Business
AU Labour Forum To Tackle Unemployment
The 9TH African Union Ordinary Session on Labour and Social Affairs opened in Addis Ababa last Tuesday to plan ahead for the biennial forum of Labour Ministers and Social partners scheduled for next year.
The objective of the conference is to provide a forum for ministers and social partners to share experiences and learn from each other on ongoing programmes and activities on labour and employment in Africa.
It would also provide opportunity for stakeholders to review progress made in labour and employment issues, particularly those contained in the 4th Biennial Follow-up Report on the implementation of the Ouagadougou Declaration and Plan of Action.
Speaking at the opening of a 4-day conference, Nigeria’s Dr Olawale Maiyegun, AU Commission’s Director of Social Affairs, said the session was taking place during a historic period considered as a watershed year for Africa, which marks 50 years of OAU, later renamed the AU.
“ The 50th OAU/AU anniversary which is being observed and organised under the theme: “Pan Africanism and African Renaissance’’, is providing us with opportunities to take stock of the key milestones of the past 50 years.
“And also to project into the future on how well we have provided decent jobs, social protection for our people, particularly the youth and women and how we tackled poverty in the last 50 years,’’ he asid.
“It is also an opportunity for us to project into the next 50 years that is by 2063, will our narrative still be poverty or we would have eradicated poverty,’’ Maiyegun said.
The Tide source reports that the conference with a theme “Enhancing the Capacity of the Labour Market Institutions in Africa to meet the Current and Future Challenges’’ is chaired by Namibia.
Maiyegun said the LSAC session would consider the 4th Biennial Follow-up Report on the implementation of the Ouagadougou Declaration and Plan of Action; the Draft Youth and Women Employment Pact, as requested by the 17th Ordinary Session of the Summit of Heads of States and Government in Malabo in July 2011.
He said the delegates would also consider the Social Protection Plan for the Informal Economy and Rural Workers; Communication and Implementation Strategy; and the Intra African Technical Cooperation Platform.
“The session will also work on the preparation of the Special Session of the LSAC which will take place in 2014, and deliberate on the review of the Rules of Procedures of the LSAC.
“The meeting will be briefed on the progress made on the AU Labour Market Information Systems Harmonisation and Coordination Framework, including the recommendation of the 5th Joint AUC–ECA Conference of Ministers in charge of Finance, Economy, and Development Planning.
A briefing will also be done on the AU initiative on the establishment of an African Institute for Remittances (AIR).
Reports that the Ordinary Session of the AU Labour and Social Affairs Commission (LSAC) is convened every two years and it is organised on the tripartite principle basis, which provides a policy forum to governmental authorities, and representatives of workers and employer organisations within the AU member states.
The conference is expected to make concrete proposals on how to strengthen the capacity of existing institutions and regulations to meet current and future challenges in relations to inclusive economic growth, youth’s empowerment, labour market governance and accelerated implementation of social protection for workers.
The conference which had gone into a close session is also expected to elect new bureau members with representatives from the Regional Economic Communities.
Reports say that Labour ministers and experts from the AU member states, Social partner organisations, representatives of Regional economic Communities, the UN, NGOs, Civil Society Organisations and other labour professionals are participating in the conference.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.