Economist Salary in Nigeria 2025: Full Details

Economist Salary in Nigeria 2025: Full Details With Complete Breakdown

Overview

Economists in Nigeria analyze economic data, forecast trends, and advise on policy or business decisions, working in sectors like government, finance, academia, and international organizations. Salaries vary based on experience, education, location, industry, and specific skills. This breakdown provides a comprehensive overview of their compensation, including base salary, hourly rates, benefits, and influencing factors, drawing from reliable sources like PayScale, Glassdoor, and SalaryExplorer.

Average Salary

  • Annual Salary: The average annual salary for an economist in Nigeria is approximately ₦6,514,800 (USD 3,948).
  • Monthly Salary: This translates to an average of ₦542,900 per month.
  • Salary Range:
    • Lowest Average: ₦3,132,800/year (₦261,067/month; USD 1,898).
    • Highest Average: ₦10,237,100/year (₦853,092/month; USD 6,204).
  • Median Salary: ₦6,780,300/year (₦565,025/month; USD 4,109). 50% of economists earn less than this, and 50% earn more.
  • Percentile Breakdown:
    • 25th Percentile: ₦4,465,800/year (₦372,150/month; USD 2,706). 25% of economists earn less than this.
    • 75th Percentile: ₦8,856,100/year (₦738,008/month; USD 5,367). 75% of economists earn less than this.
  • Alternative Estimates:
    • PayScale: ₦2,600,000/year (₦216,667/month; USD 1,576), based on 4 survey responses.
    • Glassdoor: ₦537,000/month (₦6,444,000/year; USD 3,905), including ₦200,000 base and ₦337,000 additional pay.
    • MySalaryScale: ₦356,000/month net (₦4,272,000/year; USD 2,589), based on 4 employees.
    • Nexford University: ₦300,000/month (₦3,600,000/year; USD 2,182) for economists.
    • NNPC/PPMC Economist (Abuja): ₦3,952,000/year (₦329,333/month; USD 2,395), including ₦3,700,000 base and ₦252,000 additional pay.
    • Health Economist: ₦816,000/month (₦9,792,000/year; USD 5,934), ranging from ₦384,000 to ₦1,290,000/month.
    • Environmental Economist: ₦502,000/month (₦6,024,000/year; USD 3,651), ranging from ₦279,000 to ₦842,000/month.
    • Professor of Economics: ₦6,420,700/year (₦535,058/month; USD 3,888), ranging from ₦3,335,900 to ₦9,828,800.

Note: Variations in reported salaries stem from differences in sample size, survey methodologies, inclusion of benefits, and specific roles (e.g., general economist vs. specialized roles like health or environmental economist). The primary estimate (₦6,514,800/year) is used due to its comprehensive data compilation from worldsalaries.com.

Hourly Wage

  • Average Hourly Rate: Assuming a standard work schedule of 40 hours per week, 5 days a week, and 52 weeks per year (2,080 hours annually), the average hourly wage is approximately ₦3,132 (USD 1.90).
  • Minimum Hourly Rate: Based on the lowest reported salary (₦3,132,800/year), the minimum hourly rate is around ₦1,506 (USD 0.91).
  • Maximum Hourly Rate: Based on the highest reported salary (₦10,237,100/year), the maximum hourly rate is around ₦4,922 (USD 2.98).
  • Calculation Formula: Hourly wage = (Annual salary) ÷ (40 hours × 52 weeks).
  • Alternative Estimate: Environmental Economist minimum hourly rate is ₦1,610, aligning with lower-end estimates.

Salary Distribution

  • Common Salary Ranges:
    • 65% of economists earn between ₦321,000 and ₦443,000 per month (adapted from Environmental Economist data).
    • 20% earn below ₦321,000 per month.
    • 10% earn between ₦443,000 and ₦499,000 per month.
    • 5% earn above ₦499,000 per month.
  • Competitive Salary Range: A competitive compensation package typically falls between ₦502,000 and ₦571,000 per month, particularly for specialized or senior roles.

