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Accounting and Finance Average Salaries in Nigeria 2021

How much money does a person working in Accounting and Finance make in Nigeria?


Average Monthly Salary
349,000 NGN
( 4,190,000 NGN yearly)

LOW
141,000
NGN
AVERAGE
349,000
NGN
HIGH
701,000
NGN

A person working in Accounting and Finance in Nigeria typically earns around 349,000 NGN per month. Salaries range from 141,000 NGN (lowest average) to 701,000 NGN (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner176,000 NGN
Account Executive311,000 NGN
Accountant238,000 NGN
Accounting Assistant179,000 NGN
Accounting Associate163,000 NGN
Accounting Clerk143,000 NGN
Accounting Coordinator211,000 NGN
Accounting Manager504,000 NGN
Accounting Supervisor317,000 NGN
Accounting Technician168,000 NGN
Accounts Executive314,000 NGN
Accounts Payable and Receivable Specialist242,000 NGN
Accounts Payable Clerk169,000 NGN
Accounts Payable Manager476,000 NGN
Accounts Receivable Clerk172,000 NGN
Accounts Receivable Manager476,000 NGN
Assistant Accounting Manager434,000 NGN
Assistant Auditor238,000 NGN
Audit Supervisor443,000 NGN
Auditing Clerk191,000 NGN
Auditing Manager471,000 NGN
Billing Coordinator213,000 NGN
Billing Specialist249,000 NGN
Billing Supervisor373,000 NGN
Bookkeeper154,000 NGN
Bookkeeping Specialist229,000 NGN
Budget Analyst386,000 NGN
Budget Manager490,000 NGN
Business Support Analyst269,000 NGN
Capital Markets Associate371,000 NGN
Cash Flow Analyst344,000 NGN
Cash Management Officer266,000 NGN
Cashbook Clerk166,000 NGN
Chartered Accountant313,000 NGN
Collections Clerk143,000 NGN
Collections Specialist248,000 NGN
Corporate Treasurer464,000 NGN
Cost Accountant230,000 NGN
Cost Accounting Manager463,000 NGN
Cost Analyst393,000 NGN
Credit and Collection Manager475,000 NGN
Credit and Collection Staff177,000 NGN
Credit and Loans Officer171,000 NGN
Credit Controller326,000 NGN
Debt Adviser389,000 NGN
Debt Collector182,000 NGN
Debtors Clerk158,000 NGN
Deputy CFO662,000 NGN
Derivative Trader394,000 NGN
Escrow Assistant215,000 NGN
External Auditor337,000 NGN
Finance Associate196,000 NGN
Finance Executive510,000 NGN
Finance Licensing Clerk168,000 NGN
Finance Licensing Manager470,000 NGN
Finance Licensing Specialist256,000 NGN
Finance Officer235,000 NGN
Finance President684,000 NGN
Finance Relationship Manager571,000 NGN
Finance Release Analyst268,000 NGN
Finance Team Leader 528,000 NGN
Financial Actuary346,000 NGN
Financial Administrator378,000 NGN
Financial Analyst427,000 NGN
Financial Applications Specialist287,000 NGN
Financial Assistant196,000 NGN
Financial Associate185,000 NGN
Financial Claims Analyst318,000 NGN
Financial Claims Manager402,000 NGN
Financial Commercial Analyst352,000 NGN
Financial Compliance Analyst391,000 NGN
Financial Consultant328,000 NGN
Financial Controller371,000 NGN
Financial Coordinator218,000 NGN
Financial Customer Service Manager439,000 NGN
Financial Dealer and Broker267,000 NGN
Financial Encoder203,000 NGN
Financial Manager627,000 NGN
Financial Manager631,000 NGN
Financial Operations Manager596,000 NGN
Financial Policy Analyst362,000 NGN
Financial Project Manager480,000 NGN
Financial Quantitative Analyst419,000 NGN
Financial Reporting Consultant331,000 NGN
Financial Reporting Manager446,000 NGN
Financial Services Sales Agent247,000 NGN
Fixed Assets Administrator244,000 NGN
Forensic Accountant288,000 NGN
Fraud Detection Supervisor284,000 NGN
Fraud Prevention Manager498,000 NGN
Fund Accountant224,000 NGN
Grants Coordinator168,000 NGN
Internal Auditor308,000 NGN
Internal Control Adviser363,000 NGN
Internal Control Officer213,000 NGN
Inventory Accountant256,000 NGN
Investment Analyst471,000 NGN
Investment Fund Manager536,000 NGN
Investment Underwriter196,000 NGN
Investor303,000 NGN
Investor Relations Manager451,000 NGN
KYC Team Leader451,000 NGN
Management Economist523,000 NGN
Paymaster196,000 NGN
Payroll Clerk209,000 NGN
Payroll Manager420,000 NGN
Pensions Administrator238,000 NGN
Pricing Analyst381,000 NGN
Private Equity Analyst436,000 NGN
Proposal Development Coordinator200,000 NGN
Receivables Accountant214,000 NGN
Regulatory Accountant259,000 NGN
Retirement Plan Analyst368,000 NGN
Revenue Management Specialist405,000 NGN
Revenue Recognition Analyst419,000 NGN
Risk Management Director546,000 NGN
Risk Management Supervisor476,000 NGN
Tax Accountant231,000 NGN
Tax Advisor375,000 NGN
Tax Associate199,000 NGN
Tax Manager471,000 NGN
Teller140,000 NGN
Treasury Accountant246,000 NGN
Treasury Analyst406,000 NGN
Underwriter163,000 NGN
Underwriting Assistant162,000 NGN
Vice President of Finance632,000 NGN

Accounting and Finance Jobs Salary Distribution in Nigeria

Median and salary distribution monthly Nigeria Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Nigeria range from 141,000 NGN per month (minimum average salary) to 701,000 NGN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 328,000 NGN per month, which means that half (50%) of people working in Accounting and Finance are earning less than 328,000 NGN while the other half are earning more than 328,000 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 people working in Accounting and Finance are earning less than 211,000 NGN while 75% of them are earning more than 211,000 NGN. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 483,000 NGN while 25% are earning more than 483,000 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Nigeria Accounting and Finance
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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 employees in Nigeria who work in Accounting and Finance earn 16% more than their female counterparts on average.

Male
368,000 NGN
Female-14%
318,000 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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Accounting and Finance Average Annual Salary Increment Percentage in Nigeria

How much are annual salary increments in Nigeria for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Nigeria are likely to observe a salary increase of approximately 10% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria Accounting and Finance
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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 2020

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 2020. 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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Accounting and Finance Bonus and Incentive Rates in Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Accounting and Finance
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Accounting and Finance is considered to be a high bonus-based field 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.

29% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 71% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
71%
No Bonus
29%

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.

Accounting and Finance Hourly Average Wage in Nigeria


2,010 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 2,010 NGN. This means that the average person in Nigeria earns approximately 2,010 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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Nigeria
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Benin City297,000 NGN
Ibadan333,000 NGN
Kaduna313,000 NGN
Kano346,000 NGN
Lagos362,000 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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