The national minimum wage for federal workers in Nigeria reached 30 thousand Nigerian naira (NGN) in 2023, which equaled about 38 U.S. dollars. On average, the monthly cost of living for an individual in Nigeria amounted to 43.2 thousand NGN in 2020, whereas this figure added up to over 137 thousand NGN for a family. In 2019, the minimum wage of 30 thousand NGN became law.
Nigerian financial insights: living costs and labor dependency
The typical monthly living wages for an individual in Nigeria averaged around 43,200 Nigerian Naira, equivalent to approximately 111 U.S. dollars. In contrast, a family's total monthly expenditures came to about 137,600 Naira, which is roughly 354 U.S. dollars. In 2022, the labor dependency ratio in Nigeria stood at 2.6 percent, showing no significant change from the preceding year. This metric represents the proportion of dependents who are either not part of the workforce or are unemployed, in relation to the total employed population.
Nigeria's compensation trends and workload statistics
In 2023, individuals working in executive management and change roles garnered the highest average annual salary in Nigeria at 96,000 U.S. dollars. In 2022, the employed workforce in Nigeria contributed to a collective weekly workload exceeding 2.6 billion hours. The previous year saw an estimated workload of nearly 2.5 billion hours.
Monthly minimum wage in Nigeria from 2018 to 2023
(in 1,000 Nigerian naira)
Characteristic
Wage in Nigerian Naira
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Trading Economics. (November 3, 2023). Monthly minimum wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/
Trading Economics. "Monthly minimum wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian naira)." Chart. November 3, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/
Trading Economics. (2023). Monthly minimum wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/
Trading Economics. "Monthly Minimum Wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 3 Nov 2023, https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/
Trading Economics, Monthly minimum wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/ (last visited July 22, 2024)
Monthly minimum wage in Nigeria from 2018 to 2023 (in 1,000 Nigerian naira) [Graph], Trading Economics, November 3, 2023. [Online]. Available: https://www.statista.com/statistics/1119133/monthly-minimum-wage-in-nigeria/