New business trends in Nigeria have given birth to unique jobs such as business analyst. The majority of the youngsters are enrolling in the academic settings of business analysis, but very few of them know how much these analysts earn monthly. The job opportunities are also high because the position is not old in the country.
|Monthly Salary Range:
|₦120000 – ₦340000
|Average Monthly Salary:
|A business analyst is involved in gathering resources to analyze data, communicating with the stakeholders, and documentation of the records.
|The minimum qualification required for the business analyst is a Bachelor’s degree in Information Technology, Business Administration, or a related field.
The business analyst’s salary is expected to be better than similar professions . Additionally, the business analysts get extras such as allowances and bonuses from the companies. Let’s discuss how much they earn monthly and what is the salary structure of a business analyst in Nigeria.
Overview of Business Analyst Salary
Business analysts are known as one of the highest-earning positions in Nigeria. The emergence of this field is because of new trends arriving in the country, so multiple organizations hire experts to get help to grow their businesses. The most important part of the job is to have quality qualifications in Business Administration or Information Technology.
If we look at the salary of a business analyst in Nigeria, it starts from ₦120,000, and the highest is ₦340,000. The average salary of an employee as a business analyst in Nigeria is ₦230,000, which is far better than other government jobs. The business analysts are available in both sectors, government and private.
Interestingly, the salary is not the only reward a business analyst gets while working in the organization. Some companies offer housing allowances in which they allot an apartment to the employee or they give rental expenses. Additionally, the company may offer medical insurance in which if the employee or his family faces a medical condition, then they may get free treatment from a first-class hospital.
Extras are not limited here, as an employee can receive paid leave and sick leave. He can also earn bonus money by completing the task before the due date. There are very few companies offering pension money to business analysts in the private sector, but in government offices, pension is also part of the extras.
The salary structure of the business analyst is not complicated. Actually, there are three major levels, including entry-level, intermediate, and senior business analyst. Each one gets paid according to his years of experience, qualifications, and the firm in which he works.
|Entry level with 0-2 years
|Intermediate level with 3-9 years
|Senior level with 10 years or more
If you are living in a small city, the chances are more that you are getting low pay as a business analyst. The type of firm or the location both matter a lot when it comes to the salaries. People who live in bigger cities like Lagos or Benin City will get high pay, but people living in Abuja or Enugu will receive low salaries.
Years of experience are very important when you are applying for a business analyst position. If you have 2 to 4 years of experience, you will get an intermediate-level salary, and with more than 10 years of experience, the senior-level salary will be secured. Qualification is also important, but business analysis is more like a skill-based job that requires polished experience.
Responsibilities of Business Analyst
- Gathering Resources: The very first task of a business analyst is to gather resources such as the tools used in business analyst projects.
- Data Analyzing: The data will always be available for the business analyst. All he needs is to analyze the data. It is used for improving and designing new policies.
- Cooperating With Other Employees: Another major task is collaborating with the employees responsible for gathering the data. Analyst trains them on how they can efficiently gather data in a short period.
- Documentation: Lastly, a business analyst is required to document the data gathered and research conducted by the experts.
How do I become a business analyst in Nigeria?
To become a business analyst in Nigeria, one is expected to complete a Bachelor’s in Business Administration or Information Technology. After a degree, the aspirant should gain experience by working as an intern in the organization and then apply for the job.
What problems do business analysts solve?
The business analyst solves the problems related to resources. He specifies the project requirements and increases the efficiency of resources.
A business analyst is a respectful position in Nigeria as he receives a 6-digit salary from the organization at the entry level. We should acknowledge the efforts and struggles of business analysts in both sectors and appreciate their performance to improve the business in the country. Anyhow, the salaries of the business analyst are mentioned above with extras and their responsibilities; see it and then apply for the job.
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.