With Nigeria’s working population projected to grow by nearly 100 million over the next 25 years, the country has a unique opportunity to emerge as a global engine of economic growth, according to the World Bank.
Dr. Ndiame Diop, the World Bank Country Director for Nigeria, made this bold projection while delivering the Distinguished Personality Lecture organized by the Department of Agricultural Economics at the University of Ibadan on Tuesday.
Diop explained that Nigeria’s demographic momentum, 5.5 million people joining the labor force annually, sets the stage for rapid economic expansion, particularly at a time when much of East Asia and Europe are grappling with aging populations.
“This surge in the working-age population positions Nigeria not just as Africa’s economic driver, but potentially as a key player on the global stage,” Diop said.
Massive Job Creation Needed to Realize Potential
However, he emphasized that the country’s ability to seize this opportunity hinges on one critical factor: job creation. Specifically, Nigeria must create millions of productive, formal jobs for its increasingly educated and tech-savvy youth.
“In 2019, only 8 percent of employed youth in Nigeria had formal jobs,” he said. “African countries, on average, generate about half as many formal jobs per unit of GDP growth as East Asia. Without a shift toward more formal employment, many workers will remain stuck in poverty, even if they are employed.”
Economic Transformation Is Key to Progress
Diop stressed that economic transformation is essential. Nigeria must move workers from low-productivity, low-paying informal jobs into higher-paying, more productive sectors. One of the key areas for such transformation, he noted, is agriculture.
“Agriculture remains a backbone for employment in Nigeria,” Diop said. “In countries where a third or more of the workforce is engaged in farming, increasing agricultural productivity is crucial, not just for food security, but for lifting millions out of poverty.”
Nigeria Must Match Numbers With Strategy
Drawing on global economic models and case studies, Diop highlighted how a shift in labor from informal sectors to more productive industries has fueled middle-class growth in other parts of the world. He argued that Nigeria must follow a similar path if it hopes to capitalize on its demographic edge.
In conclusion, Diop urged policymakers, academic institutions, and private sector leaders to focus on inclusive economic reforms that prioritize job creation, skills development, and sectoral diversification.
“Nigeria has the numbers,” he said. “Now it needs the strategy.”
