Cost Accountant Average Salary in Lagos 2024
How much money does a person working as Cost Accountant make in Lagos?
LOW
127,000
NGN AVERAGE
248,000
NGN HIGH
382,000
NGN
A person working as Cost Accountant in Lagos typically earns around 248,000 NGN. Salaries range from 127,000 NGN (lowest) to 382,000 NGN (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Cost Accountant salaries in Lagos vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Cost Accountant Pay Scale and Salaries in Lagos
Salary Structure and Pay Scale Comparison
227,000 NGN or more
201,000 to 227,000 NGN
146,000 NGN or less
146,000 to 201,000 NGN
 127,000 NGN |
228,000 NGN |
382,000 NGN |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Cost Accountant in Lagos range from 127,000 NGN (starting salary) to 382,000 NGN (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 228,000 NGN, half of the professionals who work as Cost Accountant in Lagos earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Cost Accountant in Lagos earn less than 188,000 NGN, while 75% earn more. Similarly, the chart shows that 75% earn less than 259,000 NGN while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Cost Accountant in Lagos compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 146,000 NGN to 201,000 NGN. About 20% of salaries are below the 146,000 NGN mark, while 10% fall within the range of 201,000 NGN to 227,000 NGN. Only 5% of individuals have salaries exceeding 227,000 NGN.
Salary Comparison by Years of Experience / Cost Accountant / Lagos
How do experience and age affect pay?
| 0 - 2 Years | 142,000 NGN | |
| 2 - 5 Years | +31% | 185,000 NGN |
| 5 - 10 Years | +40% | 260,000 NGN |
| 10 - 15 Years | +20% | 312,000 NGN |
| 15 - 20 Years | +9% | 339,000 NGN |
| 20+ Years | +8% | 366,000 NGN |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Cost Accountant and this is what we found.
Employees with less than two years of experience earn approximately 142,000 NGN.
While someone with an experience level between two and five years is expected to earn 185,000 NGN, 31% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 260,000 NGN, 40% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 312,000 NGN, 20% 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 339,000 NGN, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 366,000 NGN, 8% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Cost Accountant / Lagos
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Cost Accountant.
| High School | 170,000 NGN | |
| Certificate or Diploma | +15% | 196,000 NGN |
| Bachelor's Degree | +41% | 275,000 NGN |
| Master's Degree | +29% | 354,000 NGN |
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 salaries by education level for the position Cost Accountant in order to make a comparison.
Level 1: High School
Employees at this education level have an average salary of 170,000 NGN.
Level 2: Certificate or Diploma
At this level, the average salary becomes 196,000 NGN, 15% more than the previous level.
Level 3: Bachelor's Degree
At this level, the average salary becomes 275,000 NGN, 41% more than the previous level.
Level 4: Master's Degree
At this level, the average salary becomes 354,000 NGN, 29% more than the previous level.
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.
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 to a higher-paying job. The numbers seem to support the theory. 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 and Compensation Comparison By Gender / Cost Accountant / Lagos
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Cost Accountant in Nigeria, the average difference between the salary of male and female employees is 16%.
| Male | 243,000 NGN | |
| Female | -14% | 210,000 NGN |
Salary Comparison By Gender in Nigeria for all Careers
Average Annual Salary Increment Percentage / Cost Accountant / Lagos
How much are annual salary increments in Lagos for individuals working as Cost Accountant? How often do employees get salary raises?
Individuals working as Cost Accountant 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.
Nigeria / All Professions
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
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.
Bonus and Incentive Rates / Cost Accountant / Nigeria
How much and how often are bonuses being awarded?
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100% of surveyed staff 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 | 100% |
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.
