Nigeria is one of the developing countries with emerging trends in technology, rapid infrastructural development, an educated and young population, and low labor costs. When we talk about the average salary an employee gets in Nigeria, we come to know that the average annual wage for an employee you can get in Nigeria is ₦ 4,067,600.
The salary, when converted into monthly salary, becomes ₦ 338,966. Well, the determinants of salary are not only the educational qualification but also the work, experience, city, organization you are working in, and skills you have when it comes to working in Nigeria. If you want to look at the in-depth details related to the average salary in Nigeria and other facts and figures related to wages in the country, you have come to the right place.
This article contains information related to the average salary in Nigeria, its determinants, the median salary, and approximate amounts of the lowest and highest wages you can get in Nigeria. Let’s, without wasting any more time, start with the guide below.
Average Salary in Nigeria
The average salary an employee can get in Nigeria is approximately ₦ 338,966 per month. This salary for an employer working in Nigeria includes the extras and benefits he gets.
Remember that the salary is an approximate salary, and a person can earn more or less than this amount depending on other factors like location, experience, education, gender, and skills. Let’s talk about the highest and lowest salary amounts so you can know how much an employer can get while working and giving his services in Nigeria.
Lowest And Highest Salary Figures in Nigeria
An average annual salary in Nigeria is approximately ₦ 4,067,600, which becomes ₦ 338,966 when converted into a monthly wage. According to the research, we have come to know that the lowest salary an employee can get in Nigeria is ₦ 1,028,300 per year.
When we talk about the highest annual salary, it is ₦ 1,812,170,0. Well, the difference between these lowest and highest amounts tells us that there is a good variability in wages given to employees in Nigeria. Let’s talk about the median salary a person can get in Nigeria.
Median Salary in Nigeria
Before looking at the median salary amount, we will first focus on what the median is. The median value is the middle value when it comes to the distribution of salaries. Our research tells us that the median salary for an employee who is working in Nigeria is ₦ 406,760.
This tells us that half of the workers in Nigeria are getting less than this figure, and half of them are getting more than this amount. So, if you look at your salary and it is above the median salary value, that means you are getting quite a good income.
Alternatively, if your salary is below the median wage, that means you need to do something to increase your salary by at least up to the median amount. You can either go with changing your job or get a higher education or degree. Let’s discuss some of the factors that affect the average salary in Nigeria.
Factors Affecting The Average Salary in Nigeria
Following are the details of the three influencing factors that are responsible for impacting an employee’s salary. Make sure to understand the factors keenly so you can have an idea about what factors affect more and what factors are less important.
Educational Qualification and Degree
Undoubtedly, educational qualification and the degree you have is one of the most essential and main factors that is responsible for determining the salary you will get while working in Nigeria. According to our research, the following are the details of how pay is affected on the basis of qualifications in Nigeria.
- Those employees who have a diploma or certificate earn approximately 17% higher salary as compared to those who only have a high school certificate.
- Then there are those employees who have bachelor’s degrees. They make it possible for them to earn 24% more salary as compared to those who only have a diploma or certificate in the relevant field.
- The postgraduate degree of the employee makes it possible for him to get around 29% more salary when compared to the pay of a bachelor’s degree holder employee.
- Similarly, PhD holders get nearly 23% more wages as compared to employees who only have postgraduate degrees.
Undoubtedly, work experience is another crucial fracture that determines the salary of an employee. It has been noticed that the salary usually doubles up after around ten years of experience in the field. Let’s look at the details of average wages and how they are affected by work experience.
- Those employees who have 2 to 5 years of experience usually get 32% more salary as compared to those who are newcomers or only have less than two years of experience in the field.
- Then we have those employees who have 5 to 10 years of experience in their field. They earn 36% more than those who have less than five years of experience.
- Employees who have more than 10 years of experience and less than 15 years of experience make it possible for them to earn 21% more salary as compared to those who have 10 years of experience or less than that.
- Then we have employees with more than 15 years of experience. They can earn up to a 14% increment in their salaries when compared with the wages of those who have 15 years of experience.
See how the professional experience and years of experience you have depict your salary and affect them. Keep in mind these are approximate figures, and to find out the exact salary amount, you will need to consider other factors besides the skills, area you are working in, your gender, location, and educational qualification.
Since we’re talking specifically about Nigeria, I would like to tell you that the average salary in Nigeria varies according to location and city to city. The reason behind this is demand in particular locations and the cost of living in that city. Let’s look at the details of average salaries and how they are affected according to the areas and what the average salary is in the central Nigerian cities.
What is the average salary range a person can get while working in Nigeria?
The minimum salary a person can get while working in Nigeria is somewhere around ₦ 85,691 per month, and when we talk about the maximum monthly wage, it is approximately ₦ 1,510,141. These are the average salaries and are the approximate figures. This tells us that the monthly average wage a person working in Nigeria can get is ₦ 338,966 per month.
What is the median salary in Nigeria?
The median is the middle value in the salary distribution. The median salary for an employee working in Nigeria is ₦ 4,067,600 per year. This means 50% of the employees are earning below ₦ 4,067,600, and 50% of the employees working in Nigeria are making more than this amount.
What is the minimum wage for Nigerian workers?
The minimum wage is basically the lowest salary that an employer must have to pay to his employee without any excuse. When it comes to minimum wage in Nigeria, the average minimum wage is currently ₦ 30,000 per month.
The average salary in Nigeria in 2023 is ₦ 338,966 per month, which becomes ₦ 4,067,600 per year. Hopefully, you have understood everything mentioned above as we have tried our best to let you know about the salaries, median amount, average salaries, the amount of minimum and maximum wages, and the relevant factors that notably affect the average salary in Nigeria. Pay attention to the details mentioned above so that you can expect what you will get while working in Nigeria.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.