Accountant Salary in Nigeria: Full Details (2025)

Accountant Salary in Nigeria: Full Details (2025)

Accounting is a respected and sought-after profession in Nigeria, offering stable and potentially lucrative career opportunities across various sectors, including private companies, government agencies, and non-profits. Below is a comprehensive overview of accountant salaries in Nigeria, including salary ranges, influencing factors, career progression, benefits, and more, based on available data as of 2025.

Average Salary Overview

The salary of an accountant in Nigeria varies significantly depending on factors such as experience, qualifications, certifications, industry, employer size, and location. Below are key salary benchmarks:

  • Average Annual Salary: ₦1,247,734 (approximately ₦103,978/month) based on PayScale data from 220 salary profiles.
  • Median Monthly Salary: ₦218,000, meaning half of accountants earn less and half earn more.
  • Salary Range (Monthly):
    • Lowest: ₦50,000 (entry-level or small firms).
    • Highest: ₦800,000+ (senior roles in large corporations or specialized industries).
  • Hourly Wage: Approximately ₦700–₦1,950/hour, depending on the role and hours worked (based on a standard 40–48-hour workweek).

Specialized Roles

  • Chartered Accountant:
    • Average annual salary: ₦3,755,300 (₦313,000/month).
    • Range: ₦1,765,300–₦5,926,600/year.
    • Median: ₦3,970,700/year.
  • Financial Accountant:
    • Average annual salary: ₦2,854,700 (₦237,892/month).
    • Range: ₦1,320,500–₦4,548,600/year.
    • Median: ₦3,085,500/year.
  • Cost Accountant:
    • Monthly gross salary range: ₦135,745–₦425,539 (80% of cost accountants fall within this range).
  • Tax Consultant:
    • Average monthly salary: ₦170,000.
    • Range: ₦80,000 (entry-level) to ₦400,000 (senior-level).
  • Auditor:
    • Average annual salary: ₦2,168,000 (₦180,667/month).
    • Internal Auditor: ₦209,695–₦679,230/month.
  • Accounting Technician:
    • Median monthly salary: ₦283,535 (entry-level roles).
  • Investment Fund Manager:
    • Average monthly salary: ₦620,439 (banking sector).
  • Senior Accountant:
    • Salary range: ₦300,000–₦900,000/month, depending on location and industry.
    • Annual salary in some cases: ₦11,000,000 (₦916,667/month).

Salary by Experience Level

Experience is a major determinant of an accountant’s salary in Nigeria. Below is a breakdown based on years of experience:

  • Entry-Level (0–2 years):
    • Salary: ₦50,000–₦150,000/month or ₦827,221/year (chartered accountants: ₦2,026,800/year).
    • Roles: Accounting technician, junior accountant, or trainee accountant.
    • Example: Trainee Accountant in Lagos earns ₦70,000–₦100,000/month.
  • Early Career (2–5 years):
    • Salary: ₦150,000–₦300,000/month or ₦1,159,616/year (chartered accountants: ₦2,807,200/year).
    • Roles: Accountant, financial analyst, or assistant controller.
  • Mid-Career (5–10 years):
    • Salary: ₦300,000–₦500,000/month (chartered accountants: ₦3,996,300/year).
    • Roles: Senior accountant, auditor, or accounting manager.
    • Example: Accounting Manager in Abuja earns ₦400,000–₦450,000/month.
  • Experienced (10–15 years):
    • Salary: ₦500,000–₦800,000/month (chartered accountants: ₦4,860,800/year).
    • Roles: Finance manager, financial controller, or chief financial officer (CFO).
  • Late Career (15–20+ years):
    • Salary: ₦800,000+/month (chartered accountants: ₦5,136,500+/year).
    • Roles: CFO, director of finance, or senior partner in accounting firms.

Salaries typically double after 10 years of experience, with increments of approximately 8% every 19 months, depending on performance and company policies.

