Headline:
Dangote Cement, FirstBank, Julius Berger Top List of Nigeria’s Largest Employers in 2024
Subhead:
Top 10 listed firms employed 84,491 workers, spent over N1.69 trillion on salaries amid youth unemployment crisis
Despite rising economic pressures, a new report has revealed that Nigeria’s ten largest listed companies collectively employed 84,491 workers in 2024, maintaining strong payroll numbers and significantly contributing to job creation across the country.
According to Nairametrics Research, which compiled the data from the audited financials of companies listed on the Nigerian Exchange (NGX), the firms—spanning financial services, industrial goods, and consumer sectors—spent a combined ₦1.695 trillion on salaries and employee-related costs in 2024.
These employment efforts are crucial in the face of Nigeria’s growing youth unemployment challenge. Official data shows that 55.3% of Nigeria’s labour force in 2024 were youth aged 15–24, with 8.4% unemployed and 14.4% not in employment, education, or training (NEET)—a jump from 13.7% in the previous quarter.
Here are the top 10 largest employers among NGX-listed firms in 2024:
1. Dangote Cement – 20,910 Employees
- CEO: Arvind Pathak
- Nigeria’s largest listed employer with a 10% increase from 2023 (19,073).
- Salary Expense: ₦232.78 billion, up 77% from ₦131.81 billion in 2023.
2. First Holdings (FirstBank) – 9,950 Employees
- CEO: Adebowale Oyedeji
- Workforce grew by 13% from 8,773 in 2023.
- Male staff (7,065) still outnumber female staff (2,885).
- Salary Expense: ₦229.10 billion (up 72% from ₦132.90bn in 2023).
3. Julius Berger Nigeria Plc – 9,419 Employees
- CEO: Dr. Peer Lubasch
- Headcount dropped by 20% (from 11,716 in 2023), but
- Salary Expense: soared to ₦154.08 billion in 2024 from ₦79.32bn (up 94%).
4. United Bank for Africa (UBA) – 9,323 Employees
- CEO: Oliver Alawuba
- Workforce shrank by 7%, but salaries rose significantly.
- Salary Expense: ₦297.60 billion (up 71% from ₦173.65bn).
5. Access Bank – 8,939 Employees
- CEO: Roosevelt Ogbonna
- Staff count rose 18% from 7,576 in 2023.
- Workforce shifted from female majority (52%) to male majority (53%).
- Salary Expense: ₦357.62 billion (up 123% from ₦160.25bn).
6. Zenith Bank – 7,704 Employees
- CEO: Dame (Dr.) Adaora Umeoji
- Grew by 15% (from 6,681 in 2023).
- Female staff (4,090) outnumbered males (3,614).
- Salary Expense: ₦137.69 billion (up 49%).
7. Guaranty Trust Holding Company (GTCO) – 5,803 Employees
- CEO: Segun Agbaje
- Grew by 5.76% from 5,487 in 2023.
- Gender ratio nearly balanced (49% female, 51% male).
- Salary Expense: ₦88.69 billion (up 83% from ₦48.54bn).
8. Flour Mills of Nigeria – 5,404 Employees
- CEO: Omoboyede Olusanya
- Workforce declined ~9% from 5,919 in 2023.
- Salary Expense: ₦57.14 billion (up 15% from ₦49.68bn).
9. FCMB Group – 3,796 Employees
- CEO: Ladi Balogun
- Increased by 6.8% from 3,554 in 2023.
- Women made up 42% of workforce.
- Salary Expense: ₦58.54 billion (up 72% from ₦34.13bn).
10. Stanbic IBTC – 3,243 Employees
- CEO: Demola Sogunle
- Workforce up 6.1% from 3,056 in 2023.
- Nearly equal gender distribution (47% female, 53% male).
- Salary Expense: ₦81.72 billion (up 33% from ₦61.19bn).
The Bigger Picture
While these figures include staff working in regional operations across Africa and Europe, the impact on Nigeria’s labour market remains substantial. Analysts say these companies are helping to absorb a growing young workforce and stimulate economic activity.
However, the sharp rise in salary expenses, often outpacing headcount growth, may reflect inflationary pressures, currency depreciation, and talent retention strategies in a tough economic landscape.
With nearly 15% of Nigerian youth out of work, education, or training, the private sector’s role in inclusive employment, vocational development, and retention of skilled labour is more critical than ever.
