Accounting and Finance Average Salaries in Nigeria 2023
How much money does a person working in Accounting and Finance make in Nigeria?
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 Title | Average Salary |
| Account Examiner | 176,000 NGN |
| Account Executive | 311,000 NGN |
| Accountant | 238,000 NGN |
| Accounting Assistant | 179,000 NGN |
| Accounting Associate | 163,000 NGN |
| Accounting Clerk | 143,000 NGN |
| Accounting Coordinator | 211,000 NGN |
| Accounting Manager | 504,000 NGN |
| Accounting Supervisor | 317,000 NGN |
| Accounting Technician | 168,000 NGN |
| Accounts Executive | 314,000 NGN |
| Accounts Payable and Receivable Specialist | 242,000 NGN |
| Accounts Payable Clerk | 169,000 NGN |
| Accounts Payable Manager | 476,000 NGN |
| Accounts Receivable Clerk | 172,000 NGN |
| Accounts Receivable Manager | 476,000 NGN |
| Assistant Accounting Manager | 434,000 NGN |
| Assistant Auditor | 238,000 NGN |
| Audit Supervisor | 443,000 NGN |
| Auditing Clerk | 191,000 NGN |
| Auditing Manager | 471,000 NGN |
| Billing Coordinator | 213,000 NGN |
| Billing Specialist | 249,000 NGN |
| Billing Supervisor | 373,000 NGN |
| Bookkeeper | 154,000 NGN |
| Bookkeeping Specialist | 229,000 NGN |
| Budget Analyst | 386,000 NGN |
| Budget Manager | 490,000 NGN |
| Business Support Analyst | 269,000 NGN |
| Capital Markets Associate | 371,000 NGN |
| Cash Flow Analyst | 344,000 NGN |
| Cash Management Officer | 266,000 NGN |
| Cashbook Clerk | 166,000 NGN |
| Chartered Accountant | 313,000 NGN |
| Collections Clerk | 143,000 NGN |
| Collections Specialist | 248,000 NGN |
| Corporate Treasurer | 464,000 NGN |
| Cost Accountant | 230,000 NGN |
| Cost Accounting Manager | 463,000 NGN |
| Cost Analyst | 393,000 NGN |
| Credit and Collection Manager | 475,000 NGN |
| Credit and Collection Staff | 177,000 NGN |
| Credit and Loans Officer | 171,000 NGN |
| Credit Controller | 326,000 NGN |
| Debt Adviser | 389,000 NGN |
| Debt Collector | 182,000 NGN |
| Debtors Clerk | 158,000 NGN |
| Deputy CFO | 662,000 NGN |
| Derivative Trader | 394,000 NGN |
| Escrow Assistant | 215,000 NGN |
| External Auditor | 337,000 NGN |
| Finance Associate | 196,000 NGN |
| Finance Executive | 510,000 NGN |
| Finance Licensing Clerk | 168,000 NGN |
| Finance Licensing Manager | 470,000 NGN |
| Finance Licensing Specialist | 256,000 NGN |
| Finance Officer | 235,000 NGN |
| Finance President | 684,000 NGN |
| Finance Relationship Manager | 571,000 NGN |
| Finance Release Analyst | 268,000 NGN |
| Finance Team Leader | 528,000 NGN |
| Financial Actuary | 346,000 NGN |
| Financial Administrator | 378,000 NGN |
| Financial Analyst | 427,000 NGN |
| Financial Applications Specialist | 287,000 NGN |
| Financial Assistant | 196,000 NGN |
| Financial Associate | 185,000 NGN |
| Financial Claims Analyst | 318,000 NGN |
| Financial Claims Manager | 402,000 NGN |
| Financial Commercial Analyst | 352,000 NGN |
| Financial Compliance Analyst | 391,000 NGN |
| Financial Consultant | 328,000 NGN |
| Financial Controller | 371,000 NGN |
| Financial Coordinator | 218,000 NGN |
| Financial Customer Service Manager | 439,000 NGN |
| Financial Dealer and Broker | 267,000 NGN |
| Financial Encoder | 203,000 NGN |
| Financial Manager | 631,000 NGN |
| Financial Manager | 627,000 NGN |
| Financial Operations Manager | 596,000 NGN |
| Financial Policy Analyst | 362,000 NGN |
| Financial Project Manager | 480,000 NGN |
| Financial Quantitative Analyst | 419,000 NGN |
| Financial Reporting Consultant | 331,000 NGN |
| Financial Reporting Manager | 446,000 NGN |
| Financial Services Sales Agent | 247,000 NGN |
| Fixed Assets Administrator | 244,000 NGN |
| Forensic Accountant | 288,000 NGN |
| Fraud Detection Supervisor | 284,000 NGN |
| Fraud Prevention Manager | 498,000 NGN |
| Fund Accountant | 224,000 NGN |
| Grants Coordinator | 168,000 NGN |
| Internal Auditor | 308,000 NGN |
| Internal Control Adviser | 363,000 NGN |
| Internal Control Officer | 213,000 NGN |
| Inventory Accountant | 256,000 NGN |
| Investment Analyst | 471,000 NGN |
| Investment Fund Manager | 536,000 NGN |
| Investment Underwriter | 196,000 NGN |
| Investor | 303,000 NGN |
| Investor Relations Manager | 451,000 NGN |
| KYC Team Leader | 451,000 NGN |
| Management Economist | 523,000 NGN |
| Paymaster | 196,000 NGN |
| Payroll Clerk | 209,000 NGN |
| Payroll Manager | 420,000 NGN |
| Pensions Administrator | 238,000 NGN |
| Pricing Analyst | 381,000 NGN |
| Private Equity Analyst | 436,000 NGN |
| Proposal Development Coordinator | 200,000 NGN |
| Receivables Accountant | 214,000 NGN |
| Regulatory Accountant | 259,000 NGN |
