Category: Business

The Ghana Tourism Authority, in collaboration with key stakeholders from trade and industry, proudly announces the Ghana International Expo and Investment Forum, a landmark event aimed at showcasing Ghana’s business potential, strengthening tourism and trade ties, and attracting cross-border investment.

The Expo is scheduled to take place from September 24–27, 2025, at Eko FM Auditorium, Agidingbi, Ikeja, Lagos, Nigeria. Under the theme, “Unlocking Investment Potential Through Intra-African Trade and Tourism,” the event will bring together Ghanaian entrepreneurs, investors, government officials, and international business leaders.

This high-profile forum will serve as a strategic platform for Ghanaian businesses across sectors including agriculture, manufacturing, technology, creative arts, fashion, finance, and services to connect with Nigerian and international counterparts. It will highlight Ghana’s unique value propositions, promote trade and tourism opportunities, and foster both bilateral and multilateral partnerships.

Mrs. Maame Efua Houadjeto, CEO of the Ghana Tourism Authority, emphasized the significance of the event:
“This Expo is more than a showcase—it is a gateway for Ghanaian businesses to position themselves as global players. It also strengthens our economic ties with Nigeria and opens new markets across Africa and beyond.

As the agency mandated to promote tourism, we recognize the Expo as a vital tool in driving regional integration and supporting the objectives of the African Continental Free Trade Area (AfCFTA).”

Key Features of the Expo Include:
Business Exhibitions featuring Ghanaian products and services
Investment Forums & Panel Discussions on trade policy, financing, and partnership opportunities
Networking Sessions connecting businesses, investors, and policymakers
Tourism & Cultural Showcases, celebrating Ghana’s rich heritage through fashion, music, and the arts

The event is expected to draw participants from across Africa and the diaspora, including private sector leaders, government representatives, trade associations, and development partners.

The Ghana International Expo and Investment Forum is in line with Ghana’s broader economic agenda to diversify exports, stimulate investment, and position the country as a competitive hub for trade, innovation, and tourism under the AfCFTA framework.

About the Ghana International Expo and Investment Forum
The Ghana International Expo and Investment Forum is an annual platform created to promote Ghanaian enterprise, trade, tourism, and strategic partnerships across Africa and globally. It aims to empower local industries and highlight Ghana as a dynamic, innovative, and investment-ready nation.

The strength of a country’s economy is most commonly measured by its Gross Domestic Product (GDP), which represents the total value of all goods and services produced within a nation over a specific period—usually one year.

According to the International Monetary Fund (IMF), the top 10 largest economies in the world in 2025 continue to be dominated by countries with robust service sectors, showcasing a global shift towards service-driven economic models.

🌍 Top 10 Economies in the World by GDP (2025)

🌐 Why the Services Sector Dominates

From financial services, education, healthcare, and retail to technology and digital communication, the services sector continues to be the backbone of modern economies.

• According to Statista, between 2013 and 2023, the services sector consistently accounted for the largest share of global GDP.

• The industry sector—which includes manufacturing, mining, and construction—follows as the second-highest contributor.

• Agriculture—comprising farming, fishing, and forestry—comes in third, playing a significant but smaller role in overall GDP composition.

🔍 Africa’s Emerging Services Economy

Africa is not left behind in this trend. The continent’s services sector now contributes over 50% of its GDP, signaling a strong shift toward economic diversification.

Key contributors to this shift include:

• Fintech & mobile money

• E-commerce

• Telecom & digital infrastructure

• Urbanization and youth-driven innovation

Countries like Nigeria, Kenya, South Africa, Egypt, and Ghana are leading the way, driven by mobile connectivity and tech startups revolutionizing everything from banking to logistics.

📌 Final Thoughts

The IMF data highlights a global transition toward service-based economies. This shift has major implications for policy, investment, and workforce development, especially in emerging markets like Africa.

As nations evolve, the service sector’s role in shaping economic resilience and growth becomes even more vital—setting the pace for future prosperity.

— Powered by IMF data

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.

The 2025 edition of Africa’s Fastest-Growing Companies by the Financial Times, in collaboration with Statista, paints a vivid picture of economic dynamism across the continent. It highlights where innovation, resilience, and entrepreneurial energy are most pronounced—offering a snapshot of Africa’s evolving business landscape.

At the top of the list are South Africa and Nigeria, which together accounted for an impressive 79 out of 130 ranked companies, underscoring their dominance as hubs for fast-growing enterprises in Africa.

The ranking measures firms based on their compound annual growth rate (CAGR) in revenue from 2020 to 2023, and reflects how African companies continue to thrive amid global economic uncertainty. It confirms that Africa’s growth story is not just about resources—it’s increasingly about innovation, services, and digital transformation.

Nigeria: Reforming Through Resilience

Despite grappling with economic headwinds, Nigeria’s presence on the list is a testament to the resilience of its private sector. Since assuming office, President Bola Tinubu has initiated sweeping economic reforms aimed at stabilizing the country. These include:

• The removal of fuel and electricity subsidies

• A naira devaluation

• A push toward a market-driven exchange rate

While these reforms have triggered a sharp rise in living costs, they are laying the groundwork for fiscal sustainability.

