Tara Vishwanath, World Bank lead-economist, has called on the Nigerian government and policymakers to embrace evidence-based policy in rebuilding the labour market post-Covid-19 pandemic.
Vishmanath while speaking during the World Bank virtual media briefing titled ‘Good jobs for a new generation’, held yesterday reiterated the need to bring Nigerian youth out of unemployment and underemployment through a well-streamlined system of regulating the evolution of micro-enterprises.
“Vast majority of Nigerian youths have aspirations for good jobs. And are very optimistic about it,” Vashwanath said.
In a panel discussion during the virtual media briefing, the panelist also explained that Nigeria needs policies that loosen enterprise credit constraints and develop infrastructure that can boost productivity, profits, and create jobs.
They cited cash grants administered through a national business competition as a good approach to achieving positive effects on enterprise survival, profitability, and hiring.
According to data from the World Bank Nigeria’s young population embodies the nation’s promise. With 54 percent of the labour force falling within the youth rank, World Bank officials believe that ensuring good jobs for the youths will enable the country to seize its demographic dividend.
Read also: Nasarawa top list in World Bank infrastructure spending index, says governor Sule
This is vital to drive future inclusive growth and poverty reduction, they noted.
Vishwanath disclosed that the share of young people working remained the same as just before the COVID19 crisis, about 30.8 million Nigerian youth aged 15-293 were projected to need jobs in 2021.
And that if anything, the scale of the challenge of the job is even larger following the COVID-19 crisis: which puts the country in a much more economic crisis can lead a larger share of young to seek work rather than remaining in school.
In 2030, the World Bank projection stated that the estimated number of youth needing jobs will increase to 40.2 million, with 19.7 million engaging in household agriculture, 13.0 million engaging in non-farm household enterprises, and 3.9 million holding wage jobs.
Hence, they called on Nigerian governments to invest in human capital development and reforms to help young microenterprises grow.
“Though more Nigerians are in school, the outcome remains weak,” the World Bank report stated.
