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Business Analyst Average Salary in Nigeria 2022

How much money does a Business Analyst make in Nigeria?


Average Monthly Salary
435,000 NGN
( 5,220,000 NGN yearly)

LOW
209,000
NGN
AVERAGE
435,000
NGN
HIGH
683,000
NGN

A person working as a Business Analyst in Nigeria typically earns around 435,000 NGN per month. Salaries range from 209,000 NGN (lowest) to 683,000 NGN (highest).

This is the average monthly salary including housing, transport, and other benefits. Business Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Business Analyst Salary Distribution in Nigeria

Median and salary distribution monthly Nigeria Business Analyst
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The median, the maximum, the minimum, and the range

  • Salary Range

    Business Analyst salaries in Nigeria range from 209,000 NGN per month (minimum salary) to 683,000 NGN per month (maximum salary).

  • Median Salary

    The median salary is 452,000 NGN per month, which means that half (50%) of people working as Business Analyst(s) are earning less than 452,000 NGN while the other half are earning more than 452,000 NGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Business Analyst(s) are earning less than 297,000 NGN while 75% of them are earning more than 297,000 NGN. Also from the diagram, 75% of Business Analyst(s) are earning less than 590,000 NGN while 25% are earning more than 590,000 NGN.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Business Analyst Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Nigeria Business Analyst
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Business Analyst salaries by experience level and this is what we found.

A Business Analyst with less than two years of experience makes approximately 244,000 NGN per month.

While someone with an experience level between two and five years is expected to earn 346,000 NGN per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 455,000 NGN per month, 31% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Business Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 560,000 NGN per month, 23% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 595,000 NGN per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 652,000 NGN per month, 10% more than people with fifteen to twenty years of experience.


Business Analyst average salary change by experience in Nigeria

0 - 2 Years
244,000 NGN
2 - 5 Years+42%
346,000 NGN
5 - 10 Years+31%
455,000 NGN
10 - 15 Years+23%
560,000 NGN
15 - 20 Years+6%
595,000 NGN
20+ Years+10%
652,000 NGN
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Business Analyst Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Business Analyst(s) who have the same experience but different education levels.

Salary comparison by education level monthly Nigeria Business Analyst
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Business Analyst salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Business Analyst is 304,000 NGN per month.

While someone with a Certificate or Diploma gets a salary of 351,000 NGN per month, 16% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 512,000 NGN per month, 46% more than someone with a Certificate or Diploma.

Professionals who hold a Master's Degree are rewarded with an average salary of 631,000 NGN per month, 23% more than someone with Bachelor's Degree.


Business Analyst average salary difference by education level in Nigeria

High School
304,000 NGN
Certificate or Diploma+16%
351,000 NGN
Bachelor's Degree+46%
512,000 NGN
Master's Degree+23%
631,000 NGN
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Nigeria costs anywhere from 1,690,000 Naira(s) to 5,080,000 Naira(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Business Analyst Salary Comparison By Gender

Salary comparison by gender monthly Nigeria Business Analyst
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Business Analyst employees in Nigeria earn 9% more than their female counterparts on average.

Male
463,000 NGN
Female-9%
422,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

Salary comparison by gender monthly Nigeria
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Business Analyst Average Annual Salary Increment Percentage in Nigeria

How much are annual salary increments in Nigeria for Business Analyst(s)? How often do employees get salary raises?

Business Analyst

Business Analyst(s) in Nigeria are likely to observe a salary increase of approximately 13% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria Business Analyst
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Nigeria / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Nigeria is 5%.

Annual Increment Rate By Industry 2021

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Nigeria for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Business Analyst Bonus and Incentive Rates in Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Business Analyst
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A Business Analyst is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

21% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 79% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
79%
No Bonus
21%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Business Analyst Average Hourly Wage in Nigeria


2,510 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 2,510 NGN. This means that the average Business Analyst in Nigeria earns approximately 2,510 NGN for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Business Analyst VS Other Jobs

Salary Comparison Between Business Analyst and Business Planning monthly Nigeria
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The average salary for Business Analyst is 21% more than that of Business Planning. Also, Business Planning salaries are 6% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Assistant Business Development Manager455,000 NGN+5%
Assistant Merchandise Planner255,000 NGN-41%
Business Advisor416,000 NGN-4%
Business Analyst435,000 NGN+0%
Business Consultant407,000 NGN-6%
Business Continuity Associate246,000 NGN-43%
Business Development Associate212,000 NGN-51%
Business Development Coordinator233,000 NGN-46%
Business Development Manager521,000 NGN+20%
Business Development Specialist381,000 NGN-12%
Business Operations Specialist381,000 NGN-12%
Business Process Writer225,000 NGN-48%
Capacity Planner296,000 NGN-32%
Capacity Planning Supervisor380,000 NGN-13%
Change Communications Analyst361,000 NGN-17%
Change Control Analyst391,000 NGN-10%
Contracts Executive386,000 NGN-11%
Corporate Strategy Analyst411,000 NGN-5%
Cost Control Engineer264,000 NGN-39%
Cost Estimator259,000 NGN-40%
Data Executive210,000 NGN-52%
Development Researcher309,000 NGN-29%
Due Diligence Analyst431,000 NGN-1%
Estimating Manager463,000 NGN+6%
General Manager491,000 NGN+13%
Incident Handler287,000 NGN-34%
Incident Specialist337,000 NGN-23%
Lean Consultant311,000 NGN-28%
Manager567,000 NGN+30%
Materials Planner179,000 NGN-59%
Merchandise Controller171,000 NGN-61%
Merchandise Planner172,000 NGN-60%
Operations Analyst386,000 NGN-11%
Operations Research Analyst251,000 NGN-42%
Planning and Reporting Manager450,000 NGN+3%
Planning Director544,000 NGN+25%
Project Administrator260,000 NGN-40%
Project Manager412,000 NGN-5%
Project Planner267,000 NGN-39%
Research Assistant222,000 NGN-49%
Research Engineer263,000 NGN-40%
Research Officer199,000 NGN-54%
Risk Management Specialist391,000 NGN-10%
Scholarship Coordinator212,000 NGN-51%
Store Planner192,000 NGN-56%
Strategy Director587,000 NGN+35%
Top Research and Development Executive605,000 NGN+39%

Salary Comparison By City

CityAverage Salary
Benin City364,000 NGN
Ibadan424,000 NGN
Kaduna411,000 NGN
Kano427,000 NGN
Lagos434,000 NGN

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Nigeria earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
328,000 NGN
Public Sector+6%
347,000 NGN
Percentage increase and decrease are relative to the previous value

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