The average worker living in Lagos earns the sum of N60,000 as monthly salary, according to a new survey covering Nigeria's commercial hub.
This finding is detailed in the "State of the Employed" report by PaidHR, a Nigerian startup specializing in HR management solutions for businesses.
This figure is below the newly established minimum wage of N70,000, which was signed into law by President Tinubu in June.
The report, which examines employment trends in Lagos, provides a comprehensive analysis across all demographics-young, old, male, and female-with 51% of respondents falling within the 19 to 35 age bracket.
The report further reveals that 58% of working individuals in Lagos spend more than their primary income each month, suggesting that a majority of residents in the city rely on multiple jobs to make ends meet.
Traveling across Quang Binh to stunning cinematic locations
News continues after this ad
"51% of our respondents fall between the ages of 19 and 35, highlighting a workforce that is not only a young and vibrant but also in a crucial stage of their professional and personal development.
"Across every demographic surveyed, the average salary of salary is N60,00. We discovered that many within the group are still financially dependent, with numerous respondents living with a parent, friend or siblings," the report says.
Salary Across Demographics
The breakdown of the report also shows the disparity in earning across the male and female workers living in Lagos.
In addition, the survey covers the earning capacity of married individuals, single workers as well as divorcees.
Accordingly, the report notes that there has been a decline in productivity of Nigerian workers as a result of the rising inflation in the country which erodes the purchasing capacity of workers.
"We also found that gender disparity in earnings is not a thing of the past in the Nigerian workforce. On average, men earn more than women, with the median pay for men at N70,000 ($43.75), compared to N50,000 ($31.25) for women.
"This gap rings true across different demographics with married men earning 33% more than married women and divorced men earning 52% more than divorced women. This gap serves as a reminder of the ongoing challenges in achieving wage equality.
"Throughout this report, we shed light on the real impact of economic pressures on the productivity, financial stability, and overall well-being of Nigerian workers, providing a comprehensive view of their experiences and challenges," the report states.
Despite an over 100% increase in Nigeria's minimum wage from N30,000 to N70,000, the country continues to have one of the lowest minimum wages in Africa.
This new wage structure, set to last for three years, represents a significant departure from the previous one, which was in effect for five years.
Nigeria is currently grappling with an alarmingly high inflation rate of 33.4%, with food inflation nearing 40%. As a result, Nigerian workers remain among the lowest earners globally, with their purchasing power severely eroded by rising prices.
The high inflation rate forces many Nigerians to allocate the bulk of their modest salaries to basic necessities such as food and utilities, leaving little to no room for discretionary spending on luxuries or leisure activities.
This situation demonstrates the harsh economic realities faced by the average Nigerian worker, despite the government's efforts to alleviate their financial burdens through wage adjustments.
Comments