Financial Analyst Salary in Nigeria 2025: Full Details

Financial Analyst Salary in Nigeria 2025: Full Details with Complete Breakdown

Overview

Financial analysts in Nigeria are professionals who analyze financial data, assess market trends, and provide recommendations to help businesses and individuals make informed investment decisions. They evaluate profitability, liquidity, and risk parameters, often working in industries like banking, fintech, oil and gas, or consulting. Their responsibilities include financial modeling, forecasting, and advising on investments such as bonds or stock splits. Salaries are influenced by experience, education, certifications, location, industry, and employer type. The demand for financial analysts is growing due to Nigeria’s expanding financial services sector, particularly in urban centers like Lagos and Abuja. Below is a detailed breakdown of salary data, additional compensation, and influencing factors for financial analysts in Nigeria for 2025.

Average Salary

  • Annual Salary: The average annual salary for a financial analyst in Nigeria ranges from ₦2,807,200 to ₦7,860,600 (₦233,933–₦655,050/month), with a median of ₦4,786,100/year (₦398,842/month) according to WorldSalaries.
  • Monthly Salary: Typical range is ₦205,000–₦670,000, with a median of ₦401,000/month (SalaryExplorer).
  • Hourly Rate: Estimated at ₦1,180–₦3,850/hour, with a median of ~₦2,300/hour, based on a 40-hour workweek (SalaryExplorer).
  • Salary Ranges by Source:
    • PayScale (2024): Average total compensation of ₦1,350,000/year (₦112,500/month). Early-career (1–4 years): ₦1,650,000/year (₦137,500/month); entry-level (<1 year): ₦215,000/year (~₦17,917/month).
    • Glassdoor (2025, Nigeria): Average total pay of ₦221,417/month (base: ₦200,000/month, additional: ₦21,417/month), with a range of ₦146,667–₦378,333/month.
    • WorldSalaries (2024): ₦2,807,200–₦7,860,600/year (₦233,933–₦655,050/month), median ₦4,786,100/year (₦398,842/month).
    • SalaryExplorer (2024): ₦205,000–₦670,000/month, median ₦401,000/month.
    • MySalaryScale (2025): Average net salary of ₦229,000/month, based on 47 employee reports.
    • GrabJobs (2025, Finance Analyst): Average ₦3,033,912/year (₦252,826/month), with entry-level at ₦2,578,824/year (₦214,902/month) and senior-level at ₦3,489,000/year (~₦290,750/month).
    • Glassdoor (2025, Finance Analyst): Average total pay of ₦423,146/month (base: ₦200,000/month, additional: ₦223,146/month), with a range of ₦120,000–₦400,000/month.
    • PayScale (2024, Senior Financial Analyst): Average ₦6,285,714/year (~₦523,810/month).
    • Chevron Nigeria (2025, Financial Analyst): Estimated total pay of ₦61,869,394/year (~₦5,155,783/month), likely reflecting senior or expatriate roles.

Salary by Experience Level

Experience significantly impacts earnings:

  • Entry-Level (0–1 year): ₦17,917–₦146,667/month (~₦215,000–₦1,760,004/year).
    • PayScale: ₦215,000/year (~₦17,917/month) for <1 year.
    • Glassdoor: ₦146,667/month minimum.
  • Early-Career (1–4 years): ₦137,500–₦252,826/month (~₦1,650,000–₦3,033,912/year).
    • PayScale: ₦1,650,000/year (~₦137,500/month).
    • GrabJobs: ₦2,578,824/year (~₦214,902/month).
  • Mid-Career (5–9 years): ₦252,826–₦523,810/month (~₦3,033,912–₦6,285,714/year).
    • PayScale (Senior Financial Analyst): ₦6,285,714/year (~₦523,810/month).
    • SalaryExplorer: ₦401,000/month median.
  • Experienced (10–15 years): ₦523,810–₦655,050/month (~₦6,285,714–₦7,860,600/year).
    • WorldSalaries: Up to ₦7,860,600/year (~₦655,050/month).
    • SalaryExplorer: ~₦670,000/month maximum.
  • Highly Experienced (15–20+ years): ₦655,050–₦5,155,783/month (~₦7,860,600–₦61,869,394/year).
    • Chevron Nigeria: ₦61,869,394/year (~₦5,155,783/month), likely for senior roles.
    • Glassdoor: Top earners reach ₦378,333/month (90th percentile).

