The currently reviewed minimum wage has affected the average salary in Nigeria in a positive way, leading to the 1% rise you will read about in this article. The monthly payment information you will find here is up-to-date and trustworthy.
How much can I make in Nigeria? You ask.
You are just about to find out in this post. Continue reading!
The Nigerian government recently approved the minimum wage in the country to be N30,000 per month. That is the least amount a person who works 8 hours every day and 5 days a week earns in the country. Regardless of the kind of job he or she does. That means in a year, he will receive N360,000 as his annual salary.
Average Salary in Nigeria 2022
Putting all the different kinds of jobs into consideration and the 1 percent increase in general payments, the average monthly salary in Nigeria is about N465,843 Naira or 1117 US Dollars while the average annual salary is 5,509,116 Naira which is 13,211 US Dollars.
This is with the inclusion of the benefits the average worker receives in Nigeria e.g. Housing and Transportation benefits. As you read on, you will discover that though there is no fixed amount of salaries every worker must receive in the country, the above-given figure is the average of the salaries paid within the country.
How did we arrive at this figure? You may be wondering How is the calculation of average salaries in Nigeria is done?
Well, that is exactly what I explained below.
The average annual salary in Nigeria is 5,590,116 Naira and using the current exchange rate, that amounts to 13,634.43 USD. If it is monthly, that is 1136.20 US Dollars and 465,843 Naira.
In a country like Nigeria, workers are paid between N63,054 to N2,062,823 as salary every month. Bear in mind that housing, transportation, and lots of other benefits are added to these figures. If you subtract the benefits, the figures may be far lesser than these. Let’s go on with the calculations.
Based on the minimum and maximum salary received by workers in the country every month, the median salary is the aforementioned figure, N465,843. It represents the middle salary value workers earn.
The implication of that median salary being received every month is that half of the Nigerians working earn more than that while the other half are not earning up to that. That is, 50% earn above the median salary or average while the other 50% earn below it.
Apart from that, if you take it further considering the same middle salary value, you will arrive at two other values. These two values are 75% and 25% respectively.
While 75 percent of the Nigerian working population earn above N238,003, 25 percent of the same working population earn lower amounts as salary every month. Also worth mentioning is the fact that 25 percent of the working population make more than N1,264,333 while about 75 percent of them receive a lesser amount.
What Is The Average Wage Per Hour In Nigeria?
Using Annual Salary/(52 X 5 X 8) = Hourly Wage, we arrived at N2687.56 Naira being the average hourly wage received by the working population in Nigeria. That means if you are to work in Nigeria, you would be making N2687.56 every one hour on average. You can make even more than that depending on your profession and location in the country.
Below is the breakdown of how I arrived at the above figures.
Annual Salary/(52 X 5 X 8) = Hourly Wage
In the above formula, we will have to multiply the number of weeks in a year (52) by the number of working days in a week (5), and also by the number of working hours per day (8).
Using the result we got from the above multiplication, we will divide the annual or yearly salary. That is the sum total of the monthly salaries received in a year, divided by the result of (52 X 5X 8). Whatever answer or figure we arrive at, will then be the average wage paid per hour in Nigeria. Let’s see it below.
First, we will multiply the average yearly salary. That would be to arrive at the average yearly salary. That would be
N465,843 X 12 = N5,590,116
So the average annual salary in Nigeria is N5,590,116. keep reading!
Going back to the formula for finding the average hourly wage, we now have this below.
N5,590,116 /(52 X 5 X 8) = Average hourly wage
N2687.56 =Average hourly wage.
Top Jobs In Nigeria And Their Average Salary
Below is a list of all the top jobs in Nigeria and how much they are paid per month on average:
- Dentists: These are among the top earners in Nigeria. Their average monthly pay is about N1,125,411.
- Chief Executive Officer (CEO): The CEOs in Nigeria are also among the highest paid in the country. On average, a CEO of a good firm in Nigeria earns around N994,575.
- Chief Financial Officer: The chief financial officers also rank high among those who are handsomely paid in the country. On average, a Chief Financial Officer gets about N936,081 as salary per month.
- General Manager: The GMs in Nigeria are also well paid when it comes to salaries and benefits like housing and transportation benefits. The average monthly salary of a General Manager in the country is N770,397.
- Sales Manager: Getting the job of a sales manager is one sure way to earn quite a lot of money in the country per month. The average salary of a sales manager every month in Nigeria is about N740,441.
- Hotel Manager: Adding together all the allowances and benefits that come along with occupying this position, the average monthly salary of a hotel manager in Nigeria is N697,589.
- Attorney: An attorney in Nigeria earns quite a lot of money in terms of transportation allowance, housing allowance, and also monthly salary. Adding every one of them together, the average salary of attorneys in Nigeria per month is N656,320
- Human Resources Manager: Human resources managers are among the top earners in Nigerian society. A person occupying this position receives an average salary of N630,330. His allowances are also included.
- Pharmacists: Pharmacists are highly important in Nigeria today. According to the calculations here, the average salary of pharmacists in one of Nigeria’s drug manufacturing companies is N534,124.
Including his monthly benefits.
- Pilots: Pilots have always been among the highest-paid workers in Nigeria. They receive lots of benefits on a monthly basis to add to their salaries. Putting every one of those benefits into consideration, the average salary of a pilot in Nigeria per month is N534,658.
- Project Managers: These people take home lots of allowances every month in addition to their salaries. Without bloating the figures, the average monthly pay of a project manager in Nigeria is N490,125.
- Creative Director: One of the most enviable jobs to do in Nigeria. These people receive quite a lot of pay every month. On average, N456,768.
- Internal Auditor: Internal auditors play a very vital role in many big organizations in Nigeria. Putting into consideration their allowances and normal monthly payments, their average take-home amount per month is N455,859.
- Journalist: Journalists receive so many allowances every month. This includes travel or transportation allowance, housing, and so many others. On average, they go home with N439,851.
- Electrical Engineer: Working as an electrical engineer in Nigeria is one of the best things you can do to make quite a lot of money. On average, an electrical engineer earns N430,983 every month.
The average salary in Nigeria per month is roughly around N465,843 Naira. The average hourly wage is N2687.56 Naira while the average annual salary is about N5,590,116 Naira. Using these above figures, you can be able to find out if you are getting the right pay in your place of work or not.