Average Hourly Wage / Cost Accountant / Lagos
1,430 NGN per hourThe average hourly wage (pay per hour) for individuals working as Cost Accountant in Lagos is 1,430 NGN.This is the rate they get paid 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 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 as Cost Accountant in Lagos is 730 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Accounting and Finance |  -100% | |
| Account Examiner | 183,000 NGN | -26% |
| Account Executive | 314,000 NGN |  +27% |
| Accountant | 240,000 NGN | -3% |
| Accounting Analyst | 303,000 NGN | +22% |
| Accounting Assistant | 188,000 NGN | -24% |
| Accounting Associate | 178,000 NGN | -28% |
| Accounting Clerk | 157,000 NGN | -37% |
| Accounting Coordinator | 219,000 NGN | -12% |
| Accounting Head | 496,000 NGN | +100% |
| Accounting Manager | 523,000 NGN | +110% |
| Accounting Officer | 183,000 NGN | -26% |
| Accounting Specialist | 334,000 NGN | +35% |
| Accounting Supervisor | 340,000 NGN | +37% |
| Accounting Technician | 172,000 NGN | -31% |
| Accounting Unit Controller | 413,000 NGN | +66% |
| Accounts Executive | 314,000 NGN | +27% |
| Accounts Officer | 193,000 NGN | -22% |
| Accounts Payable and Receivable Specialist | 251,000 NGN | +1% |
| Accounts Payable Assistant | 199,000 NGN | -20% |
| Accounts Payable Associate | 225,000 NGN | -9% |
| Accounts Payable Clerk | 183,000 NGN | -26% |
| Accounts Payable Manager | 486,000 NGN | +96% |
| Accounts Receivable Administrator | 361,000 NGN | +45% |
| Accounts Receivable Clerk | 183,000 NGN | -26% |
| Accounts Receivable Financial Analyst | 345,000 NGN | +39% |
| Accounts Receivable Manager | 478,000 NGN | +93% |
| Accounts Receivable Team Leader | 361,000 NGN | +45% |
| Algorithmic Trading Specialist | 434,000 NGN | +75% |
| Assistant Accountant | 188,000 NGN | -24% |
| Assistant Accounting Manager | 460,000 NGN | +85% |
| Assistant Auditor | 246,000 NGN | -1% |
| Assistant Corporate Controller | 334,000 NGN | +35% |
| Assistant Finance Manager | 512,000 NGN | +110% |
| Assistant Financial Controller | 334,000 NGN | +35% |
| Audit Director | 564,000 NGN | +130% |
| Audit Supervisor | 449,000 NGN | +81% |
| Auditing Clerk | 193,000 NGN | -22% |
| Auditing Manager | 512,000 NGN | +110% |
| Billing Clerk | 188,000 NGN | -24% |
| Billing Coordinator | 225,000 NGN | -9% |
| Billing Specialist | 261,000 NGN | +5% |
| Billing Supervisor | 376,000 NGN | +51% |
| Bookkeeper | 162,000 NGN | -35% |
| Bookkeeping Specialist | 235,000 NGN | -5% |
| Budget Analyst | 423,000 NGN | +70% |
| Budget Manager | 507,000 NGN | +100% |
| Business Support Analyst | 277,000 NGN | +12% |
| Capital Markets Associate | 371,000 NGN | +49% |
| Cash Flow Analyst | 371,000 NGN | +49% |
| Cash Management Manager | 486,000 NGN | +96% |
| Cash Management Officer | 282,000 NGN | +14% |
| Cashbook Clerk | 167,000 NGN | -33% |
| Chartered Accountant | 314,000 NGN | +27% |
| Chief Accountant | 366,000 NGN | +47% |
| Chief Financial Technology Officer | 512,000 NGN | +110% |
| Collections Clerk | 152,000 NGN | -39% |
| Collections Representative | 214,000 NGN | -14% |
| Collections Specialist | 251,000 NGN | +1% |
| Corporate Controller | 392,000 NGN | +58% |
| Corporate Treasurer | 470,000 NGN | +89% |
| Cost Accountant | 248,000 NGN | -0% |
| Cost Accounting Manager | 489,000 NGN | +97% |
| Cost Accounting Supervisor | 397,000 NGN | +60% |
| Cost Analyst | 392,000 NGN | +58% |
