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Chief Financial Officer Average Salary in Nigeria 2022

How much money does a Chief Financial Officer make in Nigeria?

Average Monthly Salary
689,000 NGN
( 8,260,000 NGN yearly)


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 Salary Distribution in Nigeria

Median and salary distribution monthly Nigeria Chief Financial Officer
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The median, the maximum, the minimum, and the range

  • Salary Range

    Chief Financial Officer salaries in Nigeria range from 344,000 NGN per month (minimum salary) to 1,070,000 NGN per month (maximum salary).

  • Median 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.

  • Percentiles

    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.

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

Chief Financial Officer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Nigeria Chief Financial Officer
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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 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.

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, 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.

Chief Financial Officer average salary change by experience in Nigeria

0 - 2 Years
413,000 NGN
2 - 5 Years+32%
547,000 NGN
5 - 10 Years+34%
731,000 NGN
10 - 15 Years+19%
872,000 NGN
15 - 20 Years+8%
941,000 NGN
20+ Years+7%
1,010,000 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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Chief Financial Officer Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Nigeria Chief Financial Officer
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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 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.

Chief Financial Officer average salary difference by education level in Nigeria

High School
518,000 NGN
Certificate or Diploma+14%
590,000 NGN
Bachelor's Degree+36%
800,000 NGN
Master's Degree+26%
1,010,000 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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Chief Financial Officer Salary Comparison By Gender

Salary comparison by gender monthly Nigeria Chief Financial Officer
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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 Chief Financial Officer employees in Nigeria earn 7% more than their female counterparts on average.

708,000 NGN
663,000 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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Chief Financial Officer Average Annual Salary Increment Percentage in Nigeria

How much are annual salary increments in Nigeria for Chief Financial Officer(s)? How often do employees get salary raises?

Chief Financial Officer

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.

Annual Salary Increment Rate Nigeria Chief Financial Officer
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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

Information Technology

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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Chief Financial Officer Bonus and Incentive Rates in Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Chief Financial Officer
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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.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Chief Financial Officer Average Hourly Wage in Nigeria

3,970 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 3,970 NGN. This means that the average Chief Financial Officer in Nigeria earns approximately 3,970 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.

Chief Financial Officer VS Other Jobs

Salary Comparison Between Chief Financial Officer and Executive and Management monthly Nigeria
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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.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Coordinator316,000 NGN-54%
Administration Manager369,000 NGN-46%
Area Manager357,000 NGN-48%
Asset Protection Associate400,000 NGN-42%
Assistant Director399,000 NGN-42%
Assistant Manager431,000 NGN-37%
Assistant Operations Manager437,000 NGN-37%
Assistant Project Manager386,000 NGN-44%
Assistant Section Head326,000 NGN-53%
Assistant to CEO347,000 NGN-50%
Assistant Vice President405,000 NGN-41%
Associate Director401,000 NGN-42%
Bid Manager427,000 NGN-38%
Branch Manager435,000 NGN-37%
Business Development Manager501,000 NGN-27%
Business Operations Associate407,000 NGN-41%
Business Operations Lead403,000 NGN-41%
Campaign Manager426,000 NGN-38%
Chairman of The Board747,000 NGN+8%
Chairman Office Manager471,000 NGN-32%
Chief Corporate Officer607,000 NGN-12%
Chief Executive Officer729,000 NGN+6%
Chief Financial Officer689,000 NGN+0%
Chief of Staff333,000 NGN-52%
Chief Operating Officer579,000 NGN-16%
Chief Risk Officer480,000 NGN-30%
Client Services Manager495,000 NGN-28%
Commercial Project Manager416,000 NGN-40%
Commodity Broker313,000 NGN-55%
Corporate Affairs Executive442,000 NGN-36%
Corporate Compliance Director482,000 NGN-30%
Corporate Director536,000 NGN-22%
Corporate Officer366,000 NGN-47%
Corporate Partnerships Officer344,000 NGN-50%
Country Manager597,000 NGN-13%
Deputy Director531,000 NGN-23%
Director583,000 NGN-15%
Director of Accreditation477,000 NGN-31%
Director of Catering Services455,000 NGN-34%
Director of Client Services492,000 NGN-29%
Director of Facilities Management399,000 NGN-42%
Director of Operations477,000 NGN-31%
Director of Process Simplification395,000 NGN-43%
Director of Project Management520,000 NGN-24%
Director of Revenue Management450,000 NGN-35%
Director of Training and Development476,000 NGN-31%
Distribution Manager488,000 NGN-29%
Division Manager421,000 NGN-39%
Duty Manager418,000 NGN-39%
Engagement Manager540,000 NGN-22%
Executive Director745,000 NGN+8%
Executive Manager618,000 NGN-10%
Franchise Manager654,000 NGN-5%
General Manager565,000 NGN-18%
Global Master Data Manager518,000 NGN-25%
Head of Middle Office485,000 NGN-30%
Head of Projects499,000 NGN-28%
Head of Sustainability433,000 NGN-37%
Housing Manager383,000 NGN-44%
HSE Manager413,000 NGN-40%
Key Account Manager427,000 NGN-38%
Knowledge Manager498,000 NGN-28%
Location Manager489,000 NGN-29%
Logistics Manager369,000 NGN-46%
Management Consultant406,000 NGN-41%
Management Executive542,000 NGN-21%
Manager486,000 NGN-29%
Managing Director590,000 NGN-14%
MIS Executive498,000 NGN-28%
Ocean Services Manager522,000 NGN-24%
Operations Assistant349,000 NGN-49%
Operations Director566,000 NGN-18%
Operations Executive552,000 NGN-20%
Operations Manager575,000 NGN-16%
Operations Supervisor441,000 NGN-36%
Policy Administration Executive417,000 NGN-39%
Private Sector Executive441,000 NGN-36%
Product Development Manager510,000 NGN-26%
Product Executive424,000 NGN-38%
Production Executive504,000 NGN-27%
Production Manager482,000 NGN-30%
Production Supervisor418,000 NGN-39%
Program Manager506,000 NGN-27%
Programme Coordinator365,000 NGN-47%
Project Control Manager500,000 NGN-27%
Project Coordinator305,000 NGN-56%
Project Management Officer356,000 NGN-48%
Project Manager359,000 NGN-48%
Project Portfolio Manager386,000 NGN-44%
Quality Manager411,000 NGN-40%
R/D Director430,000 NGN-38%
Regional Director670,000 NGN-3%
Regional Manager499,000 NGN-28%
Relationship Manager512,000 NGN-26%
Retail District Manager358,000 NGN-48%
Revenue Manager394,000 NGN-43%
Risk and Capital Manager559,000 NGN-19%
Risk Officer396,000 NGN-42%
Safety Manager372,000 NGN-46%
Section Head366,000 NGN-47%
Service Manager391,000 NGN-43%
Shift Supervisor298,000 NGN-57%
Solutions Manager368,000 NGN-47%
Supervisor305,000 NGN-56%
Supply Chain Manager537,000 NGN-22%
Surveyor345,000 NGN-50%
Technical Manager468,000 NGN-32%
Territory Manager496,000 NGN-28%
Validation Manager441,000 NGN-36%
Vice President633,000 NGN-8%
Zone Manager524,000 NGN-24%

Salary Comparison By City

CityAverage Salary
Benin City605,000 NGN
Ibadan670,000 NGN
Kaduna667,000 NGN
Kano729,000 NGN
Lagos721,000 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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