The United Nations Development Programme has warned that 800 million youths in Nigeria and other developing nations face a future without jobs.
UNDP disclosed this in a statement on Tuesday as it launched two global initiatives to help developing economies attract investment, strengthen the business environment, and create more and better jobs.
“An estimated 1.2 billion young people will enter the workforce over the next decade, while only 400 million jobs are projected to be created,” the UNDP stated.
Noting that the initiatives come as developing economies contend with a growing jobs challenge, the programme said closing this gap will require significantly greater investment and stronger connections between economic policy, finance, business development and labour markets.
UNDP administrator Alexander De Croo said developing countries have enormous economic potential and ambitious plans for growth and job creation, noting that the UNDP’s role is to support those ambitions and help turn them into real results for people.
“Our new investment and jobs initiatives will help connect countries’ priorities with the finance and expertise needed to deliver. By working with governments, development banks and private investors, we can help turn investment into stronger businesses, more and better paid jobs, and higher incomes for people,” Mr De Croo explained.
According to the UNDP, its Investment Accelerator would help countries attract and put investment to work, support governments in improving investment policies and regulations, develop investment-ready projects and pipelines, engage investors, and move projects from preparation to implementation.
It noted that its Jobs for Prosperity Facility would focus on translating economic growth into employment, helping countries identify sectors with strong job-creation potential, align skills with employer demand, and address barriers to business investment and hiring.
“It will also support the development of sector-specific pipelines that can create more and better-paid jobs. Together, the initiatives aim to strengthen businesses, expand productive capacity and ensure that investment translates into sustained employment growth,” the UNDP said.