NESG Calls for MSME Reform, Skills Development to Address Nigeria’s – M

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The Nigerian Economic Summit Group (NESG) has identified MSME reforms and demand-aligned skills development as key strategies for tackling Nigeria’s unemployment crisis ahead of the 32nd Nigerian Economic Summit (NES #32), scheduled for October 26–27, 2026, in Abuja

The summit, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” will focus on the disconnect between Nigeria’s economic growth and job creation

Under the sub-theme “Work Nigeria,” the summit will examine the country’s labour market challenges, including the need to create quality jobs for the estimated three million young people entering the workforce each year

The NESG noted that although Nigeria has recorded periods of economic growth over the past two decades, this has not translated into sufficient reductions in unemployment and underemployment. It argued that growth-driving sectors such as oil and gas, finance and telecommunications are not labour-intensive enough to absorb the country’s growing workforce

The group therefore called for greater focus on manufacturing, agro-processing, construction, creative industries and the MSME ecosystem as potential drivers of large-scale employment

According to data cited by the NESG from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs account for about 96 per cent of businesses in Nigeria and nearly 84 per cent of total employment. However, the sector continues to face challenges including limited access to finance, high regulatory costs, inadequate power and logistics infrastructure, and difficulties transitioning from informal to formal operations

The NESG described MSME formalisation as a jobs policy, rather than simply a bureaucratic requirement, arguing that formalisation could improve businesses’ access to finance, markets and other forms of institutional support

The organisation also highlighted Nigeria’s skills mismatch, noting that the competencies produced by educational institutions often do not align with employers’ needs. NES #32 will therefore explore demand-driven skills development through stronger industry-academia partnerships, expanded vocational and technical education, and digital literacy programmes

The summit will also examine labour-market systems, including job matching, dispute resolution, skills portability and protections for vulnerable workers, particularly women operating in the informal economy

Other proposed policy measures include strengthening labour-market information systems, formalising apprenticeship programmes and expanding social insurance coverage

The NESG urged the government to reform labour regulations and invest in infrastructure, while calling on businesses to hire and train workers at scale. It also encouraged development partners and educational institutions to align their interventions with Nigeria’s employment priorities

NES #32 is expected to bring together business leaders, policymakers, economists and civil society representatives to discuss practical measures for creating productive employment and ensuring that Nigeria’s economic growth translates into broader prosperity

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