Nigerian organisations have moved more than N150 billion in non-cash reward value through the corporate rewards economy over the past decade, according to a new report by SureGifts.
The report, titled Beyond Cash: The State of Corporate Rewards in Nigeria, said the market had recorded significant growth, with twice as much reward value issued since the beginning of 2024 as was issued during the entire preceding decade.
The report, described as the first of its kind in Nigeria, is based on SureGifts’ proprietary transaction data covering more than 1,000 corporate organisations and over 400 merchants, as well as findings from the SureGifts Corporate Rewards Pulse 2026 survey of corporate decision-makers.
The company’s Managing Director, David Fisayo, said corporate rewards had evolved from occasional gestures into a significant economic activity.
‘For years, corporate rewards were treated as an afterthought: a festive gesture here, a sales incentive there, scattered across budgets and rarely counted,’ Fisayo said.
‘But somewhere along the way, the numbers stopped looking like gestures. Rewards have quietly become an economy of their own.’
The report also challenged the perception that corporate rewards are primarily an employee recognition tool, noting that employee rewards account for 40 per cent of spending.
The remaining spending supports sales incentives, customer loyalty schemes, distributor and channel partner programmes and corporate gifting.
It noted that sales, loyalty and channel programmes were increasingly being run throughout the year rather than as one-off initiatives.
While technology and financial services firms are among the strongest adopters, the report said the use of structured reward programmes cuts across industries, with no single sector accounting for up to 20 per cent of participating organisations.
Organisations using structured reward programmes include MTN, NLNG, Leadway, Nigerian Bottling Company and HBM Nigeria Plc.
Commercial Director, West and Central Africa at Campari Group, Kingsley Ogwuche, said the company had used SureGifts cards to provide more flexible reward experiences across its trade, customer and consumer promotions.
The report further found that 79.1 per cent of redemption value goes to supermarkets and grocery stores, linking corporate reward budgets directly to household spending.
More than N1 in every N5 of redemption value flows beyond groceries into retail, e-commerce, electronics, connectivity and household bills.
Head of Finance at Jendol Superstores, Olabode Abraham, said the platform had helped increase the company’s footfall and expand its customer base.
Fisayo said the pattern of spending showed that corporate rewards were increasingly contributing to everyday economic activity rather than luxury consumption.
‘What surprised us is where that value actually lands: not in luxury, but in supermarkets, groceries and the everyday economy,’ he said.
‘Corporate reward budgets are flowing through employees, customers and channel partners into everyday purchases and ultimately into sales for Nigerian merchants. That is what makes this infrastructure, not just gifting.’
The report identified measurement as the next major challenge for the industry, with only 29 per cent of corporate decision-makers saying their organisations formally measure the impact of their rewards programmes.
However, 57 per cent said spending on rewards had increased over the past three years, while 78 per cent expected spending to remain at the current level or increase over the next 12 to 24 months.
The report said growing expenditure would increase demand for greater personalisation, improved visibility and clearer evidence of the impact of reward programmes.
It argued that the next phase of the market would be defined by the ability of organisations to connect reward spending with changes in behaviour, engagement and broader business outcomes.
SureGifts said it had served more than 1,000 corporate clients since 2014 and partnered with over 400 merchants across Nigeria and Kenya.