Abuja, July 8, 2025 — Despite diverse sectors across Nigeria, employment data reveal that banks are the dominant force in large-scale hiring among listed firms—a trend with complex economic implications. In 2024, the country’s top 10 publicly traded companies collectively employed 84,491 staff, disbursing a staggering ₦1.695 trillion in salaries . Financial services—particularly commercial banks—accounted for seven out of those 10, underscoring their outsized influence in the national employment landscape .
Leading the pack, Dangote Cement employed 20,910 people, making it the single largest non-bank employer, while First HoldCo Plc (First Bank’s holding firm) followed with 9,950 staff . Within the banking sector, UBA had 9,323 employees, Access Bank 8,939, Zenith Bank 7,704, and GTCO 5,803, with Flour Mills, a non-financial counterpart, employing 5,404 .
In dual metrics—headcount and payroll—banks also stand out. Nairametrics reported that the top 10 listed companies spent nearly ₦1.7 trillion on staff costs in 2024 . Separately, the 30 largest firms boosted salary expenses to ₦1.03 trillion, up 68.7 percent year-on-year, with banks leading the wage growth to counter inflation pressures .
This dominance stems from banks’ high profitability and expansion. In 2023, commercial banks collectively spent ₦799.8 billion on salaries for approximately 56,226 employees, a 44.3 percent increase from 2022 . Yet, an Emerging & Frontiers Capital analysis noted that Nigerian bankers earn less in USD terms than peers in East Africa, with lower average pay despite asset parity .