According to the World Bank, Nigeria’s inflation—currently a major economic challenge—is projected to ease to an annual average of just over 22% in 2025, assuming tight monetary policy is maintained by the Central Bank of Nigeria.

The country’s economic performance is beginning to reflect the impact of these reforms. Government revenue rose by 4.5% of GDP in 2024, driven by improved tax collection, a unified foreign exchange system, and increased remittances. Foreign reserves have rebounded to over $37 billion, helping to reduce the fiscal deficit to an estimated 3% of GDP, down from 5.4% in 2023.

Still, analysts caution that the full financial benefits of subsidy removal will take time to materialize.

Africa’s Fastest-Growing Nations (2025):

Based on company representation in the FT rankings

1. South Africa

2. Nigeria

3. Kenya

4. Egypt

5. Morocco

These five nations are setting the pace for enterprise growth on the continent, offering a blueprint for sustainable economic development in Africa’s post-pandemic era.

This year’s report not only tracks financial performance—it also signals where confidence, reform, and innovation are converging to shape the future of African business.

The global tech industry experienced a turbulent year in 2024 with no signs of slowing down. According to a report by RationalFX, 280,991 employees lost their jobs as companies wrestled with economic uncertainty and shifting market demands. This indicates that the workforce crisis in big tech extends beyond a temporary correction; it has become the norm.

Overall, the report shows a trend of downsizing driven by cost-cutting measures and a reassessment of priorities following years of rapid growth. The large-scale implementation of artificial intelligence (AI) tools has also reshaped corporate structures and led to entire teams being eliminated.

According to the report, over half of these layoffs ( a total of 157,950) were announced by U.S. companies with PC maker, Dell leading the way with 18,500 positions. This was followed by Intel and Amazon, with each eliminating approximately 15,000 jobs. It also indicated that other major economies (China, India, Germany, South Korea, and Japan) also recorded a significant number of job losses in 2024.

But, their numbers are dwarfed by the numbers in the U.S. as seen in the chart below.

Tech companies laid off 280,000 employees in 2024; 11,000 already in 2025
This is not surprising, because the world’s largest tech corporations are U.S. companies It is also because most comprehensive data sources for job cuts are oriented towards mostly American and English-speaking audiences. The mass layoffs in countries such as China are also rarely covered by Western media as the information is difficult to confirm.

Sectoral analysis of the numbers
According to the report, Dell topped the chart with 18,500 layoffs. According to the company, this is owing to the declining demand for personal computers and enterprise hardware. Following closely, semiconductor giant, Intel cut 15,100 positions amidst a downturn in chip sales and increased competition in the global semiconductor market.

The e-commerce titan Amazon also announced significant layoffs, cutting nearly 15,000 roles. These job reductions were part of the company’s ongoing restructuring, which began in late 2023 to streamline operations and adapt to changing consumer spending habits.

Electronics manufacturers weren’t immune, with Samsung laying off 14,455 employees, highlighting challenges in the global smartphone and appliance markets. Similarly, Toshiba cut 9,000 jobs as it restructured its struggling electronics and energy divisions.

Tech companies laid off 280,000 employees in 2024; 11,000 already in 2025
The electric vehicle (EV) sector also experienced layoffs, despite its growth potential. Industry leader Tesla laid off 14,000 employees as it sought to reduce operational costs amid increasing production expenses. Chinese EV maker Li Auto followed suit, cutting 10,000 jobs, reflecting broader challenges in the Chinese automotive market.

Software and tech service providers also contributed significantly to the workforce reduction. Cisco reduced its headcount by 9,600, while SAP let go of 9,500 employees. Even Microsoft, known for its robust cloud and software business, announced nearly 5,000 job cuts.

Turkish food delivery app Getir cut 6,000 jobs, illustrating the broader impact of economic headwinds on gig-economy businesses. Food and grocery delivery, in particular, grew immensely during the pandemic but have since been in a decline.

Similarly, fintech companies like Paytm and PayPal reduced their workforce by 5,000 and 2,500 positions, respectively, as funding slowed and profitability took centre stage.

Reasons for the layoffs
Analysts believe that the layoffs are largely owing to redundancies in many tech companies including Silicon Valley players because of over-hiring during the pandemic. Other reasons include recession fears and increased focus on AI.

Interestingly, 2023 and 2024 were profitable for tech companies as many reported increased revenues, high earnings for shareholders and expansion to new markets. Yet, many have announced restructuring plans to increase efficiency and profitability using AI.

For instance, Dell saw its revenue grow on an annual basis for three consecutive quarters, with an increase of 9.51% in November 2024. Its gross profit, however, has shrunk between 2023 and 2024 by more than $1.8 billion. Amazon, on the other hand, performed well across the board: net sales grew by 11% to $158.9 billion in the third quarter of 2024, operating income increased by 55.6% to $17.4 billion, and net income grew by 55.2% to $15.3 billion ($1.43 per diluted share, up 52.1%).

