The Nigerian job market is characterized by a dynamic interplay of opportunities and challenges, continually evolving due to the efforts of key players across various industries.
In recent years, companies operating within Nigeria have played a pivotal role in driving economic growth and creating employment opportunities.
According to the National Bureau of Statistics (NBS) for 2023, these efforts are particularly important as the unemployment rate rose to 5.0% in the third quarter of 2023, up from 4.2% in the second quarter.
This article focuses on the top 10 publicly quoted companies with the highest number of employees in Nigeria, examining changes in their workforce from 2022 to 2023. These companies
Despite economic volatility, these companies—spanning financial institutions to manufacturing—employed a total of 70,904 people in 2022, increasing to 73,234 in 2023. This reflects an overall growth of 2,330 employees, highlighting their significant impact on the job market and economic stability.
10. Nestle Nigeria
No of employees 2023: 2,375
No of employees 2022: 2,320
Nestlé Nigeria, a prominent player in the food and beverage industry, increased its workforce from 2,320 employees in 2022 to 2,375 in 2023.
Despite its substantial market presence and operational scale, the company encountered significant financial challenges during the year.
Nestlé Nigeria reported a net loss of N43.1 billion for the first nine months of 2023, marking a 207% year-on-year decline compared to the same period in 2022.
This loss, the first in over five years, was largely due to a considerable foreign exchange revaluation loss of N122.9 billion.
Despite strong product demand and effective cost management driving an increase in revenues, these financial setbacks show the impact of economic volatility and currency fluctuations on the company’s profitability.
9. Fidelity Bank
No of employees 2023: 3,063
No of employees 2022: 3,038
Fidelity Bank, a key financial institution in Nigeria, saw its workforce grow from 3,038 employees in 2022 to 3,063 in 2023. This increase in staff reflects the bank’s expanding operations and its role as a significant employer in the banking sector.
In 2023, Fidelity Bank demonstrated impressive financial performance.
The bank’s gross earnings surged by 65% to N555.83 billion, driven by substantial growth across several income streams.
Interest income increased by 55%, while other operating income saw an extraordinary rise of 562%. Additionally, fee and commission income grew by 44%.
These gains highlight Fidelity Bank’s strong market position and effective strategies in loan growth, deposit
8. FCMB
No of employees 2023: 3,554
No of employees 2022: 3,342
FCMB, a prominent player in Nigeria’s banking sector, employed 3,554 people in 2023, up from 3,342 employees in 2022.
This increase reflects the bank’s growing operational demands and its role as a significant employer in the financial services industry.
The bank’s financial performance for 2023 was marked by substantial growth. FCMB reported a remarkable 82.5% increase in gross revenue, reaching N516 billion.
This growth was largely driven by non-interest income, with substantial contributions from core banking, investment banking, and consumer finance.
Net interest income also saw a 44% increase, climbing to N122 billion, due to higher asset yields. The bank achieved net profit margins of 37.9%, underscoring its effective strategy and operational efficiency.
7. Flour Mill
2023: 5,404 employees
2022: 5,919 employees
Flour Mills of Nigeria, a leading player in the agro-allied industry, employed 5,404 people in 2023, a decrease from 5,919 employees in 2022.
Despite its significant role in the sector, the company faced considerable financial challenges over the year.
For the fiscal year ending March 31, 2024, Flour Mills of Nigeria reported a profit after tax of N3.54 billion.
This represents a sharp 88% decline compared to the N29.5 billion recorded in the previous fiscal year.
Additionally, the company posted a pre-tax loss of N236.7 million, a stark reversal from the N39.8 billion pre-tax profit achieved in the 2022/2023 fiscal year.
The decline in profitability highlights the operational and financial difficulties faced by the company despite its efforts to expand production capacity and product offerings.
6. GTCO
No of employees 2023: 5,487
No of employees 2022: 5,192
GTCO, one of Nigeria’s largest employers, saw its workforce increase from 5,192 employees in 202 to 5,487 employees in 2023.
For the year ended December 31, 2023, GTCO reported a substantial profit before tax of N609.3 billion, marking a dramatic 184.5% increase from N214.2 billion in the previous year. This financial performance underscores the group’s significant role in Nigeria’s economy.
