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|How Much is a Good Salary in Nigeria? by Seun(m): 10:17am On Nov 14, 2005|
As a sole proprietor, I entered business with the initial goal of making as much money as I would have gained if I was a University graduate earning a 'good salary'. Unfortunately, I have never been in the job market, so I have no idea what a good salary is!
So I need your help. What kind of salaries are graduates earning in various industries (banking, IT, consulting, et cetera)? What constitutes a 'good salary' in Nigeria, especially the Lagos area? I want to know so I can set a definite monthly income target. Thanks.
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|Re: How Much is a Good Salary in Nigeria? by dre901(m): 11:01am On Nov 14, 2005|
Most good companies in Nigeria pay well for fresh starters into what ever industry you find yourself in.
Oil & Gas pays the most, I guess between 2.5m to 4m per year includes benfits
Telecoms will take my second postion between 1.5m to 2m per year depending on the telecomms company.
Banking between 1m to 2m (Oceanic Bank pays the highest of 2m for fresh men)
Consulting agencies pay too but I don't have an idea.
|Re: How Much is a Good Salary in Nigeria? by harizone(m): 11:22am On Nov 14, 2005|
I also had the same predicament. I left school 4 years ago. Usual reason - no funds. I suddenly discovered a good business. Fetches good money, but I still feel I would have done better 'inside'.
I will be watching closely to see the 'Good Salary' column. I hope it will be better then N9m.
|Re: How Much is a Good Salary in Nigeria? by joftech(m): 11:26am On Nov 14, 2005|
How possible is the quoted income by dre901 for an entry level position? I wish he could elaborate more on the job designations.
|Re: How Much is a Good Salary in Nigeria? by Seun(m): 11:51am On Nov 14, 2005|
dre901: Thanks for the information, and I hope you will explain it further soon.
Thanks everybody; I look forward to more contributions from those in various industries outside Oil & Gas, Telecoms, and Banking. Also, if you can mention details of specific jobs, experience required and typical pay it would help.
|Re: How Much is a Good Salary in Nigeria? by IAH(f): 2:05pm On Nov 14, 2005|
I have a friend who is a fresh Medical doctor. He earns about N65,000 monthly.
Another one is an Accountant who works with Fountain Trust Bank and earns about N120,000 monthly.
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|Re: How Much is a Good Salary in Nigeria? by Nobody: 2:09pm On Nov 14, 2005|
Generally for me, as a fresh graduate with an ok job (not so wonderful, not too poor) you will need about 40 thousand naira minimum to get yourself started (fairly comfortable). That is considering you're still initially with your parents or benefactors.
Well guys who are holding down jobs can tell us better; we're listening.
|Re: How Much is a Good Salary in Nigeria? by star(f): 4:08pm On Nov 14, 2005|
When it comes to jobs, I think the welfare package is more important than the salary. The salary is just the cash. One can have facility to go for lunch, accomodation, staff bus to work, free medical service for self and family, once in a while sponsored holidays, and not forgeting retirement/pension schemes.
The person can be paid anything. The physical cash doesn't have to be too much - if I must suggest, 50,000 naira.
|Re: How Much is a Good Salary in Nigeria? by esiayo(m): 11:57pm On Nov 14, 2005|
i have a friend who just got employed into the NNPC, take home is 4.5m pa. entry level.
i learnt doctors in the country earn less than 60k monthly! IS THIS TRUE?
|Re: How Much is a Good Salary in Nigeria? by vizion: 8:51am On Nov 15, 2005|
the average in the country is about 100k now
|Re: How Much is a Good Salary in Nigeria? by star(f): 10:55am On Nov 15, 2005|
i hope you are not seeing vision. which average is 100k.. abeg o dont allow me to announce my salary
|Re: How Much is a Good Salary in Nigeria? by vizion: 12:06pm On Nov 15, 2005|
are salaries higher or lower?
|Re: How Much is a Good Salary in Nigeria? by kenflavor(m): 3:20pm On Nov 15, 2005|
Seun, salaries vary in different organisations: some good ones pay well while some don't.
You could find an IT firm which pays freshers as low as 25,000 naira monthly while some others pay as much as 75,000 naira. Some banks pay freshers as much as 100,000 (Oceanic Bank) while some still pay 50,000 (Diamond Bank) and might be increased to 70,000 after confirmation. Some Oil companies pay freshers as much as 150,000 (e.g. Shell), while some other ones pay as low as 60,000.
So it depends on how effective or how rich a firm is.
|Re: How Much is a Good Salary in Nigeria? by vizion: 3:29pm On Nov 15, 2005|
So we are saying the same thing if I say average of 100k [100,000 naira].
|Re: How Much is a Good Salary in Nigeria? by SEGUN2003(m): 11:30pm On Nov 15, 2005|
Please, what the hell do you all mean by this 100k naira, 75k naira stuff, i just don't understand. Does 100k naira means 100,000 naira or what?
|Re: How Much is a Good Salary in Nigeria? by SEGUN2003(m): 11:33pm On Nov 15, 2005|
In my own opinion, I should think about $500.00 per month would be a very good salary in Nigeria.
|Re: How Much is a Good Salary in Nigeria? by Seun(m): 12:22pm On Nov 16, 2005|
The question is, "how much is a good salary in Nigeria"
|Re: How Much is a Good Salary in Nigeria? by otokx(m): 5:41pm On Nov 16, 2005|
a good salary in nigeria is N7500, that is what our federal government pays graduates in the name of NYSC.
|Re: How Much is a Good Salary in Nigeria? by SEGUN2003(m): 11:50pm On Nov 16, 2005|
I would still like someone to tell me "what the hell do you all mean by this 100k naira, 75k naira stuff? . Does 100k naira means 100,000 naira or what?
