• Country’s population size will rise by 130m in 25 years
The World Bank Group President, Ajay Banga, has said that Nigeria’s population will increase by 130 million by the year 2050.
In his remarks yesterday at the 2025 IMF/World Bank Annual Meetings plenary in Washington DC, he said that by 2050, more than 85 per cent of the world’s population will live in countries we call “developing” today.
The population of Nigeria is 238.8 million as of Thursday, October 16, 2025, based on Worldometer’s elaboration of the latest United Nations data.
By World Bank’s estimation, Nigeria’s population will hit 368.8 million in the next 25 years, which will be year 2050.
Banga disclosed that in the next 10 to 15 years, 1.2 billion young people will enter the workforce—vying for roughly 400 million jobs. That leaves a very large gap.
Banga said the pace of population growth is most staggering in Africa, which will be home to one in four people by 2050.
“Between now and then estimates suggest that Zambia will add 700,000 people every year; Mozambique’s population will double while Nigeria will swell by about 130 million, firmly establishing itself as one of the most populous nations in the world,” it said.
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According to him, the young population with their energy and ideas will define the next century.
“With the right investments—focused not on need but opportunity—we can unlock a powerful engine of global growth. Without purposeful effort, their optimism risks turning into despair—fueling instability, unrest, and mass migration—with implications for every region and every economy,” he said.
He explained the projected rise in population is why jobs must be at the centre of any development, economic, or national security strategy.
“But what do we mean by a job? It can mean working for a company and advancing through it to higher levels, or being employed at a small business.
“But it could also mean starting your own as an entrepreneur. A job is more than a paycheck. It is what allows both women and men to pursue their aspirations,” he said.
He said a job is the anchor that holds families steady and the glue that keeps societies together.
“It is the straightest line to stability—and the hardest progress to reverse once achieved. That is why we have reframed what we do—how we measure it, and how we deliver it—around this reality.
“Over the past two years, we have worked to move with more speed, simplicity and substance,” he said.
Banga said that most jobs—nearly 90 per cent—ultimately come from the private sector, but they don’t all begin there.
“But the private sector—whether large or small, local or global—can’t do it alone. Entrepreneurs need the right conditions to start, grow and hire. Those conditions don’t happen by accident,” he said.
He said the World Bank Group brings something unique through its three-pillar strategy.
“First, governments lead—often with input from the private sector—to build the human and physical infrastructure that underpins opportunity: roads, ports, electricity, education, digitization, and healthcare.
“Our public arms—IBRD and IDA—finance these investments and help countries use resources effectively, and establish public-private partnerships,” he said.
“Second, a business environment with clear rules, a level playing field, and sound economic management. That means secure land rights, predictable taxes, transparent institutions—as well as responsible debt management and exchange rate policies.
“We support these reforms alongside the IMF through our Knowledge Bank, using policy tools and performance-based financing,” he added.
“Third, once the basics are in place, we help the private sector scale and reward risk-taking through IFC and MIGA—providing capital, equity, guarantees, and political risk insurance,” he added.
“We’ve identified five sectors with potential to create jobs: infrastructure and energy, agribusiness, healthcare, tourism, and value-added manufacturing—including crucial minerals,” he said.
Banga explained that over the past two years, we have launched a set of strategic initiatives across many of these sectors.
“They are not siloed plans. They reinforce one another—and bring together the full breadth of the World Bank Group, alongside partners. Because it will take all of us working in concert to deliver results at scale,” he said.
“Our electricity strategy focuses on accessibility, affordability, and reliability—while managing emissions responsibly. It powers Mission 300, our effort to connect 300 million Africans to electricity by 2030.
“Countries have the flexibility to choose what fits their needs and context—whether upgrading grids or installing solar, wind, hydro, gas, and geothermal.
“But we have also begun the work—in partnership with the IAEA—to offer nuclear support for the first time in decades. The goal is enough power to drive productivity for people and businesses,” he said.
According to him, World Bank has set a goal to help deliver healthcare for 1.5 billion people.
“This December, we will bring together governments, investors, and innovators at a summit in Tokyo to drive the agenda forward.
“Indonesia is already leading the way, committing to provide every citizen with an annual primary care visit on their birthday—an approach that could reshape the future of healthcare for 300 million people,” he said.
