Nigeria is located in western Africa. It borders Benin to the west, Niger to the north, Chad to the northeast, and Cameroon to the east. The country has one of the largest economies on the African continent. Oil money accounts for about two-thirds of government revenue, but only 9% of GDP. Unemployment is about 5% and inflation is 33%.

Salary in Nigeria

The population of Nigeria in 2024 is about 227.5 million people. Unfortunately, over 60% of Nigerians live in extreme poverty. The labour force is at least 60 million, and up to 70% of the workers are employed in agriculture. The country's successful economic development is hindered by a lack of infrastructure, an inefficient judicial system, security problems and rampant corruption.

Next, find out what salaries are in Nigeria in 2024.

Minimum and average salary in Nigeria

According to the local Labor Ministry, the official minimum wage in Nigeria in 2024 is 65,000 Nigerian naira per month, the equivalent of $45. No employee can earn a monthly income below that level. Compared to last year, the rate has not changed. In 2018, the minimum wage in Nigeria was 18,000 naira.

According to information from Nigerian and international recruitment agencies, the average salary in Nigeria in 2024 is 275,000 naira per month, which corresponds to $190. The highest paid professions in Nigeria are doctors (dentists), top managers, lawyers, pharmacists and pilots. Salaries of demanded specialists may exceed 1 million Naira per month ($2,160).

In conclusion, the income tax rate in Nigeria varies from 7 to 24%. At the minimum rate of 7% annual income is taxed less than 300 thousand naira per year, and at the maximum rate of 24% income over 3.2 million naira.

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