Nigeria’s corporate rewards economy has generated more than ₦150 billion in organisation-funded non-cash rewards over the past decade, according to a new report by SureGifts.
The report, titled Beyond Cash: The State of Corporate Rewards in Nigeria, said activity in the sector has accelerated sharply in recent years, with twice as much reward value issued since 2024 as in the entire preceding decade.
SureGifts said the growth reflects a broader shift in how Nigerian companies approach employee and customer rewards, with organisations increasingly using vouchers and other non-cash benefits alongside traditional monetary compensation.
The report found that the average reward value was about ₦48,000, offering an indication of how companies are structuring incentive and recognition programmes.
Corporate rewards have traditionally been treated as an additional benefit, but the report suggests they are becoming a more significant part of employee engagement and retention strategies as companies compete for talent.
The findings also point to growing demand for more flexible reward systems that allow recipients to choose how they use the value provided by employers and organisations.
For businesses, the trend could create opportunities for companies operating in employee benefits, digital payments, retail vouchers and customer engagement.
The acceleration since 2024 also suggests that employers are increasing spending on reward programmes at a time when competition for skilled workers and concerns about employee retention remain important management issues.
However, the ₦150 billion figure represents reward value issued through the corporate programmes covered by SureGifts and should not necessarily be interpreted as the total size of Nigeria’s wider corporate rewards market.
The report provides one of the clearest available indicators of the growing role of non-cash rewards in Nigeria’s corporate sector, as employers look beyond salaries to retain employees and strengthen engagement.