| Retirement Plan Analyst | 368,000 NGN |
| Revenue Management Specialist | 405,000 NGN |
| Revenue Recognition Analyst | 419,000 NGN |
| Risk Management Director | 546,000 NGN |
| Risk Management Supervisor | 476,000 NGN |
| Tax Accountant | 231,000 NGN |
| Tax Advisor | 375,000 NGN |
| Tax Associate | 199,000 NGN |
| Tax Manager | 471,000 NGN |
| Teller | 140,000 NGN |
| Treasury Accountant | 246,000 NGN |
| Treasury Analyst | 406,000 NGN |
| Underwriter | 163,000 NGN |
| Underwriting Assistant | 162,000 NGN |
| Vice President of Finance | 632,000 NGN |
Accounting and Finance Jobs Pay Scale and Salaries in Nigeria
Salary Structure and Pay Scale Comparison
354,000 NGN or more
300,000 to 354,000 NGN
180,000 NGN or less
180,000 to 300,000 NGN
 141,000 NGN |
308,000 NGN |
701,000 NGN |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Accounting and Finance salaries in Nigeria range from 141,000 NGN per month (starting average salary) to 701,000 NGN per month (maximum average salary, actual maximum is higher). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.
Median Salary
The median salary is 308,000 NGN per month, which means that half (50%) of people working in Accounting and Finance are earning less than 308,000 NGN while the other half are earning more than 308,000 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 and Salary Scale
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 242,000 NGN while 75% of them are earning more than 242,000 NGN. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 372,000 NGN while 25% are earning more than 372,000 NGN.
Pay Scale Structure
We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 180,000 NGN to 300,000 NGN. Approximatly 20% fall under the 180,000 NGN cap. Ten percent of wages are from 300,000 NGN to 354,000 NGN. Only 5% of people grossed 354,000 NGN or more.
Salary Comparison by Years of Experience
How does a person's salary progress over time?
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.
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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.
Salary and Compensation Comparison By Gender - Accounting and Finance
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 |
Salary Comparison By Gender in Nigeria for all Careers
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.
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
Annual Increment Rate By Industry 2022
| 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 2022. 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
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Accounting and Finance Bonus and Incentive Rates in Nigeria
How much and how often are bonuses being awarded?
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Accounting and Finance is considered to be a high bonus-based field. 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 BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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 Salary Forecast and Trend in Nigeria
How do Accounting and Finance salaries change over time? Listed below is a chart that shows the average salary in recent years.
| Average Salary 2019 | 318,000 NGN | |
| Average Salary 2020 | +3% | 327,000 NGN |
| Average Salary 2021 | +3% | 338,000 NGN |
| Average Salary 2022 | +1% | 342,000 NGN |
Accounting and Finance salaries in Nigeria are rising in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 1% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.
Accounting and Finance Hourly Average Wage in Nigeria
2,010 NGN per hourThe 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.
About The Hourly Pay Rate
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.
What is the minimum hourly rate of pay?
This minimum pay rate per hour for a person in Nigeria is 810 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Accounting and Finance VS Other Jobs
The average salary for Accounting and Finance is 3% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Benin City | 297,000 NGN |
| Ibadan | 333,000 NGN |
| Kaduna | 313,000 NGN |
| Kano | 346,000 NGN |
| Lagos | 362,000 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 |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for Accounting and Finance in Nigeria?
A good and competitive compensation would range anywhere between 308,000 NGN and 372,000 NGN. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.
Base / Basic Salary
The base salary for Accounting and Finance in Nigeria is ranges from 242,000 NGN to 372,000 NGN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.
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
