga, said the widening gap between labour supply and available jobs represents not only a development challenge but also an economic and national security concern. He warned that failure to address the issue could fuel social unrest, irregular migration and pressure on institutions.
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The Bank urged governments, including Nigeria’s, to ensure that economic growth translates into large-scale and productive employment, rather than focusing solely on output, as youth populations continue to expand.
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