The Nigerian job market is marked by a complex blend of opportunities and hurdles, continually shifting due to the efforts of key players across various sectors.
Recent data from the National Bureau of Statistics highlights a challenging period for employment, with the unemployment rate rising to 5.0% in Q3 2023, up from 4.2% in Q2 2023. Despite this, numerous companies in Nigeria have been instrumental in driving economic growth and job creation.
Here’s a closer look at the top 10 publicly listed companies with the largest workforce in Nigeria and the changes in their employment figures from 2022 to 2023:
1. Dangote Cement
Dangote Cement, Nigeria’s largest employer, grew its workforce from 18,693 in 2022 to 19,073 in 2023. As Africa’s leading cement producer, the company plays a crucial role in the economy by offering a wide range of job opportunities and supporting economic stability through its extensive operations.
2. United Bank for Africa (UBA)
UBA increased its employee count from 9,597 in 2022 to 10,007 in 2023. As a major financial institution, UBA’s expansion reflects its role in creating jobs and supporting economic development across Africa.
3. FBN Holdings
FBN Holdings expanded its workforce from 7,972 in 2022 to 8,773 in 2023. The group reported its highest-ever profit after tax of N310.4 billion, marking a significant increase from the previous year.
4. Zenith Bank
Zenith Bank’s staff numbers increased from 8,007 in 2022 to 8,164 in 2023. The bank experienced a 125% rise in gross earnings and a 202% increase in profit after tax, reflecting its robust financial performance.
5. Access Holdings
Access Holdings saw its workforce grow from 6,824 in 2022 to 7,334 in 2023. The company achieved a 300% increase in profit after tax, reaching N612.4 billion, alongside a significant rise in gross earnings and net interest income.
6. GTCO
GTCO’s workforce increased from 5,192 in 2022 to 5,487 in 2023. The group reported a dramatic 184.5% increase in profit before tax, reaching N609.3 billion, driven by substantial growth in its loan book and deposit liabilities.
7. Flour Mills of Nigeria:
Flour Mills of Nigeria reduced its workforce from 5,919 in 2022 to 5,404 in 2023. The company faced financial difficulties, with a sharp 88% decline in profit after tax and a pre-tax loss, highlighting the impact of economic pressures.
8. FCMB
FCMB expanded its staff from 3,342 in 2022 to 3,554 in 2023. The bank achieved an impressive 82.5% increase in gross revenue, reaching N516 billion, supported by significant gains in non-interest income and net interest income.
9. Fidelity Bank
Fidelity Bank saw its workforce grow from 3,038 in 2022 to 3,063 in 2023. The bank reported a remarkable 65% increase in gross earnings, reaching N555.83 billion, driven by strong growth in interest income and other operating income.
10. Nestlé Nigeria
Nestlé Nigeria, a major player in the food and beverage sector, increased its workforce from 2,320 in 2022 to 2,375 in 2023. Despite this, the company faced significant financial challenges, reporting a net loss of N43.1 billion for the first nine months of 2023, largely due to a substantial foreign exchange loss.
