What is the average salary in Nigeria (Converted to USD)

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Written By Soliu

 

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Are you a worker in Nigeria or considering seeking an employment in Nigeria? Or you are curious about the average salary in Nigeria? Then you are covered!

Nigeria is one of the richest and populous countries in Africa with different working opportunities which ranges from one sector to the other.

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If you are thinking about moving to Nigeria in order to get a work, you may find this blog post worthy.

After all, it is important you know the average salary settings of Nigeria as compared to or against other countries of the world.

This blog post will certainly explain to you the average salary in Nigeria. Notably, the average salary is not the same thing with the minimum salary or the maximum salary.

It is quite more than the minimum payable salary and quite less than the maximum payable salary.

The recent changes made to the minimum salary wage in Nigeria has an effect on the average salary.

Average salary in Nigeria

The minimum salary in the country is 30,000 ($75.00) (lowest earnings) and the average salary being 304,880 ($740.00) per month. From this point, it can be deduced that 50% of Nigerian workers earn above the average salary, that is, 304,880 while the other part of the percent are earning below the average salary.

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It should be noted that this average salary depends on the sector in which an individual is working. The amount of the average salary of a sector is quite different from that of another.

Also, there can also be differences between the amounts based on individual qualifications and experiences in the working field.

All these factors and more determine the varying degree of the average salary in Nigeria.

The structure of an average salary in Nigeria.

Salary payments are into two; hourly and monthly payment. Salaries in Nigeria are usually paid on a monthly basis as work earnings are calculated on working hours and days basis.

It is usually 8 hours per day and 5 days per week. So, in Nigeria the amount a worker should expect to be paid in an hour is calculated to be #2,446.

You may be wondering how we reach the hourly result. The logic is very simple. The Annual average salary is divided by (52×5×8).

So, In order to get the annual salary wage, you multiply the monthly wage with 12 being the number of the months in a year.

The calculations go thus;

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304,880 × 12= 3,658,560 ($8,901.605) (being the average annual salary)

3,658,560÷(52×5×8)=hourly rate. [(52) is the number of weeks in a year, (5) is the number of days in a week, and (8) is the number of working hours per day]

Going further, after multiplying the above, we get the result of 2,080. We then use the result to divide the annual average salary. It goes:3,658,560÷2,080= 1,758 ($4.27). (#1,758 is the average hourly rate in Nigeria)

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So in a nutshell, average salary in Nigeria is:

  • Hourly- #1,758 ($4.27)
  • Monthly- #304,880 ($740.00
  • Yearly- #3,658,560 ($8,901.605)

List of some jobs and their respective average salaries

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1. Chief Executive Officer (CEO)

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This is one of the highly paid jobs in Nigeria. The CEOs of a good company or firm in Nigeria earns averagely around #990,000 ($2,379.69).

2. Dentists

They are among the top earners in Nigeria. On the average, they earn about 1,200,000 ($2,884.48) monthly.

3. General Manager

GMs in Nigeria are also among the well paid in Nigeria, their average monthly salary is around #770,000 ($1,850.87).

4. Chief Financial Officer

In the same vein, a CFO also gets handsomely paid in Nigeria. Averagely per month, they earn around #936,000 ($2,249.89).

In a similar vein, lawyers also earn quite a lot including transportation and housing allowances. Their average salary is up to #655,000 ($1,574.44) monthly.

6. Hotel Manager

In consideration of housing and transportation allowances, Hotel Managers earn up to #690,000 ($1,658.57) in Nigeria per month.

7. Sales Manager

Handsomely, a Sales Manager earns, averagely, around #740,000 ($1,778.76) in a month as a salary.

8. Human Resources Manager

Expectedly, a person occupying this particular position has a chance of earning big up to #630,000 ($1,514.35) averagely. It is one of the high paying jobs in Nigeria on a monthly basis.

9. Pilots

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Pilots have been always among the most liberally paid experts in Nigeria. They get heaps of benefits without fail to add to their monthly salary.

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Considering those benefits, the average pay of a pilot in Nigeria every month is #530,000 ($1,273.98).

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10. Journalists

Persons who are into journalism get countless stipends consistently. These covers travel, housing and transportation stipends.

By and large, they return home with #437,000 ($1,050.43) per month as average salary.

11. Engineers

Working as an engineer in Nigeria is perhaps one of the thing you can consider to make a considerable amount of cash.

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Handsomely, an engineer gets as an average salary every month #430,000 ($1,033.60).

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Notably, in the above sectors, their respective average salaries differ according to the class of jobs, their qualifications and working experiences.

In the same vein, some companies pay higher than the average salary most especially, to their full time staffs who have access to company bonuses and allowances while some are paying close to the minimum payable salary to the contract-based staffs.

It is pertinent to have it at the back of your mind that the average salary of a diploma holder is 15% higher than that of a high school holder.

While those with bachelor’s degree earn averagely more than those with a diploma with 22%.

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Similarly, a master degree holder earn on an average level with 28% more than the bachelor holders. While people who hold PhDs are awarded salaries with 24% higher than the masters holders.

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This is the practice in Nigeria in determining the average salary of workers and it is still applicable even if all these categories of people with their qualifications are working in the same firm or company. This is the settings of average salary in Nigeria.


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