- Safiu Kehinde
The World Bank has given a stern warning that Nigeria and many other developing nations across the world could face a severe job crisis over the next decade based on the rapidly rising youth populations and insufficient job creation.
World Bank gave the warning in a post published on its official platform on Wednesday.
As contained in the post, the Washington-based institution highlighted that demographic trends are shifting significantly across developing countries.
According to the Bank’s analysis, around 1.2 billion young people are expected to enter the workforce in these economies in the next 10 to 15 years.
However, about 400 million new jobs are projected to be created over the same period.
The would leave a potential shortfall of roughly 800 million employment opportunities.
As quoted in the post, the Bank’s Group President, Ajay Banga, warned that this widening gap between labour supply and available jobs is not just an economic development issue but also a national security concern.
Banga maintained that a job crisis holds the potential to fuel social unrest, irregular migration, and institutional strain if unaddressed.
He pointed out that global forums like the World Economic Forum (WEF) have paid limited attention to the long-term implications of demographic changes compared with more immediate crises such as conflicts or market turbulence.
“This challenge is not only a development issue,” Banga wrote in the post. “It is an economic challenge and increasingly a national security concern.”
“If we get this right, demographic change can become an engine of growth and stability,” the bank noted. “If we get it wrong, the world will continue reacting to crises that were visible years in advance.” He said.
According to reports, the warning is especially relevant to countries like Nigeria, where a fast-growing youth population is entering an already stressed labour market with persistent high unemployment and underemployment.
The Bank, however, urged developing economies to move beyond focusing solely on economic output to ensure that growth translates into large-scale, productive employment.