Top 10 employers in Nigeria

• Published On: 29 August 2024 at 18:34

The Nigerian job market is characterized by a complex mix of opportunities and challenges, which are constantly shifting as a result of the efforts of key players in various sectors.

According to recent data from the National Bureau of Statistics, the unemployment rate is expected to rise to 5.0% in Q3 2023, up from 4.2% in Q2 2023. Despite this, numerous Nigerian companies have contributed significantly to economic growth and job creation.

Here's a closer look at the top ten publicly traded companies in Nigeria with the largest workforce, as well as the changes in their employment figures between 2022 and 2023:

1) Dangote Cement
Dangote Cement, Nigeria's largest employer, has increased its workforce from 18,693 in 2022 to 19,073 in 2023. As Africa's leading cement producer, the company contributes significantly to the economy by creating numerous job opportunities and promoting economic stability through its extensive operations.

2. United Bank for Africa (UBA).
UBA's employee count increased from 9,597 in 2022 to 10,007 in 2023. As a major financial institution, UBA's growth reflects its role in job creation and economic development throughout Africa.

3. FBN Holdings.
FBN Holdings has increased its workforce from 7,972 in 2022 to 8,773 in 2023. The group reported its highest-ever after-tax profit of N310.4 billion, a significant increase over the previous year.

4) Zenith Bank
Zenith Bank's employee base increased from 8,007 in 2022 to 8,164 in 2023. The bank saw a 125% increase in gross earnings and a 202% increase in profit after tax, indicating strong financial performance.

5) Access Holdings
Access Holdings increased its workforce from 6,824 in 2022 to 7,334 in 2023. The company's profit after tax increased by 300% to N612.4 billion, while gross earnings and net interest income also increased significantly.

6. GTCO's workforce grew from 5,192 in 2022 to 5,487 by 2023. The group reported a dramatic 184.5% increase in profit before tax, reaching N609.3 billion, thanks to significant growth in its loan book and deposit liabilities.

7. Flour Mills of Nigeria: The workforce decreased from 5,919 in 2022 to 5,404 in 2023. The company experienced financial difficulties, with an 88% drop in profit after tax and a pre-tax loss, highlighting the impact of economic pressures.

8. FCMB
FCMB increased its headcount from 3,342 in 2022 to 3,554 in 2023. The bank achieved an impressive 82.5% increase in gross revenue, reaching N516 billion, thanks to significant increases in non-interest income and net interest income.

9. Fidelity Bank
Fidelity Bank increased its workforce from 3,038 in 2022 to 3,063 in 2023. The bank reported a remarkable 65% increase in gross earnings, reaching N555.83 billion, thanks to strong growth in interest income and other operating revenue.

10. Nestle Nigeria
Nestlé Nigeria, a major player in the food and beverage industry, has increased its workforce from 2,320 in 2022 to 2,375 by 2023. Despite this, the company faced significant financial challenges, reporting a net loss of N43.1 billion in the first nine months of 2023, primarily due to a significant foreign exchange loss.