In recent times, Nigeria has experienced a significant shift in its economic landscape, particularly in the realm of workers’ wages. The approval of a revised monthly minimum wage of N30,000 by the government has paved the way for positive changes, resulting in a 1% increase in average salaries across the country. In this blog post, we delve into the intricacies of these numbers, shedding light on the average monthly and yearly salaries, hourly wages, and top-paying professions in Nigeria.
Average Monthly and Yearly Salaries:
The revised minimum wage sets the baseline at N30,000 per month, totaling N360,000 annually for a full-time worker. When factoring in the diverse employment opportunities and the 1% increase in overall payments, the average salary in Nigeria emerges at approximately N465,843 or 1136 USD per month. Annually, this translates to an average yearly wage of N5,509,116 or 13,634 USD, inclusive of various perks such as housing and transportation.
Calculating the average salary involves considering the minimum and maximum monthly wages, resulting in a median pay of N465,843. This median signifies that half of the working population in Nigeria earns more than this figure, while the other half earns less.
Hourly Wage Calculation:
To break down the average hourly wage in Nigeria, we employ the formula Annual Salary/(52 X 5 X 8), revealing an average hourly wage of N2687.56. This indicates that, on average, a worker in Nigeria earns N2687.56 per hour. Of course, individual hourly wages can vary based on career choices and geographic locations.
For those aspiring to secure high-paying positions, understanding the average salaries in specific professions is crucial. Here is a glimpse into the monthly earnings of some of Nigeria’s top jobs:
- Dentists: N1,125,411
- CEOs: N994,575
- Chief Financial Officers: N936,081
- General Managers: N770,397
- Sales Managers: N740,441
- Hotel Managers: N697,589
- Attorneys: N656,320
- Human Resources Managers: N630,330
- Pharmacists: N534,124
- Pilots: N534,658
- Project Managers: N490,125
- Creative Directors: N456,768
- Internal Auditors: N455,859
- Journalists: N439,851
- Electrical Engineers: N430,983
the average salary landscape in Nigeria is evolving, influenced by recent changes in the minimum wage. The figures provided offer valuable insights into the earning potential across various professions. Whether you’re exploring career options, negotiating a salary, or simply curious about the economic dynamics of the country, understanding these averages provides a solid foundation for making informed decisions.