On average, the monthly cost of living for an individual in Nigeria amounted to 43.2 thousand Nigerian Naira, which equaled to roughly 111 U.S. dollars. On the other hand, this figure added up to 137.6 thousand Naira for a family, about 354 U.S. dollars. In 2020, the minimum wage in Nigeria reached 30 thousand Naira.

Living Wage Individual in Nigeria increased to 43200 NGN/Month in 2018 from 41800 NGN/Month in 2015. Nigeria Living Wage Individual - values, historical data, forecasts and news - updated on March of 2025.

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.

The national gross income per capita in Nigeria decreased to 1,930 U.S. dollars compared to the previous year. Therefore, 2023 marks the lowest national gross income during the observed period. Gross national income (GNI) per capita is the total value of money received by a country, from both domestic or foreign sources, divided by the midyear population. The World Bank uses a conversion system known as the Atlas method, which implements a price adjusted, three year moving average, smoothing out fluctuations in exchange rates.Find more statistics on other topics about Nigeria with key insights such as gross national income (GNI), value of personal remittances paid, and personal remittances received.

As of 2023, the highest average salary in Nigeria was received by people employed in the field of executive management and change - 96,000 U.S. dollars per year. Professionals in financial services and program management followed, with a mean annual salary reaching 59,000 and 44,000 U.S. dollars, respectively. According to the source, the lowest yearly payment was received by individuals working in the area of data, as this amounted to 2,700 U.S. dollars.

Worldwide, minimum net monthly wages vary from almost 2,500 U.S. dollars in Luxembourg to 68 dollars in Nigeria as of January 2024. Minimum wages must be seen in relation with price levels in a country. One popular way to measure purchasing power is the Big Mac Index.

While the cost of a basic food basket as a share of net minimum wages in Ireland and the United Kingdom is quite modest, such a basket costs more than the minimum wage in Nigeria.

Availability of technology for control of hypertension in primary healthcare facilities in Ebonyi State, Nigeria.

As of 2023, the petrol price index in Nigeria in relation to salaries amounted to 172 liters per month, a significant drop of 56 percent from the preceding year. Over the observed period, the petrol price index peaked in 2020 at 539 liters per month. Since then, the index has followed a yearly decreasing trend. The petrol price index measures how much petrol can be bought in comparison to the average salary in a country in a certain year.

As of 2019, Sierra Leone witnessed the highest average annual increase of real minimum wages among the African countries between 2010 and 2019, with a significant 28.7 percent. Nigeria and the Democratic Republic of Congo followed with 8.2 percent and 7.3 percent, respectively. In countries such as Kenya, Burkina Faso, Niger, and Equatorial Guinea, the growth of minimum wages was almost negligible with less than one percent each. On the other hand, Liberia reflected the highest average annual decrease of minimum wages in the continent, at minus 14.2 percent.