The 2012 Birches Group survey results for Nigeria have been published. The survey includes 20 leading employers in Lagos and Abuja, as of July, 2012.
Nigeria is a robust economy, showing 7.2% GDP growth in 2011. In addition to a large oil industry, other major contributors to economic growth include the agriculture, telecom and manufacturing sectors. Despite this success, however, unemployment remains high (21%). Nigeria has the eleventh largest labor force in the world (52 million).
Highlights of the Survey Results
- Total compensation for professionals increased over last year by 10.4%, while support staff roles increased an average of 11.1%.
- The average total compensation for professional staff is 17,452,746 Naira (about 107,402 USD). Fixed allowances and in-kind benefits account for over 18% of total compensation, while short-term incentives provide 4.4%. The magnitude of fixed allowances and in-kind benefits is one of the highest anywhere, and should not be overlooked when setting compensation levels in Nigeria.
- The package for support staff averages at 4,973,480 Naira (approximately 30,606 USD). Fixed allowances and in-kind benefits are slightly over 14% of base salary, with incentives of 2.2%.
- Among the most common allowances and in-kind benefits are vacation bonus; food and beverages; health club membership (for more senior staff); and company cars. Seventy-five (75%) of employers surveyed offer health insurance for staff, while some employers offered subsidized loans to help address the high cost of consumer credit, which ranges from 20% to 25%.
For More Information
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