Salary by Education Level

Education impacts earning potential:

  • High School Diploma (SSCE): ₦205,000–₦331,725/month (~₦2,460,000–₦3,980,700/year).
    • WorldSalaries: ₦3,970,700/year (~₦330,892/month).
  • Certificate or Diploma (e.g., OND, HND): ₦331,725–₦373,242/month (~₦3,980,700–₦4,478,900/year).
    • WorldSalaries: ₦4,475,900/year (~₦372,992/month).
  • Bachelor’s Degree (e.g., Finance, Economics): ₦373,242–₦491,683/month (~₦4,478,900–₦5,900,200/year).
    • WorldSalaries: ₦5,890,200/year (~₦490,850/month).
    • SalaryExplorer: ~42% increase over diploma.
  • Master’s Degree (e.g., MBA, MSc Finance): ₦491,683–₦608,150/month (~₦5,900,200–₦7,297,800/year).
    • WorldSalaries: ₦7,297,800/year (~₦608,150/month).
    • Cost of MBA: ₦1,690,000–₦5,080,000, with a 2-year duration and potential 24% salary increase.
  • Certifications: Certifications like CFA, ACCA, or CPA boost salaries by 10–20%. Certified analysts earn ₦300,000–₦600,000/month vs. ₦205,000–₦400,000/month without certifications (SalaryExplorer).

Salary by Location

Salaries vary by region due to cost of living and demand:

  • Lagos:
    • Average: ₦221,417–₦423,146/month (~₦2,657,004–₦5,077,752/year).
    • Range: ₦146,667–₦378,333/month (Glassdoor, Financial Analyst); ₦120,000–₦400,000/month (Glassdoor, Finance Analyst).
    • Indeed: Over 104 financial analyst jobs listed in June 2025.
  • Abuja:
    • Average: ₦200,000–₦300,000/month (~₦2,400,000–₦3,600,000/year).
    • Range: Slightly lower than Lagos due to less commercial activity.
  • Port Harcourt: ₦180,000–₦350,000/month (~₦2,160,000–₦4,200,000/year), driven by oil/gas sector demand.
  • Other Regions (e.g., Ibadan, Kano): ₦120,000–₦200,000/month (~₦1,440,000–₦2,400,000/year), lower due to reduced demand.
  • Remote (International Companies): $55,566–$70,000/year (~₦94,463,220–₦119,000,000/year or ₦7,871,935–₦9,916,667/month**), for roles with global firms (Plane, 2025).

Salary by Industry

  • Banking/Financial Services: ₦3,600,000–₦7,860,600/year (~₦300,000–₦655,050/month), highest-paying due to demand for financial modeling and risk analysis.
  • Oil and Gas (e.g., Chevron): ₦5,077,752–₦61,869,394/year (~₦423,146–₦5,155,783/month), reflecting high-risk, high-reward roles.
  • Fintech (e.g., Flutterwave, Paystack): ₦3,000,000–₦6,000,000/year (~₦250,000–₦500,000/month).
  • Consulting (e.g., Deloitte, PwC): ₦2,400,000–₦5,000,000/year (~₦200,000–₦416,667/month).
  • Manufacturing: ₦1,800,000–₦3,600,000/year (~₦150,000–₦300,000/month).
  • Government/Public Sector: ₦1,440,000–₦2,400,000/year (~₦120,000–₦200,000/month), 6% lower than private sector on average (SalaryExplorer).

Additional Compensation

  • Bonuses: Approximately 50–60% of financial analysts receive performance-based bonuses, ranging from ₦10,000–₦223,146/month. Glassdoor reports average additional pay of ₦21,417/month (Financial Analyst) and ₦223,146/month (Finance Analyst). Bonuses include cash, commissions, or profit-sharing.
  • Allowances:
    • Transport Allowance: ~₦10,000–₦30,000/month.
    • Housing Allowance: ~₦20,000–₦50,000/month, common in Lagos/Abuja.
    • Health Allowance: ~₦5,000–₦20,000/month, or comprehensive HMO plans.
    • Training Allowance: ~₦10,000–₦50,000/year for certifications like CFA or ACCA.
  • Benefits:
    • Health insurance (HMOs) in corporate roles.
    • Pension contributions under the Contributory Pension Scheme.
    • Training sponsorships (e.g., CFA, costing ~₦500,000–₦1,000,000).
    • Stock options or equity in fintech or startups.
    • Remote work flexibility for international employers.
  • Total Pay: Including bonuses and allowances, total monthly compensation typically ranges from ₦146,667–₦423,146, with an average of ₦221,417/month (Glassdoor, Financial Analyst).

Salary Distribution

  • Median Salary: ₦4,786,100/year (~₦398,842/month) (WorldSalaries).
  • Percentiles (SalaryExplorer):
    • 25th percentile: ₦3,421,600/year (~₦285,133/month).
    • 75th percentile: ₦5,520,000/year (~₦460,000/month).
    • 90th percentile: ₦8,040,000/year (~₦670,000/month).
  • Range (SalaryExplorer):
    • 65% of salaries fall between ₦247,000–₦351,000/month.
    • 20% are below ₦247,000/month.
    • 10% are between ₦351,000–₦399,000/month.
    • 5% exceed ₦399,000/month.

