Salary Structure

Economists’ Salary in Nigeria (2024)

The field of economics stands as a cornerstone in understanding how societies manage and exchange limited resources. Economists, as dedicated professionals in this domain, play a pivotal role in resource distribution and strategic planning. This article delves into the intricacies of economist salaries in Nigeria, shedding light on the factors influencing these earnings.

Understanding the Economist’s Role

Economists are hailed as experts in navigating the realms of scarcity and choice. Armed with specialized training, they meticulously research and analyze complex data to provide valuable financial advice to businesses. Their responsibilities include monitoring economic trends, developing statistical models, and offering insights into the potential impact of policies and investments.

Economist Salaries in Nigeria

The salary spectrum for economists in Nigeria is diverse, with various factors influencing the remuneration packages. The following breakdown offers a comprehensive view of economist salaries at different levels:

  1. Entry Level:
    • Monthly Salary: ₦50,000 – ₦55,000
    • Entry-level salaries represent the foundational earnings for newly employed economists. Over time, as experience accumulates and job levels increase, this basic salary can witness increments.
  2. Experienced Level:
    • Monthly Salary: ₦440,000
    • Experienced economists, typically with substantial work experience exceeding 10 years, enjoy a higher salary bracket. This reflects their expertise and higher job levels within the profession.
  3. Average Salary:
    • Monthly Salary: ₦150,000
    • The average salary serves as a midpoint in the economist salary spectrum. Factors such as experience, skills, academic qualifications, and region contribute to variations in individual earnings.
  4. Senior Level:
    • Monthly Salary: ₦220,000
    • Senior-level economists, characterized by extensive experience and elevated job roles, command a salary that places them among the high earners in the profession.

Determinants of Economist Salaries

Several factors influence economist salaries in Nigeria, including:

  • Years of work experience
  • Skillset
  • Academic qualifications
  • Job level
  • Geographic region
  • Type of organization


What is the average salary for an economist in Nigeria in 2024?

The average salary for an economist in Nigeria in 2024 is approximately ₦4,000,000 to ₦6,000,000 per year. This range can vary depending on factors such as experience, education level, and the specific industry in which the economist is employed.

How does experience affect the salary of an economist in Nigeria?

Experience significantly impacts the salary of an economist in Nigeria. Entry-level economists with less than two years of experience can expect to earn between ₦2,000,000 and ₦3,500,000 per year. Those with mid-level experience (5-10 years) typically earn between ₦5,000,000 and ₦7,000,000 per year, while highly experienced economists with over 10 years of experience can earn upwards of ₦10,000,000 annually.

What industries offer the highest salaries for economists in Nigeria?

Industries that offer the highest salaries for economists in Nigeria include oil and gas, financial services, telecommunications, and consulting firms. Economists working in these sectors often have specialized knowledge and skills that command higher compensation compared to those in academia or public sector roles.

Are there regional salary differences for economists within Nigeria?

Yes, there are regional salary differences for economists within Nigeria. Economists working in major cities like Lagos, Abuja, and Port Harcourt generally earn higher salaries due to the higher cost of living and the concentration of corporate headquarters and international organizations in these areas. Economists in less urbanized regions may earn slightly lower salaries.

What educational qualifications are required to earn a high salary as an economist in Nigeria?

To earn a high salary as an economist in Nigeria, having a strong educational background is crucial. Typically, a minimum of a bachelor’s degree in economics or a related field is required. However, those with a master’s degree or PhD in economics, finance, or related disciplines are more likely to secure higher-paying positions. Additionally, certifications such as CFA (Chartered Financial Analyst) or professional courses in data analysis and econometrics can enhance an economist’s earning potential.


Economists in Nigeria play a vital role in shaping economic policies and guiding businesses through data-driven insights. Aspiring economists should consider these salary dynamics while entering the profession, recognizing the potential for growth and increased earnings with experience and expertise. The field offers a dynamic and rewarding career path for those passionate about unraveling the complexities of economic systems.

Also Read: Cardiologists Salary in Nigeria (2024)

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