Factors Influencing Accountant Salaries

  1. Educational Qualifications:
    • Diploma Holders: Earn 29% less than bachelor’s degree holders.
    • Bachelor’s Degree (Accounting/Finance): Standard qualification for most roles, with higher salaries than high school graduates (17% more).
    • Master’s Degree: Earn 23% more than bachelor’s degree holders.
    • Example: A master’s degree holder in a senior role may earn ₦400,000–₦600,000/month.
  2. Professional Certifications:
    • Certifications like ICAN (Institute of Chartered Accountants of Nigeria) or ACCA (Association of Chartered Certified Accountants) significantly boost salaries. Certified accountants earn more than non-certified peers.
    • Example: ICAN/ACCA certification is mandatory for senior accountant roles paying ₦700,000–₦900,000/month.
    • Other certifications: Certified Public Accountant (CPA), Certified Management Accountant (CMA).
  3. Industry/Sector:
    • Public Sector: Pays 6% more than the private sector but has fewer openings.
      • Example: Government accountants earn ₦1,450,700/year on average.
    • Private Sector: Higher demand but lower salaries in smaller firms.
      • Oil & Gas: High-paying (e.g., Shell pays ₦500,000–₦600,000/month).
      • Banking/Finance: Entry-level accountants earn ₦1,407,622/year.
      • Tech Industry: Growing demand, with entry-level salaries up to ₦1,668,000/year.
      • Multinational Corporations: Pay significantly higher (e.g., MTN Nigeria: ₦180,000–₦200,000/month).
    • Accounting Firms: Independent firms like KPMG pay ₦150,000–₦165,000/month for entry-level roles.
  4. Employer Size:
    • Large corporations (e.g., Shell, Oando) pay more than small businesses or startups.
    • Example: Oando accountants earn ₦4.5M–₦5M annually, while smaller firms like Wemabod Estates pay ₦140,000–₦160,000/month.
  5. Location:
    • Lagos, Abuja, Port Harcourt: Higher salaries due to cost of living and concentration of large firms.
      • Example: Senior Accountant in Lagos earns ₦700,000–₦900,000/month.
    • Other Regions: Lower salaries (e.g., Ibadan accountants earn slightly less than Lagos counterparts).
    • Remote accountants earn a median of $8,872/year (₦738,667/month at ₦83.25/$1), but this is less common.
  6. Gender:
    • Male accountants earn 7%–17% more than female accountants, depending on the company.
    • Some firms offer equal pay, but disparities persist in certain organizations (up to 9% difference).
  7. Skills:
    • Proficiency in Financial Reporting, Microsoft Excel, General Ledger Accounting, Tax Compliance, and Accounting Software (e.g., Sage, Tally) increases earning potential.
    • Example: Accountants with Sage expertise are preferred for roles paying ₦350,000–₦450,000/month.

Additional Compensation

Accountants often receive bonuses, allowances, and benefits that supplement their base salary:

  • Bonuses:
    • Range: ₦10,000–₦1,000,000/year, based on performance or company profits.
    • 50% of accountants receive bonuses (e.g., performance-based or company progress bonuses).
  • Profit Sharing: ₦5,000–₦2,000,000/year.
  • Commissions: Rare, but can range from ₦0–₦2,000/year.
  • Allowances:
    • Housing, transport, and medical insurance are common, especially in large firms.
    • Example: Senior accountants may receive accommodation or rental expenses.
  • Other Benefits:
    • Professional development (e.g., workshops, ICAN/ACCA training).
    • Access to fitness facilities or health programs in some firms.
    • Pension (8% employee contribution) and Housing Fund (2.5% contribution for those earning >₦3,000/year).

Responsibilities of an Accountant in Nigeria

Accountants in Nigeria handle a wide range of financial tasks, which vary by role and experience:

  • Recording and analyzing financial transactions.
  • Preparing financial statements, budgets, and forecasts.
  • Managing journal entries, invoices, and account reconciliation.
  • Ensuring compliance with tax regulations and financial reporting standards.
  • Conducting audits (internal or external) and liaising with tax authorities.
  • Administering payroll and managing cash flow.
  • Providing financial advice to management or clients (e.g., investment fund managers).
  • Using accounting software to streamline processes (e.g., Sage, Tally, QuickBooks).

