Share
Olugbemi. Adeyinka Ogunleye
1 week ago
Overview
Top 10 Largest Employers Of Labour In Nigeria
Despite a challenging macroeconomic environment, several of Nigeria’s leading corporations maintained strong employment numbers in 2024. The top 10 employers collectively employed 84,491 workers in 2024, spanning sectors such as financial services, industrial goods, and consumer goods. The companies reported a combined N1,695 trillion on employee salary expenses the same year. This is according to data compiled by Nairametrics research from the financial statements of these companies listed on the Nigerian Exchange (NGX)
Nigeria’s youth population aged between 15 to 24 accounted for 55.3% of the total labour force. Within this group, 50.6% were employed, while 8.4% were unemployed. Additionally, 14.4% of youths in this age group were neither in school, employment, nor training (NEET), up from 13.7% in the previous quarter. These top employers play a vital role in mitigating unemployment and supporting Nigeria’s economic growth. Their continued operations provide much-needed opportunities in a country facing rising unemployment rates.
While these are Nigerian listed companies, many have operations across other African countries and in Europe. The reported employee figures cover staff working across these regional operations, not just within Nigeria.
Here is a list of the top 10 largest employers of labour in 2024
Jump to section
10. Stanbic IBTC – 3,243 employees
Wole Adeniyi
CEO Stanbic IBTC , Wole Adeniyi
Stanbic IBTC, a member of the Standard Bank Group, employed 3,243 employees in 2024, up 6.1% from the 3,056 reported in 2023.
Gender distribution showed a relatively balanced structure. In 2024, the bank employed 1,511 female staff and 1,732 male staff, putting women at 47% and men at 53% of the total workforce. In comparison, the 2023 data showed 1,404 female and 1,652 male employees, with both categories seeing modest increases of 107 and 80 staff, respectively.
In terms of compensation, Stanbic IBTC’s total wages and salary expense rose from N61.19 billion in 2023 to N81.72 billion in 2024, reflecting a 33% increase in salary expenditure over the year.
