A person working as a Chief Financial Officer in Nigeria typically earns around 689,000 NGN per month. Salaries range from 344,000 NGN (lowest) to 1,070,000 NGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Chief Financial Officer salaries in Nigeria range from 344,000 NGN per month (minimum salary) to 1,070,000 NGN per month (maximum salary).
The median salary is 689,000 NGN per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 689,000 NGN while the other half are earning more than 689,000 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Chief Financial Officer(s) are earning less than 465,000 NGN while 75% of them are earning more than 465,000 NGN. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 878,000 NGN while 25% are earning more than 878,000 NGN.
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
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 Chief Financial Officer salaries by experience level and this is what we found.
A Chief Financial Officer with less than two years of experience makes approximately 413,000 NGN per month.
While someone with an experience level between two and five years is expected to earn 547,000 NGN per month, 32% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 731,000 NGN per month, 34% more than someone with two to five years of experience.
Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 872,000 NGN per month, 19% 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 941,000 NGN per month, 8% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 1,010,000 NGN per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+32%|
|5 - 10 Years||+34%|
|10 - 15 Years||+19%|
|15 - 20 Years||+8%|
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 Chief Financial Officer salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Chief Financial Officer is 518,000 NGN per month.
While someone with a Certificate or Diploma gets a salary of 590,000 NGN per month, 14% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 800,000 NGN per month, 36% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 1,010,000 NGN per month, 26% more than someone with Bachelor's Degree.
|Certificate or Diploma||+14%|
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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Chief Financial Officer employees in Nigeria earn 7% more than their female counterparts on average.
Chief Financial Officer(s) in Nigeria are likely to observe a salary increase of approximately 14% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.
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.
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
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.
A Chief Financial Officer 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 8% of their annual salary.
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.
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.
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.
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.
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.
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.
The average salary for Chief Financial Officer is 50% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.
|Job Title||Average Salary|
|Account Coordinator||316,000 NGN||-54%|
|Administration Manager||369,000 NGN||-46%|
|Area Manager||357,000 NGN||-48%|
|Asset Protection Associate||400,000 NGN||-42%|
|Assistant Director||399,000 NGN||-42%|
|Assistant Manager||431,000 NGN||-37%|
|Assistant Operations Manager||437,000 NGN||-37%|
|Assistant Project Manager||386,000 NGN||-44%|
|Assistant Section Head||326,000 NGN||-53%|
|Assistant to CEO||347,000 NGN||-50%|
|Assistant Vice President||405,000 NGN||-41%|
|Associate Director||401,000 NGN||-42%|
|Bid Manager||427,000 NGN||-38%|
|Branch Manager||435,000 NGN||-37%|
|Business Development Manager||501,000 NGN||-27%|
