The World Bank has raised concerns about a looming global employment crisis, warning that Nigeria and other developing economies could face a massive shortage of jobs for young people over the next decade.
In a recent blog post published on its official platform, the Washington-based financial institution projected that about 1.2 billion young people will enter the workforce across developing countries within the next 10 to 15 years.
However, only around 400 million new jobs are expected to be created during the same period, leaving a shortfall of roughly 800 million jobs.
According to the World Bank Group President, Ajay Banga, the widening gap between available jobs and the growing labour force goes far beyond a development challenge.
“This challenge is not only a development issue,” Banga said. “It is an economic challenge and increasingly a national security concern.”
He warned that failure to address the growing employment gap could lead to social unrest, increased irregular migration, and pressure on public institutions in many countries.
While global platforms like the World Economic Forum often focus on immediate crises such as conflicts and market shocks, Banga emphasized that demographic shifts represent a long-term threat that requires urgent planning and action.
The warning is particularly significant for Nigeria, where a rapidly expanding youth population is entering an already strained labour market marked by high unemployment and underemployment.
The World Bank urged governments in developing economies to move beyond celebrating headline economic growth and instead focus on policies that create large-scale, productive employment opportunities for young people.
“If we get this right, demographic change can become an engine of growth and stability. If we get it wrong, the world will continue reacting to crises that were visible years in advance.”
Post a Comment