Salary by Experience Level

  • Entry-Level (0–2 years):
    • Average: ₦3,132,800/year (₦261,067/month; USD 1,898).
    • Range: ₦925,000–₦3,600,000/year (₦77,083–₦300,000/month).
  • Early Career (2–5 years):
    • Average: ₦4,465,800/year (₦372,150/month; USD 2,706).
    • Range: ₦3,600,000–₦6,000,000/year (₦300,000–₦500,000/month).
  • Mid-Career (5–9 years):
    • Average: ₦6,514,800/year (₦542,900/month; USD 3,948).
    • Range: ₦6,000,000–₦8,856,100/year (₦500,000–₦738,008/month).
  • Senior-Level (10+ years):
    • Average: ₦8,856,100/year (₦738,008/month; USD 5,367).
    • Range: ₦8,856,100–₦10,237,100/year (₦738,008–₦853,092/month).
    • Specialized roles (e.g., Health Economist with PhD): Up to ₦1,160,000/month (₦13,920,000/year; USD 8,436).

Salary by Specific Roles

  • Health Economist:
    • Average: ₦816,000/month (₦9,792,000/year; USD 5,934).
    • Range: ₦384,000–₦1,290,000/month.
    • Median: ₦865,000/month.
  • Environmental Economist:
    • Average: ₦502,000/month (₦6,024,000/year; USD 3,651).
    • Range: ₦279,000–₦842,000/month.
    • Median: ₦502,000/month.
  • Professor of Economics:
    • Average: ₦6,420,700/year (₦535,058/month; USD 3,888).
    • Range: ₦3,335,900–₦9,828,800/year.
    • Median: ₦6,168,300/year.
  • Agricultural Economist:
    • Average Net: ₦67,000/month (₦804,000/year; USD 487), based on 6 employees, likely reflecting entry-level or public sector roles.
  • NNPC/PPMC Economist (Abuja):
    • Average: ₦3,952,000/year (₦329,333/month; USD 2,395).

Salary by Specific Skills

  • Econometrics and Statistical Analysis: Proficiency in tools like Stata, R, or Python increases salaries by 10–20%, especially in research or international organizations.
  • Policy Analysis: Adds 5–10% for roles in government or think tanks.
  • Financial Modeling: Boosts earnings by 5–15%, particularly in finance or consulting.
  • Data Visualization (e.g., Tableau, Power BI): Increases salaries by 5–10% in private sector roles.

Factors Affecting Salary

  1. Experience:
    • Salaries increase significantly with experience, with senior economists earning up to 3x entry-level salaries.
  2. Education:
    • Bachelor’s Degree: Average salary of ₦4,465,800/year (₦372,150/month).
    • Master’s Degree: Increases salary to ₦6,514,800/year (₦542,900/month), a 10% boost.
    • PhD: Average salary of ₦9,673,100/year (₦806,092/month), a 48% increase over a Bachelor’s.
    • Certifications (e.g., CFA, ICEN) add 5–15% to earnings.
  3. Location:
    • Lagos and Abuja: Highest salaries, averaging ₦500,000–₦1,000,000/month, due to demand and cost of living.
    • Smaller cities (e.g., Ibadan, Port Harcourt): Lower salaries, averaging ₦200,000–₦400,000/month.
  4. Industry:
    • Government and International Organizations: High salaries, e.g., ₦300,000–₦1,000,000/month.
    • Finance/Banking: Competitive, averaging ₦500,000/month for roles like financial analysts.
    • Academia: Moderate, e.g., ₦535,058/month for Professors.
    • Oil and Gas (e.g., NNPC): ₦329,333/month.
    • Fintech and E-commerce: Growing demand, with salaries up to ₦600,000/month.
  5. Sector:
    • Private Sector: Pays 6% more on average than the public sector.
    • International Organizations (e.g., World Bank, UNICEF): Offer USD-based salaries, e.g., USD 50,000–100,000/year (₦82,500,000–₦165,000,000).
  6. Gender:
    • Limited data suggests a potential 5–8% gender pay gap, with male economists earning slightly more due to negotiation or role distribution.

