What Is The Average Annual Income In Nigeria?

This article is going to be of benefit to those who are interested to know the average annual income in Nigeria.

As you keep scrolling down, you will encounter the pay scale of employees in Nigeria. This includes transportation, housing, health, and other benefits.

At the end of our conversation, you can say whether you can live a good life in Nigeria or not.

Average Salary In Nigeria

Nigeria is better classified as a middle-income country that is trying to expand its manufacturing, finance, communications, technology, and other income-generating sectors.

For you to work in a country with such an income rate, you’ll be wondering how much you’ll earn at the end of the day. Either way, you’ll know soon enough.

Nigerian Average Income Per Year

Not long ago, when the Nigerian government approved the minimum wage for its workers in ₦30,000. Thus, each worker in Nigeria should not be paid less than this amount after working for 20 days, no matter where you work.

In that respect, the annual income of any individual earning that amount is approximately ₦360,000.

However, the distribution of earnings in Nigeria depends on the type of employment you have and the region where you work.

A worker in Nigeria’s megalopolises earns more than those in low-income states, although the high cost of living is one of the major contributors.

READ:   How to Manage Your Finances During Holidays in Nigeria

For example, the average income in large cities such as Lagos and Port-Harcourt ranges from ₦439,000 to ₦524,000 monthly.

But workers in other regions like Kano, Kaduna, and others earn an average of between ₦150,000 and ₦110,000 in a month.

Nigerian workers earn on average between 4.0 and 5.58 million Naira annually. This means that workers in this country earn on average between ₦400,000 and ₦465,000 a month.

As noted earlier, this includes transportation, housing, and other health care expenditures.

How Much is the Hourly Remuneration in Nigeria?

Keep in mind, workers in Nigeria work about 8 hours over 5 working days for about 53 weeks.

When you divide the average annual income with these numbers, you get the actual hourly amount that they get. If we divide ₦4.8 million over 53 weeks, it will be ₦76,754. Next, you divide by another 5 days, it will be ₦15,350.

If you divide that by 8 hours, it will be ₦1,918.

When you also do the same calculation for 5.58 million you will get to 2632. This means that hourly earnings in Nigeria are approximately ₦1,918 to ₦2,632.

However, you may earn more or less than that, depending on your occupation and the location of your job.

Nigerian Annual Wage Income Percent

About 25 percent of Nigerians earn less than ₦2.2 million a year, while the other 75 percent earn such an amount and more. Another 50% of Nigerians earn less than ₦4 million more a year.

However, 75 percent earn less than ₦11.1 million a year, whereas 25 percent earn more than that.

READ:   How To Increase Your Personal Worth And Value In Nigeria

Annual Average Income Increment in Nigeria

Ideally, annual income for workers should be raised on an annual basis, but this is not the case in Nigeria. It will take two or three years for the wage structure of the workforce to be reviewed.

However, according to some analyses, labor income is likely to increase by 8 percent every 19 months.

You’ll be interested to know that in addition to the annual income growth in Nigeria, there are other incentives they receive at some point. The incentive could be 3% to 6% of their yearly income.

As a result, the higher your annual income, the greater your incentive.

What Drives Your Pay in Nigeria?

Certain factors determine employees’ annual income in Nigeria.

They consist of years of experience and a level of qualification. Let us look at how they affect the yearly earnings of workers across the country.

  • Years of Expertise

It is one of the main factors influencing monthly and annual income in Nigeria. In essence, the people with the most years of experience earn a higher wage.

Workers with 2 to 5 years of experience earn on average 32 percent more than those with no years of experience in most organizations in the country.

As well, workers with more than five years of work experience, earned on average 36% compared to those with five years or less.

Lastly, for those with 10 and 15 years of work experience, their annual, monthly income is increased by 21 and 14 percent respectively.

  • Level of Qualification

At the qualification level the higher your certificate, the higher your monthly and annual income. The amount a degree holder will receive is significantly higher than an NCE and Diploma or certificate holder.

READ:   How To Increase Your Personal Worth And Value In Nigeria

In this regard, workers with an NCE and Diploma or certificate earn an average of 17% of their salary relative to those with a secondary school certificate.

On the other hand, an employee with an undergraduate degree earns approximately 24% more than those with a lower degree.

Workers with a master’s degree earn around 29 percent as those with a Bachelors’s degree and below. Finally, if you have a Ph.D., you can earn 23 percent more than those with a Master’s degree and lower.

A Couple of Good-Paying Jobs in Nigeria

Here is a list of some highly paid jobs in Nigeria and their monthly incomes.

This will give you a sense of how much senior managers are earning across the country.

  • A CEO in Nigeria is paid a monthly fee of about ₦994,573.
  • General Manager receives a monthly salary of roughly ₦770,397.
  • The dentist is one of the highest-paid workers in the country, receiving an average of ₦1.1 million a month.
  • The sales manager also has an average of ₦740, 3447.
  • A hotel manager receives a monthly payment of ₦697,589, including all awards and allowances.
  • Pharmacists from all Nigerian manufacturing industries receive on average ₦534, 124.

There are over a hundred other high-paying jobs in Nigeria, the ones we’ve just listed are just a few. However, there are many low-wage jobs across the country.

Work in Nigeria is left to the brave, considering the present economic crisis in the country and the income of workers is not something to write at home.

While some workers’ salaries are appreciable, others are only stipended.

Based on what we talked about, you should now know if Nigerian workers can live in luxury or not.

Leave a Comment