| Credit and Collection Manager | 491,000 NGN | +98% |
| Credit and Collection Staff | 188,000 NGN | -24% |
| Credit and Loans Officer | 178,000 NGN | -28% |
| Credit Controller | 340,000 NGN | +37% |
| Credit Manager | 512,000 NGN | +110% |
| Debt Adviser | 408,000 NGN | +64% |
| Debt Collector | 199,000 NGN | -20% |
| Debtors Clerk | 170,000 NGN | -32% |
| Debtors Controller | 183,000 NGN | -26% |
| Deputy CFO | 674,000 NGN | +170% |
| Deputy Head of Finance | 674,000 NGN | +170% |
| Derivative Trader | 423,000 NGN | +70% |
| Director of Finance | 726,000 NGN | +190% |
| E-commerce Accountant | 256,000 NGN | +3% |
| Economist | 575,000 NGN | +130% |
| Equity Analyst | 436,000 NGN | +76% |
| Escrow Assistant | 219,000 NGN | -12% |
| Executive Accountant | 277,000 NGN | +12% |
| External Auditor | 345,000 NGN | +39% |
| Finance Administrator | 287,000 NGN | +16% |
| Finance Analyst | 444,000 NGN | +79% |
| Finance Associate | 214,000 NGN | -14% |
| Finance Data Analyst | 397,000 NGN | +60% |
| Finance Director | 726,000 NGN | +190% |
| Finance Executive | 523,000 NGN | +110% |
| Finance Licensing Clerk | 178,000 NGN | -28% |
| Finance Licensing Manager | 470,000 NGN | +89% |
| Finance Licensing Specialist | 266,000 NGN | +7% |
| Finance Manager | 690,000 NGN | +180% |
| Finance Officer | 235,000 NGN | -5% |
| Finance President | 726,000 NGN | +190% |
| Finance Relationship Manager | 570,000 NGN | +130% |
| Finance Release Analyst | 282,000 NGN | +14% |
| Finance Specialist | 408,000 NGN | +64% |
| Finance Team Leader | 549,000 NGN | +120% |
| Financial Accountant | 246,000 NGN | -1% |
| Financial Actuary | 376,000 NGN | +51% |
| Financial Administrator | 408,000 NGN | +64% |
| Financial Advisor | 447,000 NGN | +80% |
| Financial Analyst | 444,000 NGN | +79% |
| Financial Applications Specialist | 308,000 NGN | +24% |
| Financial Assistant | 199,000 NGN | -20% |
| Financial Associate | 235,000 NGN | -5% |
| Financial Claims Analyst | 332,000 NGN | +34% |
| Financial Claims Manager | 439,000 NGN | +77% |
| Financial Claims Supervisor | 408,000 NGN | +64% |
| Financial Clerk | 188,000 NGN | -24% |
| Financial Commercial Analyst | 355,000 NGN | +43% |
| Financial Compliance Analyst | 397,000 NGN | +60% |
| Financial Compliance Officer | 389,000 NGN | +57% |
| Financial Consultant | 329,000 NGN | +33% |
| Financial Controller | 392,000 NGN | +58% |
| Financial Coordinator | 226,000 NGN | -9% |
| Financial Customer Service Manager | 449,000 NGN | +81% |
| Financial Data Scientist | 457,000 NGN | +84% |
| Financial Dealer and Broker | 266,000 NGN | +7% |
| Financial Director | 726,000 NGN | +190% |
| Financial Encoder | 209,000 NGN | -16% |
| Financial Manager | 690,000 NGN | +180% |
| Financial Modelling Analyst | 442,000 NGN | +78% |
| Financial Operations Manager | 627,000 NGN | +150% |
| Financial Policy Analyst | 381,000 NGN | +54% |
| Financial Project Manager | 507,000 NGN | +100% |
| Financial Quantitative Analyst | 423,000 NGN | +70% |
| Financial Reporting Consultant | 355,000 NGN | +43% |
| Financial Reporting Manager | 470,000 NGN | +89% |
| Financial Section Head | 470,000 NGN | +89% |
| Financial Services Manager | 627,000 NGN | +150% |
| Financial Services Sales Agent | 272,000 NGN | +10% |
| Financial Technology Consultant | 387,000 NGN | +56% |
| Financial Wellness Coach | 504,000 NGN | +100% |
| FinTech Analyst | 423,000 NGN | +70% |
