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Average Salary In Nigeria

Average Salary In Nigeria

In this post, we’ll examine the Nigerian average wage for 2022 and see how it stacks up against those in other nations. In addition, we’ll look at intriguing wage statistics like the median income, salaries at the 25th and 75th percentiles, experience-based pay ranges, and more! The native currency used for all salary information is the Nigerian naira. Instead of using the currency sign, we are keeping things straightforward by using the NGN currency code.

What Is The Average Salary in Nigeria?

The average pay in Nigeria is 4,067,600 NGN each year, with the lowest average salary being roughly 1,028,300 NGN and the highest average salary being 18,121,700 NGN. These are the typical salaries in Nigeria, which also cover perks like housing and transportation. An individual could make more or less money than the aforementioned average wages. Based on your experience, region, skills, and gender, salaries will vary greatly. 

Salary by Experience Level in Nigeria

The amount of years of experience you have after entering a particular job is the most crucial aspect in deciding your income. It makes sense that a larger salary would be earned with more experience. Employees with between two and five years on the job should anticipate making about 35% more money than those who are just starting in a junior position. This average applies to all business sectors and career paths. The average wage rises by a further 20% for those with ten or more years of experience, and by another 15% for those with fifteen years or more.

Salary by Education Level in Nigeria

Your education has a significant impact on how much money you can make, in addition to job experience. High levels of education are necessary for many higher-paying jobs, but how much can they boost your salary? To determine how much more money is available at each education level, we compared the earnings of workers in the same job and career level with varying levels of education.

Your location and the job path you choose will have a significant impact on the payment you may expect to earn depending on your degree. Employees with a post-secondary certificate or diploma can anticipate making about 17% more money than those who merely attended high school. If you have a bachelor’s degree, you may anticipate making about 25% more money than someone who merely has a certificate or diploma. Your pay as a professional with a master’s degree would be roughly 30% greater than that of a bachelor’s degree holder. For the same employment role, persons with a Ph.D. may expect to earn about 22% more money than those with a master’s degree.

Salary Compared by Gender

We are aware that there should never be a pay disparity between men and women in the present era. Sadly, there is still a large pay gap between men and women in many industries when comparing their incomes for equivalent positions. In Nigeria, the average annual salary for men is 4,176,700 NGN, compared to 3,912,600 NGN for women. This indicates that, across all occupations, males typically earn 7% more than women for doing the same job.

Male: 4,176,700 NGN

Female: -7% 3,912,600 NGN

Bonus and Incentive Rates in Nigeria

How much of a bonus you get at work is another factor in your overall pay. Certain employment roles will have greater bonus rates and a higher likelihood of paying bonuses than others. In general, jobs that involve more direct revenue-generating will get bigger bonuses based on how well they achieve their revenue targets. In Nigeria, 49% of workers said they had gotten at least one bonus during the previous twelve months. 51% of respondents said they hadn’t gotten a bonus in the preceding year. The reported bonuses for the employees who did earn bonuses over the preceding 12 months ranged from 3% to 6%.

Received Bonus: 49%

No Bonus; 51%

Types Of Bonus

There are several different types of bonuses you might get at work. Including:

  • Individual performance bonus – This is a bonus that is awarded to an individual employee for general performance in the job. It’s the most common type of bonus.
  • Company performance bonus – This is a bonus that is awarded to company employees to share profit with the staff.
  • Goal-based bonus – This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus – This type of bonus is usually paid around the holidays, often at the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Whether you earn more money working in the public (government) or private sectors is another frequently asked issue. In Nigeria, employees in the public sector make about 6% more money than those in the private sector performing the same job.

Public Sector : 4,162,800 NGN

Private Sector: -6% 3,934,900 NGN

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