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Accounting and Finance Average Salaries in Nigeria 2024

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

Average Monthly Salary
352,000 NGN
( 4,220,000 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 Nigeria typically earns around 352,000 NGN. Salaries range from 141,000 NGN (lowest average) to 701,000 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 Nigeria 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 Examiner176,000 NGN
Account Executive311,000 NGN
Accountant238,000 NGN
Accounting Analyst277,000 NGN
Accounting Assistant179,000 NGN
Accounting Associate163,000 NGN
Accounting Clerk143,000 NGN
Accounting Coordinator211,000 NGN
Accounting Head492,000 NGN
Accounting Manager504,000 NGN
Accounting Officer177,000 NGN
Accounting Specialist311,000 NGN
Accounting Supervisor317,000 NGN
Accounting Technician168,000 NGN
Accounting Unit Controller401,000 NGN
Accounts Executive314,000 NGN
Accounts Officer191,000 NGN
Accounts Payable and Receivable Specialist242,000 NGN
Accounts Payable Assistant184,000 NGN
Accounts Payable Associate218,000 NGN
Accounts Payable Clerk169,000 NGN
Accounts Payable Manager476,000 NGN
Accounts Receivable Administrator356,000 NGN
Accounts Receivable Clerk172,000 NGN
Accounts Receivable Financial Analyst338,000 NGN
Accounts Receivable Manager476,000 NGN
Accounts Receivable Team Leader339,000 NGN
Algorithmic Trading Specialist419,000 NGN
Assistant Accountant184,000 NGN
Assistant Accounting Manager434,000 NGN
Assistant Auditor238,000 NGN
Assistant Corporate Controller305,000 NGN
Assistant Finance Manager482,000 NGN
Assistant Financial Controller318,000 NGN
Audit Director525,000 NGN
Audit Supervisor443,000 NGN
Auditing Clerk191,000 NGN
Auditing Manager471,000 NGN
Billing Clerk186,000 NGN
Billing Coordinator213,000 NGN
Billing Specialist249,000 NGN
Billing Supervisor373,000 NGN
Bookkeeper154,000 NGN
Bookkeeping Specialist229,000 NGN
Budget Analyst386,000 NGN
Budget Manager490,000 NGN
Business Support Analyst269,000 NGN
Capital Markets Associate371,000 NGN
Cash Flow Analyst344,000 NGN
Cash Management Manager477,000 NGN
Cash Management Officer266,000 NGN
Cashbook Clerk166,000 NGN
Chartered Accountant313,000 NGN
Chief Accountant337,000 NGN
Chief Financial Technology Officer475,000 NGN
Collections Clerk143,000 NGN
Collections Representative212,000 NGN
Collections Specialist248,000 NGN
Corporate Controller368,000 NGN
Corporate Treasurer464,000 NGN
Cost Accountant230,000 NGN
Cost Accounting Manager463,000 NGN
Cost Accounting Supervisor395,000 NGN
Cost Analyst393,000 NGN
Credit and Collection Manager475,000 NGN
Credit and Collection Staff177,000 NGN
Credit and Loans Officer171,000 NGN
Credit Controller326,000 NGN
Credit Manager472,000 NGN
Debt Adviser389,000 NGN
Debt Collector182,000 NGN
Debtors Clerk158,000 NGN
Debtors Controller177,000 NGN
Deputy CFO662,000 NGN
Deputy Head of Finance672,000 NGN
Derivative Trader394,000 NGN
Director of Finance712,000 NGN
E-commerce Accountant255,000 NGN
Economist543,000 NGN
Equity Analyst408,000 NGN
Escrow Assistant215,000 NGN
Executive Accountant256,000 NGN
External Auditor337,000 NGN
Finance Administrator274,000 NGN
Finance Analyst434,000 NGN
Finance Associate196,000 NGN
Finance Data Analyst373,000 NGN
Finance Director705,000 NGN
Finance Executive510,000 NGN
Finance Licensing Clerk168,000 NGN
Finance Licensing Manager470,000 NGN
Finance Licensing Specialist256,000 NGN
Finance Manager642,000 NGN
Finance Officer235,000 NGN
Finance President684,000 NGN
Finance Relationship Manager571,000 NGN
Finance Release Analyst268,000 NGN
Finance Specialist402,000 NGN
Finance Team Leader 528,000 NGN
Financial Accountant238,000 NGN
Financial Actuary346,000 NGN
Financial Administrator378,000 NGN
Financial Advisor422,000 NGN
Financial Analyst427,000 NGN
Financial Applications Specialist287,000 NGN
Financial Assistant196,000 NGN
Financial Associate185,000 NGN
Financial Associate235,000 NGN
Financial Claims Analyst318,000 NGN
Financial Claims Manager402,000 NGN
Financial Claims Supervisor396,000 NGN
Financial Clerk176,000 NGN
Financial Commercial Analyst352,000 NGN
Financial Compliance Analyst391,000 NGN
Financial Compliance Officer387,000 NGN
Financial Consultant328,000 NGN
Financial Controller371,000 NGN
Financial Controller372,000 NGN
Financial Coordinator218,000 NGN
Financial Customer Service Manager439,000 NGN
Financial Data Scientist437,000 NGN
Financial Dealer and Broker267,000 NGN
Financial Director702,000 NGN
Financial Encoder203,000 NGN
Financial Manager631,000 NGN
Financial Manager627,000 NGN
Financial Modelling Analyst404,000 NGN
Financial Operations Manager596,000 NGN
Financial Policy Analyst362,000 NGN
Financial Project Manager480,000 NGN
Financial Quantitative Analyst419,000 NGN
Financial Reporting Consultant331,000 NGN
Financial Reporting Manager446,000 NGN
Financial Section Head433,000 NGN
Financial Services Manager608,000 NGN
Financial Services Sales Agent247,000 NGN
Financial Technology Consultant375,000 NGN
Financial Wellness Coach469,000 NGN
FinTech Analyst417,000 NGN
Fixed Assets Administrator244,000 NGN
Forensic Accountant288,000 NGN
Fraud Detection Supervisor284,000 NGN
Fraud Prevention Manager498,000 NGN
Fund Accountant224,000 NGN
Grants Coordinator168,000 NGN
Green Finance Analyst353,000 NGN
Group Financial Manager651,000 NGN
Internal Auditor308,000 NGN
Internal Control Adviser363,000 NGN
Internal Control Officer213,000 NGN
International Tax Director553,000 NGN
Inventory Accountant256,000 NGN
Investment Advisor601,000 NGN
Investment Analyst471,000 NGN
Investment Associate380,000 NGN
Investment Broker383,000 NGN
Investment Fund Manager536,000 NGN
Investment Operations Manager540,000 NGN
Investment Underwriter196,000 NGN
Investor303,000 NGN
Investor Relations Manager451,000 NGN
KYC Team Leader451,000 NGN
Loan Processor193,000 NGN
Management Accountant271,000 NGN
Management Economist523,000 NGN
Paymaster196,000 NGN
Payroll Administrator298,000 NGN
Payroll Benefits Coordinator262,000 NGN
Payroll Billing Manager415,000 NGN
Payroll Clerk209,000 NGN
Payroll Manager420,000 NGN
Payroll Officer210,000 NGN
Payroll Specialist241,000 NGN
Payroll Supervisor310,000 NGN
Pensions Administrator238,000 NGN
Personal Financial Advisor352,000 NGN
Pricing Analyst381,000 NGN
Private Equity Analyst436,000 NGN
Project Accountant248,000 NGN
Proposal Development Coordinator200,000 NGN
Quantitative Trader331,000 NGN
Receivables Accountant214,000 NGN
Regulatory Accountant259,000 NGN
Retirement Plan Analyst368,000 NGN
Revenue Management Specialist405,000 NGN
Revenue Recognition Analyst419,000 NGN
Risk Management Director546,000 NGN
Risk Management Supervisor476,000 NGN
Staff Accountant216,000 NGN
Tax Accountant231,000 NGN
Tax Administrator251,000 NGN
Tax Advisor375,000 NGN
Tax Analyst360,000 NGN
Tax Associate199,000 NGN
Tax Consultant359,000 NGN
Tax Director554,000 NGN
Tax Examiner255,000 NGN
Tax Manager471,000 NGN
Tax Research Manager499,000 NGN
Teller140,000 NGN
Treasury Accountant246,000 NGN
Treasury Analyst406,000 NGN
Underwriter163,000 NGN
Underwriting Assistant162,000 NGN
Vice President of Finance632,000 NGN