Career Progression and Salary Growth

  • Entry-Level: Start as accounting technicians or junior accountants, earning ₦50,000–₦150,000/month.
  • Mid-Level: Progress to roles like accountant or auditor after 2–5 years, earning ₦150,000–₦300,000/month.
  • Senior-Level: After 5–10+ years, become senior accountants, financial controllers, or CFOs, earning ₦300,000–₦800,000+/month.
  • Specialization: Niche roles (e.g., tax consultant, forensic accountant) or certifications (ICAN/ACCA) lead to higher pay.
  • Strategies for Salary Growth:
    • Change employers for higher-paying roles (e.g., move to multinationals).
    • Gain advanced degrees or certifications.
    • Supervise junior accountants to demonstrate leadership.
    • Stay updated on financial regulations and accounting software.

Statutory Benefits and Work Conditions

  • Standard Workweek: 40–48 hours (8 hours/day).
  • Overtime: No legal mandate for overtime pay, but terms are outlined in contracts.
  • Sick Leave: 12 days/year at full salary with a medical certificate.
  • Income Tax: Progressive rates (7% for first ₦300,000/year, up to 24% for income above ₦3.2M/year).
  • Mandatory Contributions:
    • Pension: 8% of salary.
    • Housing Fund: 2.5% for employees earning >₦3,000/year.

Challenges and Considerations

  • Gender Pay Gap: Women earn 7%–17% less than men, though more women hold professional qualifications.
  • Cost of Living: Average monthly expenses (excluding rent) are ₦196,126, which can strain lower-earning accountants.
  • Minimum Wage: ₦30,000/month, but accountants typically earn above this.
  • Job Market Competition: High demand in banking, oil & gas, and tech, but fierce competition for entry-level roles.
  • Economic Factors: Nigeria’s lower-middle-income economy (GDP: ₦45 trillion) impacts salary growth.

How to Maximize Earnings as an Accountant

  1. Obtain Certifications: ICAN or ACCA qualifications are critical for high-paying roles.
  2. Specialize: Focus on high-demand niches like tax consulting or auditing.
  3. Work for Multinationals: Companies like Shell, MTN, or KPMG offer better pay and benefits.
  4. Relocate: Move to Lagos or Abuja for higher salaries.
  5. Upskill: Learn advanced Excel, Sage, or other accounting software.
  6. Negotiate: Use salary data from platforms like PayScale or MySalaryScale to justify higher pay.

Sources and Notes

  • Data is compiled from reputable sources like PayScale, Glassdoor, MySalaryScale, SalaryExplorer, and Nigeria Paylab, with updates as recent as April 2025.
  • Job postings on X (e.g., senior accountant roles paying ₦700,000–₦900,000/month) reflect current market trends but are not conclusive evidence.
  • Some sources (e.g., talentup.io) report unusually high base salaries (₦40,112,100/year), which may reflect outliers or include bonuses/stock options. These figures are treated cautiously.
  • Exchange rate used for USD conversions: ₦83.25/$1 (approximate, based on 2024 data).
  • All salaries are gross (before tax deductions). Net salaries vary due to Nigeria’s progressive tax system.

Conclusion

Accountants in Nigeria earn above the national average salary (₦339,000/month), with significant earning potential as they gain experience and certifications. Entry-level accountants start at ₦50,000–₦150,000/month, while senior or chartered accountants in high-demand industries like oil & gas or banking can earn ₦800,000+/month. Factors like ICAN/ACCA certifications, industry, and location (e.g., Lagos vs. Ibadan) play a critical role in salary variations. To maximize earnings, accountants should pursue professional qualifications, specialize, and target multinational corporations or high-paying sectors.

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