I have lived in the U.S.A where I worked for more than 5 years earning a graduate salary, so I can tell you it is extremelyb difficult for one to earn $15.ooo,oo there. How much is $500,00 ijn Naira. Would this amount be a good salary in Nigeria. Does an average Nigerian graduated worker earn this or it's a small amount?
|Re: How Much is a Good Salary in Nigeria? by joftech(m): 1:18am On Nov 17, 2005|
Mr. Segun 100k is 100,000 and so on. the k is just a way of shortening it.
$500 will be a big money for an entry level position in Nigeria, if you can get a job that can offer you this, get it quick.
And thanks for clarifying some issues on this thread.
|Re: How Much is a Good Salary in Nigeria? by emtienG(m): 3:55pm On Nov 17, 2005|
Hi all. I think a good salary in Nigeria would be between 80K to 120K for a fresher. Job conditions should include a good hospital and health insurance scheme, Good Lunch, Transport facility and retirement benefits. Other benefits should include housing schemes, a good loan scheme that can facilitate the purchase of a car and other household luxuries. That way you can start faking big boy until you actualy become one.
|Re: How Much is a Good Salary in Nigeria? by legs(f): 3:13pm On Nov 18, 2005|
otokx good answer!
|Re: How Much is a Good Salary in Nigeria? by otokx(m): 12:27pm On Nov 19, 2005|
@harizone, what good business is that?
|Re: How Much is a Good Salary in Nigeria? by obong(m): 12:05am On Nov 21, 2005|
anyone know what lawyers earn?
|Re: How Much is a Good Salary in Nigeria? by joftech(m): 12:56am On Nov 21, 2005|
Most lawyers prefer to do private practice.
|Re: How Much is a Good Salary in Nigeria? by obong(m): 4:42pm On Nov 21, 2005|
yes, but what is the range of thier pay.
|Re: How Much is a Good Salary in Nigeria? by joftech(m): 5:06am On Nov 22, 2005|
How much you earn depends on the following:
Your client base, how good you are, the typelitigation they bring and the sophistication of deals they are gettig into etc.
One can never tell how much you stand to make per month, it's not static.
|Re: How Much is a Good Salary in Nigeria? by prettyH(f): 5:33pm On Nov 22, 2005|
lawyers are paid peanuts. my friend in lag..imagine ..earns a miserly 20k. can u imagine thats just for transport and accomodation-rent only
as far as i'm concerned a good salary differs and depends on individuals involved. it boils down to a comfortable amount that will sort not only the basic requirements of food, shelter and clothing but as well as enough to save. Infact it can entail allowing a little for extravagant things.
Take for instance if 50k can cover an individuals necessities as well as allowing him traet himself well then it could be said to be a good salary. but if not then no it isnt
however in my own opinion, at least a good salary should be nothing less than 120k, especially in lag where the living conditions are terrible. Thats what i feel though. if u've gone to school and graduated, why shd u be paid crap.
but unfortunately, its not so in all cases
who said the average salary in nigeria is 100k, duuuhhhhhhhh, pls it is between 50k-70k
|Re: How Much is a Good Salary in Nigeria? by kenflavor(m): 12:02pm On Nov 23, 2005|
As far as I know, the ratio of salary scale for freshers (Degree/HND Holders) in Nigeria are as below
100K - 130.99k ------- 5% (Oil Companies + Telecommunications Firms)
70K - 99.99K --------10% (Banking Sector + Oil Companies + IT + Telecoms)
50K - 69.99K -------- 20% ( Banking + IT + Medicals)
30K - 49.99K ------ 30% ( Hotels +IT)
15K - 29.99K ------ 45% (Print Media + Hotels + IT)
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|Re: How Much is a Good Salary in Nigeria? by adeoba(m): 9:32pm On Dec 08, 2005|
A good salary should be one that caters to your housing, transport, feeding, clothing, entertainment, and miscellaneous needs according to your tastes
|Re: How Much is a Good Salary in Nigeria? by vizion: 8:59am On Dec 13, 2005|
when one talks of a good salary for a graduate
one should not confuse it for the salary of a trainee who is a fresh graduate from school
when one talks of a graduate one should realise that the individual could have been working for some time in the company and okay
|Re: How Much is a Good Salary in Nigeria? by seeker(m): 9:58pm On Dec 13, 2005|
@Seun, this your question no get answer. Truly, truly. It depends on industry as most people have stated, and the individual as well. My cousin told me a tale of 2 nigerian families in the US. One family was quite proud of a combined income of $30,000/pa, while the other was a specialist doctor managing over $300,000/pa. In fact the first family may even have a greater sense of satisfaction with life.
Ehmm.. my advice is that you set your sights slightly higher, like paying your employees ( all 1000 of them ) above the industry average, and yourself, whats wrong with a few 100m. Except if this is a short term strategy.
Unlike you, Sir, I work but would like to do something of my own, and believe me my sights are high. Maybe I live in fantasyland
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