Factors Influencing Salary

  1. Experience: Salaries increase by 29–47% with each career stage. Senior analysts (10+ years) earn up to 50% more than entry-level.
  2. Education: A Bachelor’s degree adds ~32% to salary, and a Master’s adds ~24% (WorldSalaries).
  3. Certifications: CFA, ACCA, or CPA certifications increase pay by 10–20% (SalaryExplorer).
  4. Location: Lagos offers 15–20% higher salaries than other regions due to commercial activity.
  5. Industry: Oil/gas and banking pay 20–50% more than manufacturing or government sectors.
  6. Skills: Proficiency in financial modeling, Excel, SQL, or Python boosts pay by 5–15%.
  7. Employer Type:
    • Multinational Companies (e.g., Chevron, Deloitte): Pay ₦400,000–₦5,155,783/month.
    • Local Firms: Pay ₦120,000–₦300,000/month.
    • Remote (International): Pay $55,566–$70,000/year (~₦7,871,935–₦9,916,667/month**).
  8. Gender: A 10% pay gap exists, with male analysts earning slightly more on average (SalaryExplorer).

Salary Progression

  • Entry-Level (0–3 years): ₦17,917–₦200,000/month. After 2–3 years, salaries increase to ₦200,000–₦252,826/month with experience and certifications.
  • Mid-Career (4–9 years): ₦252,826–₦523,810/month, with potential for senior roles.
  • Senior-Level (10+ years): ₦523,810–₦5,155,783/month, with top earners at Chevron reaching ₦5,155,783/month.
  • Salary Increments: Analysts receive an average 14% increase every 16 months, compared to the national average of 8% every 19 months (SalaryExplorer).
  • Career Path: Progression to roles like Senior Financial Analyst, Finance Manager, or Chief Financial Officer (CFO) can yield ₦523,810–₦5,155,783/month after 10–15 years. CFO average: ₦4,965,158/year (~₦413,763/month) (PayScale).

Job Market Insights

  • Demand: High demand in banking, fintech, oil/gas, and consulting, with over 126 finance analyst jobs listed on Glassdoor and 104 on Indeed in June 2025.
  • Key Employers: Chevron Nigeria, Deloitte, PwC, Flutterwave, Paystack, Zenith Bank, Access Bank.
  • Roles:
    • Financial Analyst: Analyze data and investments (~₦146,667–₦378,333/month).
    • Senior Financial Analyst: Lead projects and teams (~₦523,810/month).
    • Finance Manager: Oversee budgets (~₦370,000–₦658,000/month).
  • Work Conditions: 40–50-hour workweeks, with occasional overtime in high-pressure sectors like banking. Remote options are available for international firms.
  • Requirements:
    • Bachelor’s degree in Finance, Economics, or related fields (preferred).
    • Proficiency in Excel, financial modeling, and data analysis tools (SQL, Python).
    • Certifications like CFA, ACCA, or CPA (preferred for senior roles).
    • 1–5 years of experience for mid-level roles.
  • Challenges:
    • Low entry-level pay (~₦17,917/month) in some firms.
    • High competition for multinational and remote roles.
    • Economic instability, with inflation reducing real income (1 NGN = 0.00059 USD in 2025).

Strategies to Increase Earnings

  1. Earn Certifications: Obtain CFA, ACCA, or CPA to boost pay by 10–20%.
  2. Gain Experience: Work 2–3 years in local firms, then move to banking or oil/gas for 20–50% higher salaries.
  3. Pursue Higher Education: A Master’s degree (e.g., MBA) increases pay by ~24%.
  4. Relocate: Move to Lagos or Abuja for 15–20% higher salaries.
  5. Learn High-Demand Skills: Master SQL, Python, or financial modeling for a 5–15% pay increase.
  6. Target Remote Roles: Apply for international positions offering ₦7,871,935–₦9,916,667/month.
  7. Network: Use platforms like LinkedIn, Indeed, or Glassdoor for high-paying opportunities.

Notes

  • Salaries are gross figures before tax and deductions. Net salaries vary (e.g., MySalaryScale reports ₦229,000/month net).
  • Data is sourced from PayScale, Glassdoor, WorldSalaries, SalaryExplorer, MySalaryScale, GrabJobs, and others, reflecting 2024–2025 trends.
  • Outliers (e.g., ₦5,155,783/month at Chevron) likely reflect senior or expatriate roles, not typical local salaries.
  • Nigeria’s financial sector growth drives demand, but inflation and currency devaluation (1 NGN = 0.00059 USD in 2025) reduce purchasing power.
  • Exchange rates used: 1 NGN = 0.00059 USD (2025 estimate). Check current rates for accuracy.

For further details, explore platforms like PayScale, Glassdoor, WorldSalaries, SalaryExplorer, MySalaryScale, or Indeed.

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