Despite a challenging macroeconomic environment, several of Nigeria’s leading corporations maintained strong employment numbers in 2024.
The top 10 employers collectively employed 84,491 workers in 2024, spanning sectors such as financial services, industrial goods, and consumer goods. The companies reported a combined N1,695 trillion on employee salary expenses the same year.
This is according to data compiled by Naijaonpoint research from the financial statements of these companies listed on the Nigerian Exchange (NGX)
Nigeria’s youth population aged between 15 to 24 accounted for 55.3% of the total labour force. Within this group, 50.6% were employed, while 8.4% were unemployed. Additionally, 14.4% of youths in this age group were neither in school, employment, nor training (NEET), up from 13.7% in the previous quarter
These top employers play a vital role in mitigating unemployment and supporting Nigeria’s economic growth. Their continued operations provide much-needed opportunities in a country facing rising unemployment rates.
While these are Nigerian listed companies, many have operations across other African countries and in Europe. The reported employee figures cover staff working across these regional operations, not just within Nigeria.
Here is a list of the top 10 largest employers of labour in 2024
Stanbic IBTC, a member of the Standard Bank Group, employed 3,243 employees in 2024, up 6.1% from the 3,056 reported in 2023.
Gender distribution showed a relatively balanced structure. In 2024, the bank employed 1,511 female staff and 1,732 male staff, putting women at 47% and men at 53% of the total workforce. In comparison, the 2023 data showed 1,404 female and 1,652 male employees, with both categories seeing modest increases of 107 and 80 staff, respectively.
In terms of compensation, Stanbic IBTC’s total wages and salary expense rose from N61.19 billion in 2023 to N81.72 billion in 2024, reflecting a 33% increase in salary expenditure over the year.
FCMB Group, operating in Nigeria’s financial sector, reported a total workforce of 3,796 employees in 2024, up from 3,554 employees in 2023. This reflects a 6.8% increase in headcount over the 12-month period.
A gender breakdown of the 2024 workforce shows that 1,597 employees were female, while 2,199 were male, meaning women constituted 42% and men 58% of the total workforce. This compares with 1,464 female and 2,090 male staff in 2023. In both years, male employees made up most of the workforce
The bank’s total wages and salary expenses rose to N58.54 billion in 2024, up from N34.13 billion in 2023, representing a 72% increase year on year.
Flour Mill ranked ninth among the largest employers of labour in Nigeria with 5,404 employees in 2024, an increase of approximately 9% from 5,919 in the previous year.
The company did not disclose the employee gender distribution in its financial statements
Flour Mill’s total salary expense rose to N57.14 billion in 2024 from N49.68 billion in 2023, representing an increase of about 15% compared to the amount spent on salaries in 2023.
Flour Mill’s total salary expense rose to N57.14 billion in 2024 from N49.68 billion in 2023, representing an increase of about 15% compared to the amount spent on salaries in 2023.
Guaranty Trust Holding Company Plc (GTCO), a key player in the Financial Services sector, reported an increase in its number of employees. The bank’s total employee count in 2024 was 5,803, reflecting an increase of approximately 5.76% from its 2023 figure of 5,487 employees.
GTCO’s employee gender distribution consisted of 2,843 female employees and 2,960 male employees, translating to approximately 49% female and 51% male. This shows that males slightly outnumbered females in 2024, while in 2023, the bank employed 2,524 females and 2,963 males, which equates to roughly 46% female and 54% male. Male employees held the majority in both years.
The bank’s salary expense grew sharply, rising by 83% from N48.54 billion reported previous year to N88.69 billion in 2024.
Zenith Bank ranked sixth in the largest employer of labour with 7,704 employees in 2024, up 15% from 6,681 in the previous year.
In the employee’s gender distribution, females outnumbered males in both years. In 2024, females constituted 4,090 employees, while males accounted for 3,614 employees. Similarly, in 2023, there were 3,351 female employees, slightly more than the 3,330 male employees
The bank’s total salary expense saw a notable surge, reaching N137.69 billion in 2024 from N92.64 billion in 2023, representing an increase of approximately 49% compared to the amount spent on salaries in 2023.
Access Bank emerged as the fifth largest employer of labour among and 4th Nigerian financial institutions with the largest number of employees in 2024, with a total staff strength of 8,939. This represents a notable 18% increase compared to 7,576 employees recorded in 2023.
A breakdown of the bank’s 2023 workforce gender distribution shows female dominated gender composition out of a total of 7,576 employees, with females 3,940 accounted for 52% of the workforce and males 3,636 males representing 48%. In 2024, the bank had a change in gender composition, out of a total of 8,939 people, 4,201 were females and 4,738 males, indicating a male dominated workforce.
The bank’s salary expenditure more than doubled year on year, with its total salary expense rising from N160.25 billion in 2023 to N357.62 billion in 2024, an increase of 123%.
United Bank for Africa Plc (UBA) took fourth spot on the list of largest employers, with 9,323 employees in 2024. However, this represents a decline of 7% from 10,007 employees in 2023.
Out of a total of 9,323 employees in 2024, 5,007 were male and 4,316 were female; this means women made up 46% of the staff, while men made up 54%. In 2023, there were 4,569 female and 5,438 male employees. This shows that, just like in 2023, men continued to make up the larger part of the workforce in 2024.
Despite the reduction in headcount, the bank recorded a substantial increase in salary expenses. UBA’s salary expense surged to N297.60 billion in 2024, up from N173.65 billion in the prior year, marking a 71% increase.
Julius Berger Nigeria Plc, a leader in Nigeria’s construction sector, reported 9,419 employees in 2024, down from 11,716 in 2023, indicating a 20% drop in total workforce. Gender breakdowns were not provided in the company’s financial statements.
Although the construction company recorded a decline in headcount, the total salary expenses jumped from N79.32 billion in 2023 to N154.08 billion in 2024, representing a 94% increase.
First Holding Company Plc, the parent company of First Bank and one of Nigeria’s oldest financial institutions, employed 9,950 people in 2024, a 13% rise from the 8,773 recorded in 2023.
The gender distribution of employees showed equal growth rates for both sexes, with the number of female employees rising from 2,544 in 2023 to 2,885 in 2024, a 13% increase.
Similarly, the number of male employees grew by 13%, increasing from 6,229 to 7,065 over the same period.
However, despite the equal growth rate of 13% for both genders, male employees continued to outnumber their female counterparts, with 7,065 males compared to 2,885 females in 2024.
In terms of salary expenses, First Holdings spent N229.10 billion in 2024, up from N132.90 billion in 2023, representing a 72% increase year on year. The company recorded a growth in both headcount and salary expenditure.
Dangote Cement, Africa’s largest cement producer and a dominant player in Nigeria’s industrial goods sector, employed 20,910 staff in 2024, up from 19,073 in 2023, representing a 10% increase.
This makes the company Nigeria’s top employer among listed companies for the year. The company did not provide a gender breakdown in its financial statements.
The company spent N131.81 billion on salaries and related employee costs in 2023, and in 2024, it spent N232.78 billion, representing a 77% increase.