Cisco to lay off over 4,000 workers globally as tech job cuts intensify in 2024
The question then is: why are tech companies laying off people when they should be hiring?

In reality, data shows that companies employed a lot of workers in 2024 but the roles were different from what was obtainable around ten or twenty years ago. Many of the positions were temporary, gig-like jobs. And, as companies shift to new technologies such as AI, certain jobs become redundant while new positions are opened.

For example, German software company, SAP announced a restructuring programme that led to between 9,000 and 10,000 total layoffs. Although the company claims that not all employees were laid off, with some being offered “AI-centric” positions. What is clear is that the number of roles created by “prioritising strategic growth areas, including business AI” is way lower than what was lost.

Nigeria is one of the 48 countries that has a trade deficit with the United States of America, a major trading partner of one of Africa’s largest economy.

This information is critical as U.S. President Donald Trump wages an economic war on some of its closest allies and largest trade partners.

In a significant move that has jolted global trade dynamics, President Donald Trump imposed substantial tariffs on imports from Canada, Mexico, and China, citing concerns over illegal immigration and the influx of drugs like fentanyl into the United States.

Effective February 4, 2025, a 25% tariff will be levied on all goods from Canada and Mexico, while a 10% tariff will be imposed on Canadian oil exports and Chinese goods.

This policy shift has prompted immediate retaliatory measures. Canadian Prime Minister Justin Trudeau announced matching 25% tariffs on up to C$155 billion worth of U.S. imports, emphasizing the deep historical ties between the two nations.

Mexico is also considering similar countermeasures, while China has vowed to implement corresponding actions, potentially affecting electronics and apparel markets.

While Nigeria is not directly targeted by these tariffs, its trade relationship with the U.S. warrants close examination.

Nigeria’s Trade Relationship with the U.S.
According to 2024 U.S. trade data, Nigeria exported approximately $5.29 billion worth of goods to the U.S. while importing about $3.88 billion, resulting in a trade surplus of $1.4 billion in Nigeria’s favor. Total trade as of September 2024 is $9.1 billion.

In 2023, total trade between Nigeria and the U.S. amounted to $8.27 billion. However, Nigeria maintained a trade surplus of $3.1 billion, exporting more to the U.S. than it imported.

Trade volumes between both countries have fallen by as much as 73% in the last decade, primarily due to the U.S.’s drastic reduction in crude oil imports from Nigeria.

A historical review of trade data shows that in 2011, total trade between Nigeria and the U.S. was $74 billion, with Nigeria enjoying a trade surplus of $14 billion.

Comparatively, total trade between 2005 and 2014 reached $281.7 billion, during which Nigeria ran a massive trade surplus of $200.2 billion with the U.S.

Despite this decline, the United States remains a critical trade partner for Nigeria. U.S. foreign direct investment (FDI) in Nigeria is concentrated largely in the petroleum, mining, and wholesale trade sectors. Additionally, Nigeria remains the second-largest U.S. export destination in Sub-Saharan Africa.

U.S. exports to Nigeria include vehicles, wheat, machinery, fuels, and plastics, while Nigerian exports to the U.S. comprise crude oil, cocoa, cashew nuts, and animal feed.

Moreover, multiple U.S.-based film and entertainment companies operate in Nigeria, highlighting the significant export potential of Nigeria’s creative industries.

Nigeria also benefits from preferential trade agreements such as the African Growth and Opportunity Act (AGOA).

The “Nigeria-Next” Approach
A recent Nairametrics article highlighted how Trump’s America First administration presents an opportunity for Nigerian policymakers to adopt a “Nigeria-Next” approach.

This strategy would involve a thorough evaluation of Nigeria-U.S. bilateral relations to ensure alignment with both U.S. and Nigerian interests.

Economic indicators suggest that Nigeria’s trade performance from 2020 to 2023 could have been significantly stronger when compared to the earlier part of the previous decade (2014 to 2019).

Nonetheless, proactive measures can be implemented now to revitalize and expand Nigeria-U.S. economic ties.
Even restoring trade volumes to pre-2020 levels would represent a significant milestone. Increased capital investments, expanded trade, and enhanced diaspora remittances would boost foreign exchange (FX) inflows, strengthen the naira, and ultimately benefit Nigerians.

By leveraging these opportunities, Nigeria can strategically position itself in the evolving global trade landscape and maximize its economic gains from U.S. trade policies.

Just recently, Minister of Industry, Trade and Investment, Mrs. Jumoke Oduwole, has said that Nigeria is not worried by the policies of the recently sworn-in President Donald Trump of the United States of America.

Nigeria has also reacted to the ongoing tariff war between the governments of the United States of America and Canada.

Sunday Dare, the Special Adviser on Media and Public Communications to President Tinubu stated that there “will reverberate around the world” and that the World Trade Organization will have to manage the impact on the emerging global order.

“There is a lesson in all of this for us as a country. We are witnessing a new movement: America First. Canada First. It’s time for Nigeria First! Let’s put Nigeria first no matter what.”

Nairametrics