Accounting and Finance Jobs Pay Scale and Salaries in Nigeria

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

5% of people earn
354,000 NGN or more
10% of people earn
300,000 to 354,000 NGN
20% of people earn
180,000 NGN or less
65% of people earn
180,000 to 300,000 NGN
Minimum Salary
141,000 NGN
310,000 NGN
701,000 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 Nigeria range from 141,000 NGN (starting average salary) to 701,000 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 310,000 NGN, implying that half of the workforce in Nigeria 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 Nigeria earn less than 243,000 NGN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 375,000 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 Nigeria. The analysis revealed that roughly 65% of all reported salaries fell within the range of 180,000 NGN to 300,000 NGN. Approximately 20% of salaries were below the 180,000 NGN mark, while 10% ranged from 300,000 NGN to 354,000 NGN. Only 5% of individuals earned a gross salary of 354,000 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 Nigeria 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 Nigeria, 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 / Nigeria

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 / Nigeria

How much are annual salary increments in Nigeria 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 10% every 17 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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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
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 / Nigeria

2,030 NGN per hour

The average hourly wage (pay per hour) in Accounting and Finance in Nigeria is 2,030 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 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.

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 Nigeria?

A good and competitive compensation would range anywhere between 310,000 NGN and 375,000 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 Nigeria ranges from 141,000 NGN to 243,000 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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