| Fixed Assets Administrator | 256,000 NGN | +3% |
| Forensic Accountant | 287,000 NGN | +16% |
| Fraud Detection Supervisor | 303,000 NGN | +22% |
| Fraud Prevention Manager | 502,000 NGN | +100% |
| Fund Accountant | 235,000 NGN | -5% |
| Grants Coordinator | 183,000 NGN | -26% |
| Green Finance Analyst | 374,000 NGN | +51% |
| Group Financial Manager | 705,000 NGN | +180% |
| Internal Auditor | 329,000 NGN | +33% |
| Internal Control Adviser | 387,000 NGN | +56% |
| Internal Control Officer | 214,000 NGN | -14% |
| International Tax Director | 596,000 NGN | +140% |
| Inventory Accountant | 256,000 NGN | +3% |
| Investment Advisor | 658,000 NGN | +170% |
| Investment Analyst | 486,000 NGN | +96% |
| Investment Associate | 413,000 NGN | +66% |
| Investment Broker | 413,000 NGN | +66% |
| Investment Fund Manager | 549,000 NGN | +120% |
| Investment Operations Manager | 549,000 NGN | +120% |
| Investment Underwriter | 209,000 NGN | -16% |
| Investor | 319,000 NGN | +29% |
| Investor Relations Manager | 496,000 NGN | +100% |
| KYC Team Leader | 475,000 NGN | +91% |
| Loan Processor | 204,000 NGN | -18% |
| Management Accountant | 274,000 NGN | +10% |
| Management Economist | 575,000 NGN | +130% |
| Paymaster | 199,000 NGN | -20% |
| Payroll Administrator | 324,000 NGN | +31% |
| Payroll Benefits Coordinator | 272,000 NGN | +10% |
| Payroll Billing Manager | 449,000 NGN | +81% |
| Payroll Clerk | 214,000 NGN | -14% |
| Payroll Manager | 449,000 NGN | +81% |
| Payroll Officer | 214,000 NGN | -14% |
| Payroll Specialist | 256,000 NGN | +3% |
| Payroll Supervisor | 314,000 NGN | +27% |
| Pensions Administrator | 261,000 NGN | +5% |
| Personal Financial Advisor | 366,000 NGN | +47% |
| Pricing Analyst | 408,000 NGN | +64% |
| Private Equity Analyst | 436,000 NGN | +76% |
| Project Accountant | 261,000 NGN | +5% |
| Proposal Development Coordinator | 219,000 NGN | -12% |
| Quantitative Trader | 353,000 NGN | +42% |
| Receivables Accountant | 227,000 NGN | -9% |
| Regulatory Accountant | 269,000 NGN | +8% |
| Retirement Plan Analyst | 392,000 NGN | +58% |
| Revenue Management Specialist | 408,000 NGN | +64% |
| Revenue Recognition Analyst | 455,000 NGN | +83% |
| Risk Management Director | 590,000 NGN | +140% |
| Risk Management Supervisor | 486,000 NGN | +96% |
| Staff Accountant | 235,000 NGN | -5% |
| Tax Accountant | 233,000 NGN | -6% |
| Tax Administrator | 266,000 NGN | +7% |
| Tax Advisor | 376,000 NGN | +51% |
| Tax Analyst | 376,000 NGN | +51% |
| Tax Associate | 209,000 NGN | -16% |
| Tax Consultant | 392,000 NGN | +58% |
| Tax Director | 570,000 NGN | +130% |
| Tax Examiner | 261,000 NGN | +5% |
| Tax Manager | 502,000 NGN | +100% |
| Tax Research Manager | 502,000 NGN | +100% |
| Teller | 146,000 NGN | -41% |
| Treasury Accountant | 270,000 NGN | +9% |
| Treasury Analyst | 408,000 NGN | +64% |
| Underwriter | 172,000 NGN | -31% |
| Underwriting Assistant | 162,000 NGN | -35% |
| Vice President of Finance | 674,000 NGN | +170% |
Salary Comparison By City
| City | Average Salary |
| Lagos | 248,000 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 |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Cost Accountant in Lagos?
A good and competitive compensation would range anywhere between 228,000 NGN and 259,000 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 a careers like Cost Accountant in Lagos ranges from 127,000 NGN to 188,000 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
