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The apex financial institution emphasised that for the country to survive, it must grow in a way that generates jobs and supports the poorest and least prosperous in society.
The World Bank has warned Nigeria about the lack of jobs for its growing labour force, which largely consists of youths.
The apex financial institution emphasised that for the country to survive, it must grow in a way that generates jobs and supports the poorest and least prosperous in society.
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.”
“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.
This development comes amid ongoing concerns over the state of the country’s economy.
Inflation has also been a major issue, with many small businesses — which make up a significant part of the country’s labour force — shutting down due to harsh economic conditions.
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