Average Salary In Nigeria [In USD and Naira]
With Nigeria’s recent approval of a monthly minimum wage of N30,000, many are wondering how this impacts the country’s average salary. This article dives deep into the average salaries across various sectors in Nigeria and provides insights into how these figures are calculated.
Average Salary in Nigeria:
The average salary in Nigeria stands at approximately N465,843 per month, translating to about $1136 USD. Annually, this amounts to N5,590,116 or $13,634 USD. These figures include perks like housing and transportation, showcasing the overall compensation a typical Nigerian worker might expect.
How is the Average Salary Calculated?
The calculation for the average salary is straightforward. We multiply the monthly average salary by 12 to get the annual average, which is N5,590,116.
Breaking Down the Numbers
- Median Pay: N465,843/month
- 75% of Workers Earn More Than: N238,003/month
- 25% of Workers Earn More Than: N1,264,333/month
What’s the Average Hourly Wage in Nigeria?
Using the formula: Annual Salary / (52 weeks x 5 days x 8 hours), we arrive at an average hourly wage of N2687.56. This means that, on average, a Nigerian worker earns approximately N2687.56 per hour.
Top-Paying Jobs in Nigeria
- Dentists: N1,125,411/month
- CEOs: N994,575/month
- Chief Financial Officers: N936,081/month
- General Managers: N770,397/month
- Sales Managers: N740,441/month
- Hotel Managers: N697,589/month
- Attorneys: N656,320/month
- Human Resources Managers: N630,330/month
- Pharmacists: N534,124/month
- Pilots: N534,658/month
- Project Managers: N490,125/month
- Creative Directors: N456,768/month
- Internal Auditors: N455,859/month
- Journalists: N439,851/month
- Electrical Engineers: N430,983/month
Conclusion
The minimum wage revision has had a positive impact on Nigeria’s average salary, reflecting a 1% increase. While the country offers a range of salaries across sectors, the average provides a clear picture of the earning potential for workers in Nigeria. With opportunities in various industries, from healthcare to engineering, Nigerians have diverse avenues to secure a decent living.
FAQs
1. How was the average salary in Nigeria calculated?
The average salary is determined by multiplying the monthly average by 12 to get the annual figure. This results in an average monthly salary of N465,843 and an annual salary of N5,590,116.
2. What is the median pay and its significance?
The median pay is N465,843/month, meaning half of Nigerian workers earn more than this amount, while the other half earn less. It’s a good indicator of the midpoint in the salary range.
3. Are the salaries mentioned inclusive of benefits?
Yes, the salaries mentioned include perks such as housing and transportation, providing a holistic view of the total compensation package for workers in Nigeria.