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Accounting and Finance Average Salaries in Lagos 2024

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

Average Monthly Salary
364,000 NGN
( 4,370,000 NGN yearly)

All salary figures displayed here are per month except when noted otherwise.
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 salary after tax for every career.

A person working in Accounting and Finance in Lagos typically earns around 364,000 NGN. Salaries range from 146,000 NGN (lowest average) to 726,000 NGN (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in Lagos exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Accounting and Finance
Account Examiner183,000 NGN
Account Executive314,000 NGN
Accountant240,000 NGN
Accounting Analyst303,000 NGN
Accounting Assistant188,000 NGN
Accounting Associate178,000 NGN
Accounting Clerk157,000 NGN
Accounting Coordinator219,000 NGN
Accounting Head496,000 NGN
Accounting Manager523,000 NGN
Accounting Officer183,000 NGN
Accounting Specialist334,000 NGN
Accounting Supervisor340,000 NGN
Accounting Technician172,000 NGN
Accounting Unit Controller413,000 NGN
Accounts Executive314,000 NGN
Accounts Officer193,000 NGN
Accounts Payable and Receivable Specialist251,000 NGN
Accounts Payable Assistant199,000 NGN
Accounts Payable Associate225,000 NGN
Accounts Payable Clerk183,000 NGN
Accounts Payable Manager486,000 NGN
Accounts Receivable Administrator361,000 NGN
Accounts Receivable Clerk183,000 NGN
Accounts Receivable Financial Analyst345,000 NGN
Accounts Receivable Manager478,000 NGN
Accounts Receivable Team Leader361,000 NGN
Algorithmic Trading Specialist434,000 NGN
Assistant Accountant188,000 NGN
Assistant Accounting Manager460,000 NGN
Assistant Auditor246,000 NGN
Assistant Corporate Controller334,000 NGN
Assistant Finance Manager512,000 NGN
Assistant Financial Controller334,000 NGN
Audit Director564,000 NGN
Audit Supervisor449,000 NGN
Auditing Clerk193,000 NGN
Auditing Manager512,000 NGN
Billing Clerk188,000 NGN
Billing Coordinator225,000 NGN
Billing Specialist261,000 NGN
Billing Supervisor376,000 NGN
Bookkeeper162,000 NGN
Bookkeeping Specialist235,000 NGN
Budget Analyst423,000 NGN
Budget Manager507,000 NGN
Business Support Analyst277,000 NGN
Capital Markets Associate371,000 NGN
Cash Flow Analyst371,000 NGN
Cash Management Manager486,000 NGN
Cash Management Officer282,000 NGN
Cashbook Clerk167,000 NGN
Chartered Accountant314,000 NGN
Chief Accountant366,000 NGN
Chief Financial Technology Officer512,000 NGN
Collections Clerk152,000 NGN
Collections Representative214,000 NGN
Collections Specialist251,000 NGN
Corporate Controller392,000 NGN
Corporate Treasurer470,000 NGN
Cost Accountant248,000 NGN
Cost Accounting Manager489,000 NGN
Cost Accounting Supervisor397,000 NGN
Cost Analyst392,000 NGN
Credit and Collection Manager491,000 NGN
Credit and Collection Staff188,000 NGN
Credit and Loans Officer178,000 NGN
Credit Controller340,000 NGN
Credit Manager512,000 NGN
Debt Adviser408,000 NGN
Debt Collector199,000 NGN
Debtors Clerk170,000 NGN
Debtors Controller183,000 NGN
Deputy CFO674,000 NGN
Deputy Head of Finance674,000 NGN
Derivative Trader423,000 NGN
Director of Finance726,000 NGN
E-commerce Accountant256,000 NGN
Economist575,000 NGN
Equity Analyst436,000 NGN
Escrow Assistant219,000 NGN
Executive Accountant277,000 NGN
External Auditor345,000 NGN
Finance Administrator287,000 NGN
Finance Analyst444,000 NGN
Finance Associate214,000 NGN
Finance Data Analyst397,000 NGN
Finance Director726,000 NGN
Finance Executive523,000 NGN
Finance Licensing Clerk178,000 NGN
Finance Licensing Manager470,000 NGN
Finance Licensing Specialist266,000 NGN
Finance Manager690,000 NGN
Finance Officer235,000 NGN
Finance President726,000 NGN
Finance Relationship Manager570,000 NGN
Finance Release Analyst282,000 NGN
Finance Specialist408,000 NGN
Finance Team Leader 549,000 NGN
Financial Accountant246,000 NGN
Financial Actuary376,000 NGN
Financial Administrator408,000 NGN
Financial Advisor447,000 NGN
Financial Analyst444,000 NGN
Financial Applications Specialist308,000 NGN
Financial Assistant199,000 NGN
Financial Associate199,000 NGN
Financial Associate235,000 NGN
Financial Claims Analyst332,000 NGN
Financial Claims Manager439,000 NGN
Financial Claims Supervisor408,000 NGN
Financial Clerk188,000 NGN
Financial Commercial Analyst355,000 NGN
Financial Compliance Analyst397,000 NGN
Financial Compliance Officer389,000 NGN
Financial Consultant329,000 NGN
Financial Controller392,000 NGN
Financial Controller392,000 NGN
Financial Coordinator226,000 NGN
Financial Customer Service Manager449,000 NGN
Financial Data Scientist457,000 NGN
Financial Dealer and Broker266,000 NGN
Financial Director726,000 NGN
Financial Encoder209,000 NGN
Financial Manager690,000 NGN
Financial Manager690,000 NGN
Financial Modelling Analyst442,000 NGN
Financial Operations Manager627,000 NGN
Financial Policy Analyst381,000 NGN
Financial Project Manager507,000 NGN
Financial Quantitative Analyst423,000 NGN
Financial Reporting Consultant355,000 NGN
Financial Reporting Manager470,000 NGN
Financial Section Head470,000 NGN
Financial Services Manager627,000 NGN
Financial Services Sales Agent272,000 NGN
Financial Technology Consultant387,000 NGN
Financial Wellness Coach504,000 NGN
FinTech Analyst423,000 NGN
Fixed Assets Administrator256,000 NGN
Forensic Accountant287,000 NGN
Fraud Detection Supervisor303,000 NGN
Fraud Prevention Manager502,000 NGN
Fund Accountant235,000 NGN
Grants Coordinator183,000 NGN
Green Finance Analyst374,000 NGN
Group Financial Manager705,000 NGN
Internal Auditor329,000 NGN
Internal Control Adviser387,000 NGN
Internal Control Officer214,000 NGN
International Tax Director596,000 NGN
Inventory Accountant256,000 NGN
Investment Advisor658,000 NGN
Investment Analyst486,000 NGN
Investment Associate413,000 NGN
Investment Broker413,000 NGN
Investment Fund Manager549,000 NGN
Investment Operations Manager549,000 NGN
Investment Underwriter209,000 NGN
Investor319,000 NGN
Investor Relations Manager496,000 NGN
KYC Team Leader475,000 NGN
Loan Processor204,000 NGN
Management Accountant274,000 NGN
Management Economist575,000 NGN
Paymaster199,000 NGN
Payroll Administrator324,000 NGN
Payroll Benefits Coordinator272,000 NGN
Payroll Billing Manager449,000 NGN
Payroll Clerk214,000 NGN
Payroll Manager449,000 NGN
Payroll Officer214,000 NGN
Payroll Specialist256,000 NGN
Payroll Supervisor314,000 NGN
Pensions Administrator261,000 NGN
Personal Financial Advisor366,000 NGN
Pricing Analyst408,000 NGN
Private Equity Analyst436,000 NGN
Project Accountant261,000 NGN
Proposal Development Coordinator219,000 NGN
Quantitative Trader353,000 NGN
Receivables Accountant227,000 NGN
Regulatory Accountant269,000 NGN
Retirement Plan Analyst392,000 NGN
Revenue Management Specialist408,000 NGN
Revenue Recognition Analyst455,000 NGN
Risk Management Director590,000 NGN
Risk Management Supervisor486,000 NGN
Staff Accountant235,000 NGN
Tax Accountant233,000 NGN
Tax Administrator266,000 NGN
Tax Advisor376,000 NGN
Tax Analyst376,000 NGN
Tax Associate209,000 NGN
Tax Consultant392,000 NGN
Tax Director570,000 NGN
Tax Examiner261,000 NGN
Tax Manager502,000 NGN
Tax Research Manager502,000 NGN
Teller146,000 NGN
Treasury Accountant270,000 NGN
Treasury Analyst408,000 NGN
Underwriter172,000 NGN
Underwriting Assistant162,000 NGN
Vice President of Finance674,000 NGN

