Monthly minimum wage in Nigeria 2018-2024

The national minimum wage for federal workers in Nigeria reached 70,000 Nigerian naira (NGN) in 2024, which equaled about 44 U.S. dollars. On July 23, 2024, this minimum wage of 70,000 NGN was passed into law, increasing from the previous amount of 30,000 NGN. According to most recent data, the monthly cost of living for an individual in Nigeria amounted to 43,200 NGN on average, whereas this figure added up to over 137,000 NGN for a family. 

Dependency ratio

In 2023, the labor dependency ratio in Nigeria was estimated at 2.1 percent, showing no significant change since 2012. 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 the same year, the employed workforce in Nigeria contributed to a collective weekly workload exceeding 2.6 billion hours. Two years earlier, the workload was estimated at about 2.4 billion hours.