World of Work: Nigeria Case Study
October 19, 2018
While Nigeria remains the largest economy in Africa, its reliance on the oil extractives sector has put the country in a precarious position. By 2050, the country is expected to become the third most populous country and a top 20 economy, but it faces pressing issues in building economic and social stability and creating jobs. The population of Nigeria is growing fast and is young. This vast youth bulge will need to be employed in the future; otherwise, Nigeria risks further instability.
To build a more stable economy, the country will need to focus on infrastructure development, better governance, improving security, and education reform. This needs to be a concerted effort among a variety of stakeholders. Alongside the government, civil society and the private sector are important stakeholders in Nigeria’s economic future. The private sector can be instrumental in confronting economic challenges and will continue to play a key role in addressing informality, creating jobs, and connecting labor market needs to education systems.