Banks’ staff strength rose by 19,493 workers in 4 years – Data

The staff strength of banks in Nigeria rose by 19,493 in four years from 70,960 workers to 90, 453 workers, data analysed by Daily Trust has shown.

The downturn in the economy led to job losses with the total banking sector staff strength dropping by 4,940 from the 84, 358 workers at the end of 2014 to 79,418 as a the end of 2015.

Daily Trust’s analysis of the banking sector statistics showed that the highest rate of job losses was recorded in the second quarter of 2015 when the sector shed 8.9 per cent of its 83,898 workers.

Further job losses in the sector extended to 2016 and 2017 with the sector shedding 3.15 per cent of its total workforce in the second quarter of 2016.

In the first quarter of 2017, the sector also lost 6.52 per cent of its total workforce and in the second quarter of the same year, the sector’s total staff strength dropped further by 1.93 per cent from 77,096 workers recorded at the end of the first quarter to 75,607 workers.

However, the exit of Nigeria from recession last year seemed to have signalled an end to the incessant job losses in the banking sector.

The staff strength of the sector had been on the rise from the third quarter of last year, increasing from 75,607 workers in the second quarter of 2017 to 82,840 in the third quarter of the same year.

The most recent banking sector statistics released recently by the NBS have also shown that the staff strength of the sector has further risen by 7,613 in a single quarter, from 82,840 workers to 90,453 workers, translating to an increase of over nine per cent,