Additional Compensation

  • Bonuses:
    • Performance Bonuses: Common in private sector and international organizations, ranging from 1–5% of annual salary.
    • Additional Pay: Glassdoor estimates ₦337,000/month (₦4,044,000/year) for economists, including bonuses, commissions, or profit-sharing.
    • NNPC/PPMC reports ₦252,000/year in additional pay.
  • Benefits:
    • Housing and Transport: Often included in government, oil/gas, or international roles.
    • Health Insurance: Common in established organizations.
    • Retirement Plans: Available in public sector and large private firms.
    • Training/Certifications: Employers may sponsor courses in econometrics, data analysis, or policy.
  • Vacation:
    • Average 15–20 paid vacation days annually, plus 12 public holidays.
  • Other Perks:
    • International roles may include relocation allowances or duty-free privileges.

Salary Trends

  • Annual Increase: Salaries typically rise by 5% per year in Nigeria.
  • Inflation Impact: With inflation rates exceeding 30% in 2025, real income may decline unless salaries adjust.
  • Demand Growth: Increasing demand in fintech, agribusiness, and renewable energy drives salary growth for economists with skills in financial modeling and market analysis.
  • International Opportunities: USD-based salaries in international organizations protect against local currency depreciation.

Comparison with Other Countries

  • United States:
    • Average: USD 80,000/year (₦132,000,000).
    • Hourly: USD 38.46 (₦63,459).
  • South Africa:
    • Average: ZAR 600,000/year (₦16,425,600).
    • Hourly: ZAR 288 (₦7,885).
  • United Kingdom:
    • Average: GBP 40,000/year (₦8,604,000).
    • Hourly: GBP 19.23 (₦4,138).
  • India:
    • Average: INR 800,000/year (₦13,200,000).
    • Hourly: INR 384 (₦6,336).

Challenges

  • Low Salaries Compared Globally: Nigerian economists earn significantly less than peers abroad, contributing to brain drain.
  • Economic Instability: High inflation erodes purchasing power, impacting real income.
  • Taxation: Salaries are reported as gross (pre-tax). Net salary varies by tax rates and sector.
  • Limited Data: Salary data for niche roles (e.g., agricultural economist) is based on small sample sizes.

Job Requirements

  • Education:
    • Minimum: Bachelor’s degree in Economics, Statistics, or related fields.
    • Preferred: Master’s degree or PhD for senior or specialized roles (e.g., Health Economist).
  • Skills:
    • Technical: Econometrics, statistical analysis (Stata, R, Python), data visualization (Tableau, Power BI).
    • Analytical: Market trend analysis, policy evaluation, forecasting.
    • Soft Skills: Communication, report writing, stakeholder engagement.
  • Experience: Entry-level roles require 0–2 years; senior roles need 5–10+ years.
  • Work Hours: Typically 40 hours/week, Monday to Friday, with a 30-minute lunch break. Overtime is rare for salaried roles.
  • Certifications: CFA, ICEN, or professional certifications in data analysis enhance employability.

Where to Find Jobs

  • Locations: Lagos, Abuja, Port Harcourt, Ibadan.
  • Employers:
    • Government: Central Bank of Nigeria, Ministry of Finance.
    • Private: Banks (e.g., Zenith Bank), fintechs (e.g., Flutterwave), oil/gas (e.g., NNPC).
    • International: World Bank, UNICEF, ECOWAS.
    • Academia: Universities, research institutes.
  • Job Boards:
  • Sample Job Postings:
    • Finance/Accounts Manager, Felton Energy Services, Port Harcourt: ₦400,000/month, requires Bachelor’s in Economics and 5+ years’ experience.
    • Health Economist Consultant, Malaria Consortium: ₦816,000/month, requires Master’s degree.
    • Accountant/Economist, Thiery Technologies, Lagos: Requires B.Sc. with 5–10 years’ experience.

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