Revealed: The 10 Biggest Employers Powering Nigeria’s Workforce

Despite economic headwinds, some of Nigeria’s biggest corporations sustained impressive workforce numbers in 2024. The top 10 publicly listed Nigerian companies by employee count collectively hired 84,491 workers across sectors including financial services, industrial goods, and consumer goods, according to data sourced from their official 2024 financial statements.

These corporate giants not only boosted job creation but also spent a staggering ₦1.695 trillion on employee compensation in the same year—cementing their role in cushioning Nigeria’s rising unemployment rate.

The report—compiled by Nairametrics Research using disclosures from the Nigerian Exchange (NGX)—reveals that Nigeria’s youth (ages 15-24) accounted for 55.3% of the labor force in 2024. Alarmingly, 14.4% were not in employment, education, or training (NEET)—a jump from 13.7% the previous quarter.

Below is a breakdown of the Top 10 Employers in Nigeria (2024) and their workforce trends:

1. Dangote Cement – 20,910 Employees

CEO: Arvind Pathak
Africa’s largest cement manufacturer retained its crown as Nigeria’s largest private employer, growing its staff by 10% from 19,073 in 2023.
Salary Expense: ₦232.78 billion (+77% YoY)
Gender Breakdown: Not disclosed

2. First HoldCo Plc – 9,950 Employees

GMD: Adebowale Oyedeji
Parent company of First Bank increased its workforce by 13%. Males (7,065) continued to dominate over females (2,885).
Salary Expense: ₦229.10 billion (+72% YoY)

3. Julius Berger Nigeria Plc – 9,419 Employees

CEO: Dr. Peer Lubasch
Despite a 20% workforce reduction, the construction giant doubled down on compensation.
Salary Expense: ₦154.08 billion (+94% YoY)
Gender Breakdown: Not disclosed

4. UBA – 9,323 Employees

CEO: Oliver Alawuba
With 5,007 males and 4,316 females, UBA saw a 7% decline in staff strength but increased pay significantly.
Salary Expense: ₦297.60 billion (+71% YoY)

5. Access Bank – 8,939 Employees

CEO: Mr. Roosevelt Ogbonn
Employee count surged by 18%. Gender composition flipped to a male-dominated workforce.
Salary Expense: ₦357.62 billion (+123% YoY)

6. Zenith Bank – 7,704 Employees

CEO: Dame (Dr.) Adaora Umeoji OON
Women outnumbered men among staff. The bank’s salary spending jumped by 49%.
Salary Expense: ₦137.69 billion (+49% YoY)

7. GTCO – 5,803 Employees

Group CEO: Segun Agbaje
Marginal increase in headcount with a nearly equal gender split.
Salary Expense: ₦88.69 billion (+83% YoY)

8. Flour Mills of Nigeria – 5,404 Employees

CEO: Omoboyede Olusanya
Despite a 9% drop in staff numbers, the company increased its wage bill.
Salary Expense: ₦57.14 billion (+15% YoY)
Gender Breakdown: Not disclosed

9. FCMB Group – 3,796 Employees

CEO: Ladi Balogun
A steady 6.8% rise in workforce size. Men accounted for 58% of the staff.
Salary Expense: ₦58.54 billion (+72% YoY)

10. Stanbic IBTC – 3,243 Employees

CEO: Wole Adeniyi
Balanced gender split with 47% female and 53% male.
Salary Expense: ₦81.72 billion (+33% YoY)

Conclusion

These companies are not just business powerhouses—they are key engines of employment in Nigeria’s economy. As youth unemployment continues to pose a national challenge, the role of large corporations in job creation and skills development cannot be overstated.

Their growing salary budgets also suggest a positive trend in employee compensation, despite inflation and operational cost pressures.