Nigeria needs significantly more productive investment if the country is to create enough jobs for its rapidly growing population, the Nigerian Economic Summit Group has warned. The organisation said investment remains critical to expanding businesses, increasing productivity and generating employment opportunities.
The warning comes as millions of Nigerians continue to search for employment opportunities while businesses face high operating costs. According to the NESG, attracting investment must go beyond economic figures and should result in the expansion of businesses, infrastructure and productive industries. The organisation has highlighted issues such as infrastructure, access to long-term financing, electricity, regulatory uncertainty and the general cost of doing business as important factors affecting investment. Nigeria has a large and youthful population, meaning millions of people enter the labour market every year. This creates pressure on the economy to produce enough jobs and business opportunities to accommodate the growing workforce. The NESG has therefore continued to push for policies that encourage private investment and strengthen the productive sectors of the economy.
The organisation is also expected to focus on investment and job creation during its upcoming Nigerian Economic Summit. The government has introduced several economic reforms aimed at improving the investment environment, but businesses and investors will ultimately look at whether those reforms produce a more predictable and productive operating environment. For Nigeria, the challenge is not simply attracting money into the country. The bigger issue is ensuring that investments are directed towards industries capable of creating jobs, increasing production and improving living standards. The latest warning from the NESG therefore places investment at the centre of Nigeria’s continuing conversation about employment and economic growth.
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