World Bank Forecasts 350 Million Nigerians by 2050

The World Bank has projected that Nigeria’s population will increase by about 130 million people by 2050, urging the country to prioritize job creation to accommodate the expected surge.

Currently home to over 220 million people, Nigeria ranks as the sixth most populous country in the world. The Bretton Woods institution warned that the country must place employment opportunities at the core of its economic and development strategies to manage the impending demographic boom.

Speaking at the 2025 World Bank–IMF Annual Meetings Plenary, the World Bank Group President, Ajay Banga, emphasized that job creation is central to development, economic stability, and national security.

Banga noted that by 2050, over 85% of the global population will live in developing countries, with Africa accounting for one in four people worldwide. He also revealed that about 1.2 billion young people are expected to enter the global workforce within the next 10 to 15 years, competing for just 400 million jobs—a third of what is needed.

“These young people—with their energy and ideas—will define the next century,” Banga said. “With the right investments, we can unlock a powerful engine of global growth.”

Highlighting reforms within the World Bank, Banga explained that 153 internal metrics have been streamlined into a corporate scorecard with 22 outcome indicators, while financial capacity has expanded by $100 billion through new instruments and optimization.

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Other achievements include:

• Annual financing increased from $107 billion to $119 billion in two years.
• Private capital mobilization rose from $47 billion to $67 billion.
• Total commitments, including PCM, hit $186 billion, with an additional $79 billion raised via bond issuances.
• 20 million farmers gained access to technology, inputs, and markets.
• 60 million people were connected to electricity.
• 70 million people gained education or skills.
• 300 million people benefited from improved health and nutrition services.

The World Bank is also collaborating with the Asian Development Bank and developing an IFC2030 strategy to boost private capital mobilization, with the MDB co-financing platform already supporting 175 projects.

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Banga further emphasized the bank’s commitment to partnering with governments to combat corruption using data-driven tools, digital IDs, AI, and improved fraud detection.

“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 added.