Accounting and Finance Jobs Pay Scale and Salaries in Lagos

Median and salary distribution Lagos Accounting and Finance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
375,000 NGN or more
10% of people earn
317,000 to 375,000 NGN
20% of people earn
191,000 NGN or less
65% of people earn
191,000 to 317,000 NGN
Minimum Salary
146,000 NGN
328,000 NGN
726,000 NGN

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Accounting and Finance in Lagos range from 146,000 NGN (starting average salary) to 726,000 NGN (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Accounting and Finance is 328,000 NGN, implying that half of the workforce in Lagos earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Accounting and Finance in Lagos earn less than 257,000 NGN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 397,000 NGN, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Accounting and Finance in Lagos. The analysis revealed that roughly 65% of all reported salaries fell within the range of 191,000 NGN to 317,000 NGN. Approximately 20% of salaries were below the 191,000 NGN mark, while 10% ranged from 317,000 NGN to 375,000 NGN. Only 5% of individuals earned a gross salary of 375,000 NGN or higher.

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 in Accounting and Finance in Lagos 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.

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.
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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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.

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 degree levels across many jobs in Accounting and Finance in Lagos, 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 certificate 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 1,700,000 NGN to 5,100,000 NGN and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.

Salary and Compensation Comparison By Gender / Accounting and Finance / Lagos

Salary comparison by gender Nigeria Accounting and Finance monthly
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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? In the field of Accounting and Finance in Nigeria, the average difference between the salary of male and female employees is 16%.

371,000 NGN
320,000 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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Average Annual Salary Increment Percentage / Accounting and Finance / Lagos

How much are annual salary increments in Lagos for individuals working in Accounting and Finance? How often do employees get salary raises?

Professionals working in Accounting and Finance in Nigeria are likely to observe a salary increase of approximately % every 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

Annual Salary Increment Rate Nigeria
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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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.

Bonus and Incentive Rates / Accounting and Finance / Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Accounting and Finance
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100% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from % to % 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.

Hourly Average Wage / Accounting and Finance / Lagos

2,100 NGN per hour

The average hourly wage (pay per hour) in Accounting and Finance in Lagos is 2,100 NGN.This is the rate they get paid for every worked hour.

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

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 fixed 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?

The minimum pay rate per hour for people working in Accounting and Finance in Lagos is 840 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Benin City299,000 NGN
Ibadan335,000 NGN
Kaduna316,000 NGN
Kano348,000 NGN
Lagos364,000 NGN

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Nigeria is 6% on average across all career fields.

Private Sector
329,000 NGN
Public Sector+6%
349,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Accounting and Finance in Lagos?

A good and competitive compensation would range anywhere between 328,000 NGN and 397,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the 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 salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Accounting and Finance in Lagos ranges from 146,000 NGN to 257,000 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 with 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 the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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

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