|Business Operations Associate||407,000 NGN||-41%|
|Business Operations Lead||403,000 NGN||-41%|
|Campaign Manager||426,000 NGN||-38%|
|Chairman of The Board||747,000 NGN||+8%|
|Chairman Office Manager||471,000 NGN||-32%|
|Chief Corporate Officer||607,000 NGN||-12%|
|Chief Executive Officer||729,000 NGN||+6%|
|Chief Financial Officer||689,000 NGN||+0%|
|Chief of Staff||333,000 NGN||-52%|
|Chief Operating Officer||579,000 NGN||-16%|
|Chief Risk Officer||480,000 NGN||-30%|
|Client Services Manager||495,000 NGN||-28%|
|Commercial Project Manager||416,000 NGN||-40%|
|Commodity Broker||313,000 NGN||-55%|
|Corporate Affairs Executive||442,000 NGN||-36%|
|Corporate Compliance Director||482,000 NGN||-30%|
|Corporate Director||536,000 NGN||-22%|
|Corporate Officer||366,000 NGN||-47%|
|Corporate Partnerships Officer||344,000 NGN||-50%|
|Country Manager||597,000 NGN||-13%|
|Deputy Director||531,000 NGN||-23%|
|Director of Accreditation||477,000 NGN||-31%|
|Director of Catering Services||455,000 NGN||-34%|
|Director of Client Services||492,000 NGN||-29%|
|Director of Facilities Management||399,000 NGN||-42%|
|Director of Operations||477,000 NGN||-31%|
|Director of Process Simplification||395,000 NGN||-43%|
|Director of Project Management||520,000 NGN||-24%|
|Director of Revenue Management||450,000 NGN||-35%|
|Director of Training and Development||476,000 NGN||-31%|
|Distribution Manager||488,000 NGN||-29%|
|Division Manager||421,000 NGN||-39%|
|Duty Manager||418,000 NGN||-39%|
|Engagement Manager||540,000 NGN||-22%|
|Executive Director||745,000 NGN||+8%|
|Executive Manager||618,000 NGN||-10%|
|Franchise Manager||654,000 NGN||-5%|
|General Manager||565,000 NGN||-18%|
|Global Master Data Manager||518,000 NGN||-25%|
|Head of Middle Office||485,000 NGN||-30%|
|Head of Projects||499,000 NGN||-28%|
|Head of Sustainability||433,000 NGN||-37%|
|Housing Manager||383,000 NGN||-44%|
|HSE Manager||413,000 NGN||-40%|
|Key Account Manager||427,000 NGN||-38%|
|Knowledge Manager||498,000 NGN||-28%|
|Location Manager||489,000 NGN||-29%|
|Logistics Manager||369,000 NGN||-46%|
|Management Consultant||406,000 NGN||-41%|
|Management Executive||542,000 NGN||-21%|
|Managing Director||590,000 NGN||-14%|
|MIS Executive||498,000 NGN||-28%|
|Ocean Services Manager||522,000 NGN||-24%|
|Operations Assistant||349,000 NGN||-49%|
|Operations Director||566,000 NGN||-18%|
|Operations Executive||552,000 NGN||-20%|
|Operations Manager||575,000 NGN||-16%|
|Operations Supervisor||441,000 NGN||-36%|
|Policy Administration Executive||417,000 NGN||-39%|
|Private Sector Executive||441,000 NGN||-36%|
|Product Development Manager||510,000 NGN||-26%|
|Product Executive||424,000 NGN||-38%|
|Production Executive||504,000 NGN||-27%|
|Production Manager||482,000 NGN||-30%|
|Production Supervisor||418,000 NGN||-39%|
|Program Manager||506,000 NGN||-27%|
|Programme Coordinator||365,000 NGN||-47%|
|Project Control Manager||500,000 NGN||-27%|
|Project Coordinator||305,000 NGN||-56%|
|Project Management Officer||356,000 NGN||-48%|
|Project Manager||359,000 NGN||-48%|
|Project Portfolio Manager||386,000 NGN||-44%|
|Quality Manager||411,000 NGN||-40%|
|R/D Director||430,000 NGN||-38%|
|Regional Director||670,000 NGN||-3%|
|Regional Manager||499,000 NGN||-28%|
|Relationship Manager||512,000 NGN||-26%|
|Retail District Manager||358,000 NGN||-48%|
|Revenue Manager||394,000 NGN||-43%|
|Risk and Capital Manager||559,000 NGN||-19%|
|Risk Officer||396,000 NGN||-42%|
|Safety Manager||372,000 NGN||-46%|
|Section Head||366,000 NGN||-47%|
|Service Manager||391,000 NGN||-43%|
|Shift Supervisor||298,000 NGN||-57%|
|Solutions Manager||368,000 NGN||-47%|
|Supply Chain Manager||537,000 NGN||-22%|
|Technical Manager||468,000 NGN||-32%|
|Territory Manager||496,000 NGN||-28%|
|Validation Manager||441,000 NGN||-36%|
|Vice President||633,000 NGN||-8%|
|Zone Manager||524,000 NGN||-24%|
|Benin City||605,000 NGN|
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.