Economist Salary in Nigeria

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