The group’s loan book (net) grew by 31.5%, rising from N1.89 trillion in December 2022 to N2.48 trillion in December 2023.
In addition, deposit liabilities surged by 63.7%, climbing from N4.61 trillion to N7.55 trillion over the same period. These figures reflect GTCO’s robust growth and its pivotal position in the Nigerian financial sector.
5. Access Holdings
No of employees 2023: 7,334
No of employees 2022: 6,824
Access Holdings Plc, Nigeria’s largest finance holding company, reported a notable increase in its workforce from 6,824 employees in 2022 to 7,334 in 2023, reflecting a rise of 510 employees.
In terms of financial performance, Access Holdings achieved remarkable growth. The company’s profit after tax soared to N612.4 billion, marking a 300% increase from the previous year.
This represents the largest profit ever recorded by the company under the leadership of the late Herbert Wigwe.
The company’s gross earnings saw an 80% increase, rising from N1.4 trillion in 2022 to N2.6 trillion in 2023.
Net Interest Income also experienced substantial growth, up by 282.7%, from N145.7 billion to N555.8 billion. Operating expenses increased by 38.9%, climbing from N502 billion in 2022 to N697.5 billion in 2023.
4. Zenith
2023: 8,164 employees
2022: 8,007 employees
In 2023, Zenith Bank Plc employed 8,165 people, up from 8,007 in 2022—an increase of 158 employees.
Financially, the bank achieved significant growth with gross earnings climbing 125% from NGN945.6 billion in 2022 to NGN2.132 trillion in 2023.
This impressive rise resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT), which grew from NGN284.7 billion to NGN796 billion.
Profit After Tax (PAT) also experienced substantial growth of 202%, increasing from NGN223.9 billion to NGN676.9 billion.
3. FBN Holdings
No of employees 2023: 8,773
No of employees 2022: 7,972
FBN Holdings, the parent group of First Bank Limited, reported a significant increase in its workforce, reaching 8,773 employees in 2023, up from 7,972 in 2022—an increase of 801 employees.
The group’s financial performance also saw a notable improvement, with a profit after tax of N310.4 billion, a substantial rise from the N136.3 billion reported in 2022.
This profit is the highest ever declared by the company in its over 130-year history. Additionally, Net Interest Income surged to N548.9 billion, reflecting a 51% increase from N363.2 billion the previous year.
2. UBA
No of employees 2023: 10,007
No of employees 2022: 9,597
UBA (United Bank for Africa) is one of the leading employers in Nigeria, with a workforce that has seen significant growth over the past year. In 2022, UBA employed 9,597 individuals.
By 2023, this number increased to 10,007 employees, representing a growth of approximately 4.3%. This rise reflects UBA’s ongoing expansion and its commitment to providing employment opportunities in Nigeria’s banking sector.
As a major financial institution with a presence across 20 African countries, UBA plays a vital role in the Nigerian economy, offering jobs in various areas including banking operations, customer service, IT, and finance.
The increase in UBA’s workforce demonstrates its dedication to fostering talent and contributing to economic development by creating stable, quality jobs.
In a country facing rising unemployment rates, UBA’s expansion provides much-needed opportunities, helping to reduce joblessness and support Nigeria’s economic growth.
1. Dangote Cement
No of employees 2023: 19,073
No of employees 2022: 18,693
Dangote Cement, Nigeria’s largest employer of labour, has significantly increased its workforce over the past year.
In 2022, the company employed 18,693 people. As of 2023, this number has risen to 19,073, representing an increase of approximately 2% in its employee base.
As the leading cement producer in Africa, Dangote Cement plays a crucial role in Nigeria’s economy, not only through its contributions to the construction sector but also by providing significant employment opportunities across the country.
The company’s vast operations include three integrated cement plants and two grinding plants, with a production capacity of 35.25 million tonnes per year.
This extensive network requires a large and skilled workforce, making Dangote Cement the top employer in Nigeria. By offering a range of jobs from plant operations and logistics to administrative roles, Dangote Cement helps mitigate unemployment and supports economic stability.
Note: The data was sourced from the financial statement of the NGX 30 of the Nigerian Exchange. Nairalytics research focused on the top 10.
