A recent survey conducted by PaidHR, a Nigerian startup specializing in HR management solutions, reveals that the average monthly salary for a worker living in Lagos is N60,000.
This amount falls short of the newly established minimum wage of N70,000, which was signed into law by President Tinubu in June 2024.
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The “State of the Employed” report provides a comprehensive analysis of employment trends across all demographics in Lagos, highlighting that 51% of respondents are between the ages of 19 and 35. Despite being in the prime of their professional development, many young workers struggle financially, with 58% of respondents spending more than their primary income each month, indicating a reliance on multiple jobs to make ends meet.
The report further exposes a significant gender pay gap, with men earning a median salary of N70,000, compared to N50,000 for women. Married men earn 33% more than their female counterparts, while divorced men earn 52% more than divorced women, underscoring ongoing challenges in achieving wage equality.
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Additionally, the report notes that the rising inflation rate in Nigeria, currently at 33.4%, is eroding the purchasing power of workers. Despite the over 100% increase in minimum wage, Nigerian workers remain among the lowest earners globally, forced to allocate most of their modest salaries to basic necessities like food and utilities. This leaves little room for discretionary spending, reflecting the harsh economic realities faced by the average worker in Lagos.
The findings from this survey illustrate the significant financial challenges that continue to plague Nigerian workers, despite government efforts to improve their situation through wage adjustments.