The Central Bank of Nigeria (CBN) has forecasted a positive outlook for job growth and increased employment opportunities across various sectors by the end of February 2025. According to the latest Business Expectations Survey (BES) conducted by the CBN, businesses are optimistic about expanding their workforce in the upcoming month. This optimism signals potential relief for Nigeria’s significant unemployment challenges. The CBN’s survey covered over 1,900 business enterprises across Nigeria, providing valuable insight into future economic trends.
The BES was conducted from January 13 to 17, 2025, and achieved a remarkable 99.7% response rate. It surveyed businesses in three key sectors: industry, services, and agriculture. The findings suggest that economic activity has expanded for the second consecutive month, indicating a positive shift in the economy. As businesses continue to show confidence in the macro-economy, they are planning to increase hiring, with expectations for more job opportunities by the end of February.
Among the sectors surveyed, the industrial sector recorded the highest level of optimism, while the agriculture sector indicated the most significant plans for expansion in the coming months. Business respondents reported confidence in the volume of business activity for the next period, with many firms expecting the Naira to appreciate. This expected economic growth is anticipated to translate into job creation, particularly in industries with higher expansion plans.
Despite this positive outlook, Nigeria has faced considerable challenges in the employment sector in recent years. The country has experienced a persistent job deficit of over 2.5 million annually, with unemployment rates rising sharply from 6.4% in 2014 to 23.1% by 2018. The COVID-19 pandemic further exacerbated these challenges, leaving millions of Nigerians without stable jobs. However, the optimism reflected in the CBN’s survey offers hope that the tide may be turning, with businesses preparing to hire more workers.
To combat the country’s employment crisis, the Nigerian government has launched various initiatives, such as the 3 Million Technical Talent program. This initiative aims to build a pool of skilled technical talent, creating 2 million digital jobs by the end of the year. These efforts, combined with the positive outlook from the CBN’s survey, offer a promising path toward bridging the employment gap. If the business community follows through with its hiring intentions, Nigeria could see significant progress in addressing its long-standing unemployment issues.
SOURCE: THE SUN