The field of economics deals with how people make use of and exchange limited resources such as food, labour, minerals, and, finance. Economics professionals are known as economists. These professionals have become a key player in planning and how resources are to be distributed putting certain factors into consideration.
The salary of economists in Nigeria typically ranges from 50,000 Naira and rises to 440,000 Naira. Included in the salary are bonuses, transport, housing, and other benefits entitled to the employee as provided by the employer.
What is Economist Salary in Nigeria
We will not only discuss the function and job specialization of economists in this informative but in addition to our discussion is the monthly take-home of an economist in Nigeria.
Economists are conceived as experts when it comes to scarcity and choices. These professionals have been expertly trained to research and analyze complex data and statistics to provide financial advice to businesses.
Economists investigate and monitor economic trends, as well as develop statistical models to forecast future developments. Presently, the recommendations and advice of economists are valued by employers on the potential impact of policies and investments.
Now that you have seen the importance of this profession, you may begin to have an interest. To further help you make an informed decision, we also discuss the monthly salary of economists which is our main discourse today.
Economist Salary in Nigeria
The salary of economists in Nigeria typically ranges from 50,000 Naira and rises to 440,000 Naira. Included in the salary are bonuses, transport, housing and other benefits entitled to the employee as provided by the employer.
Also, the salary paid differs considering factors such as years of work experience, skills, academic qualification, job level, region, and the type of organization.
Note that you can earn higher than the stated amount or less depending on your employer, or any of the above-stated factors.
The average salary represents the middle salary economists can earn monthly. So, the average salary of economists in Nigeria is 150,000 Naira per month.
However, some economists earn less than the average salary stated above, especially newly employed employees at the entry-level; at the same time, there are those whose monthly salary is more than the average salary.
Entry Level Salary
The entry-level salary paid to newly employed economists begins from 46,900 Naira to 55,000 Naira per month.
Entry-level salary is usually the basic salary paid to new employees. This is the minimum salary that is paid in the industry and it can increase over the years just as your work experience increases vis-à-vis your job level.
Senior Level Salary
The Senior-level salary of air hostesses is higher than that of the entry-level salary and the average salary. Employees with high years of work experience typically from 10-years and above, and higher job levels are those paid the senior-level salary.
From what we gathered, the senior-level salary of economists in Nigeria is 220,000 Naira per month.
If your monthly salary is in this range, it means you are among the high earners in this profession.
Where can they Work?
The services of economists are needed in almost every sector including the local and national government, public and private. Their job description is the reason why the profession has high job opportunities making them fit into different organizations.
If you are interested to become or you already are an economist, it will interest you to know the various places where you can work and discharge your duty.
- Government agencies
- Stock Exchange
- Insurance companies
- Accountancy firms
- Non-governmental organizations
- Agricultural companies
- Academic institutions (secondary and tertiary)
- Manufacturing companies
- Financial consultancy firms, and more
With that being said, you might want to check out the organizations under the different sectors above where you can find a job.
Ensure you have all the requirements including the educational qualification so that you won’t be turned down or disqualified.
Types of Jobs available for Economists
Now that you have a vivid idea concerning economists’ salaries in Nigeria, I believe you are curious about the various types of jobs that they do? Economists have a robust job specialization which makes it easy for them to adapt to any organization.
We were able to identify several types of the job done by these professionals. They are:
- Actuarial analyst
- Chartered accountant
- Compliance officer
- Data analyst
- External auditor
- Financial risk analyst
- Investment analyst
- Political risk analyst
- Risk manager
- Business development manager
- Civil Service fast streamer
- Data scientist
- Diplomatic service officer
- Local government officer
- Management consultant
- Policy officer
Now that you are aware of the different types of jobs that you can do as an economist, you should seize the moment to prepare your application and apply.
Roles / Duties of Economist
Because of economists’ vast job specialization, they perform different responsibilities depending on the role assigned to them by their employers.
As an economist, your roles and responsibilities include:
- Information gathering from multiple sources
- Analyzing huge data
- Forecasting future market requirements
- Establishing training or investment needs
- Assessing the viability of a proposed project
- Preparing reports
- Meeting with colleagues and clients over business discussions
These are not all of the roles they perform but they are the major and most important duties. More so, these duties are to be carried out professionally and with excellence to promote the productivity of the organization.
How to Become an Economist
Becoming an economist is not different from that of other professions. The basic requirement is education.
The field of economics has provisions for diploma and degree qualification courses. You can apply for the one that best appeals to you, especially the one that you can afford.
Also, depending on the qualification course you applied for, the course usually takes a minimum of 4-5 years for a bachelor’s degree and higher diploma or 2-years for an ordinary diploma.
All you need do is to apply for the course and ensure you have the prerequisites. You must know that the requirements are not only limited to secondary school grades alone, but other criteria include your abilities, analytic skills, and confidence.
If you’ve made up your mind to become an economist because it is a good career for you, it is important to be aware of the skills that you need to possess.
The essence of pursuing economic training is to learn subject-specific skills that will enable you to apply economic principles and models. Also, you will gain an understanding of the large driving forces that shape social policy and financial markets, as well as skills in statistical analysis.
Other valuable skills of an economist include:
- Exceptional interpersonal skills
- Outstanding customer relations experience
- Computer skill
- Time management
- Numeracy: Ability to handle complex data
Economics is a nice and decent profession considered to be one of the most formidable careers in the financial sector. Aside from the enticing and exciting work environment, the decent salary scale is another motivating factor why you should take up the profession. From our discourse, you have found out the amount these professionals earn. As such, it is up to you to make up your mind to study the course to become an economist, or you’ll find an ideal course that you think is better for you.