The World Bank on Friday said the pace of population growth is most staggering in Africa, estimating that Nigeria will swell by about 130 million people by 2050.
With the inhabitants presently over 220 million, making Nigeria the sixth most populous country in the world, the Bretton Woods institution urged the nation and others to focus on job creation.
Speaking at the 2025 World Bank-IMF Annual Meetings Plenary, World Bank Group President Ajay Banga said jobs must be at the center of any development, economic, or national security strategy.
Banga predicted that by 2050, more than 85 percent of the world’s population will live in developing countries, while Africa will be home to one in four people.
The president estimates 1.2 billion young people will enter the workforce in the next 10 to 15 years, vying for roughly 400 million jobs, which is just one-third of the required slots.
“These young people—with their energy and ideas—will define the next century,” he stressed. “With the right investments, we can unlock a powerful engine of global growth.”
Highlighting the World Bank’s efforts, Banga said 153 internal metrics have been replaced by a corporate scorecard with 22 outcome indicators; financial capacity expanded by about $100 billion through new instruments and optimization.
Annual financing grew from $107 billion to $119 billion in two years, private capital mobilization rose from $47 billion to $67 billion, total commitments, including PCM, reached $186 billion, while another $79 billion was raised through bond issuances.
Through the bank’s initiatives, 20 million farmers access technology, inputs, and markets; 60 million people connect to electricity; 70 million people get an education or develop a skill, and 300 million experience quality health and nutrition services
Additionally, the bank has established mutual reliance with the Asian Development Bank and is developing an IFC2030 strategy to strengthen private capital mobilization. The MDB co-financing platform has assisted 175 projects.
Banga underscored the partnership with governments to fight corruption with data-driven tools, digital IDs linked to assets, better fraud detection, and AI that connects tax, property, and identity data.
“Over the past decade, we’ve supported 120 governments in this effort and are currently working with 26 more to target corruption and illicit financial flows,” he said.
