This article would provide you with information on
economist salary in Nigeria.
Without wasting much of your time, let’s have an idea of who economists are and what they do.
Who is an Economist?
Imagine an establishment that makes decisions
without being properly guided by authentic information. Such an establishment won’t
last long especially after making lots of wrong decisions.
Information is the life wire of every known
establishment. Economists are therefore crucial human resources that guide every establishment.
Economists are able to present solutions that would
aid the management and promotion of businesses.
Economists achieve their goals by analyzing and
understanding market trends etc.
They are able to predict how humans or potential
customers would react to new products.
All this is just a glance at what they do.
Economists are therefore very important human
resources to every business with an interest in profit-making or in general, surviving.
Major factors that Influence Economist Salary in Nigeria
Economist salary in Nigeria is influenced by various
factors. Among these factors includes;
1. Place
of Employment
2. Educational
qualification
3. Years
of Experience
Economist Salary in Nigeria According to their Place of Employments
The salaries of economists in Nigeria are
significantly influenced by their place of employment.
Some employment opportunities available for
Economists in Nigeria include;
·
Insurance firms
·
Tertiary institutions
·
Banks
·
Secondary schools
·
Private firms (almost any firm)
·
Government agencies
See below summary data of economists’ salaries in
Nigeria according to their place of employment.
Place
of Employment
|
Monthly
Economists Salaries
|
Annual
Economists Salaries
|
Insurance
firms
|
N80,
000 to N1, 200, 000
|
N960,
000 to N14,400, 000
|
Tertiary
Institutions
|
N80,
000 to N500, 000
|
N960,
000 to N6, 000, 000
|
Banks
|
N80,
000 to N1, 200, 000
|
N960,
000 to N14, 400, 000
|
Secondary
Schools
|
N30,
000 to N80, 000
|
N360,
000 to N960, 000
|
Private
Firms
|
N80,
000 to N1, 000, 000
|
N960,
000 to N12, 000, 000
|
Government
agencies
|
N80,
000 to N300, 000
|
N960,
000 to N3, 600, 000
|
Economist Salary in Nigeria according to Educational Qualification
See summary data of economists’ salaries in Nigeria;
Educational
Qualifications
|
Monthly
Economist Salary
|
Annual
Economist Salary
|
Fresh
Graduates
|
N30,
000 to N250, 000
|
N360,
000 to N3, 000, 000
|
Master’s
Degree Holders
|
N150,
000 to N500, 000
|
N1,
800, 000 to N6, 000, 000
|
Ph.D.
Holders
|
N200,
000 to N800, 000
|
N2,
400, 000 to N9, 600, 000
|
Economist Salary in Nigeria According to Experience
Economists’ salaries in Nigeria are also influenced
by their years of experience.
See summary data below of economists’ salaries in
Nigeria according to their years of experience
Years
of Experience
|
Low
end Salary
|
High
End Salary
|
<5
|
N30,
000
|
N200,
000
|
<10
|
N150,
000
|
N600,
000
|
>10
|
N250,
000
|
N1,
200, 000
|
Top Industries |Place of Employment for Economist in Nigeria for High Salary
1. Private
firms
2. Banks
3. Insurance
firms
4. Tertiary
institutions
5. Government
agencies
Qualities Required of an Economist in Nigeria
The following qualities are required to become a successful economist in Nigeria;
·
Excellent communication skill
·
Strong presentation skill
·
Ability to simplify and interpret
complex reports
·
Organizational skill
·
Ability to understand market trends
·
Critical reasoning
·
Excellent writing skill
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