Nigeria's Position Emerges as Report Lists Top 10 African Countries With Highest Workers’ Salary
- Salary continues to be a major factor influencing individuals to accept job offers in many African countries
- Competitive pay across Africa is influenced by favourable economic growth and a high demand for specialised skills
- A new report has listed Morocco, South Africa, Nigeria and others among the top 10 countries with the highest salaries
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Salary plays a significant role in people's willingness to accept employment offers. In many African nations, workers, particularly those in salaried positions, tend to receive competitive compensation.
Source: Getty Images
Over the years, the strong demand for specialist talents across various industries has improved greatly due to positive economic growth. This has led to more competitive salary demand across regions.
A report by The Nation has identified the top 10 African nations where workers receive the highest incomes.
Morocco
Morocco's average pay of $2,031 puts it at the top of the list. This is explained by the nation's diverse economy, which includes thriving industries like mining, tourism, and textiles.
Since obtaining independence in 1956, Morocco has improved its infrastructure and created an investment-friendly climate, which has increased wages in important industries.
South Africa
South Africa comes in second, with an average wage of $2,026 per year. The nation's robust mining and manufacturing sectors, as well as its well-established banking sector, are the main drivers of its higher wage rates.
South Africa has been one of the most industrialized countries on the continent since gaining independence in 1910, which helps explain why incomes there are comparatively high in various industries.
Tunisia
Tunisia comes in third with an average salary of $1,348. In addition to its advantageous location close to Europe, the nation has strong manufacturing, healthcare, and educational sectors.
Since gaining independence in 1956, Tunisia has become a desirable location for highly qualified professionals due to its emphasis on tourism and technology, which has increased wages and opened up new career opportunities.
Kenya
Kenya has an average salary of $1,291, which is driven by the country's rapidly growing economy, important industries like fintech, telecommunications, and agriculture, as well as Nairobi's increasing status as a tech hub.
Since gaining independence in 1963, Kenya has seen economic growth, reflected in its competitive salary offerings.
Algeria
Algeria's economy, which is mostly dependent on the export of gas and oil, produces a lot of money, leading to an average wage of $1,273.
Algeria's natural resources have been a major factor in economic growth and, as a result, increased compensation for workers in important industries since the country's independence in 1962.
Namibia
Namibia benefits from a booming mining industry, especially in diamonds and uranium, as well as its agriculture sector, which generates an average pay of $1,168.
The nation, which attained independence in 1990, has a stable wage structure because of its low population density and wealth of natural resources.
Botswana
Namibia benefits from a booming mining industry, especially in diamonds and uranium, as well as its agriculture sector, which generates an average pay of $1,168.
The nation, which attained independence in 1990, has a stable wage structure because of its low population density and wealth of natural resources.
Nigeria
Nigeria, the biggest oil producer in Africa, has an average wage of $814. Its pay structure is also heavily influenced by the finance and telecoms sectors.
Nigeria, which gained independence in 1960, continues to provide high-paying jobs due to its fast-expanding economy, especially for qualified individuals in technology and finance.
Ghana
Ghana continues to profit from its thriving gold mining business, strong cocoa exports, and oil industry, with an average wage of $748.
The nation has prioritized industrialization since achieving independence in 1957, and its burgeoning technology sector holds promise for future salary increases.
Uganda
Due to the expansion of its agricultural and service sectors, Uganda has the lowest average pay on the list, at $738.
After gaining independence in 1962, Uganda is currently concentrating on growing its industrial and energy sectors, which may contribute to wage increases in the years to come. Nonetheless, there are still large economic gaps, which means that salaries might differ significantly across the nation.
Nigerian banks with highest staff salaries in 2024
Legit.ng reported that an analysis of financial statements of quoted Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion by the banks relative to the same period in 2023.
The development comes amid massive earnings by the banks in the first three quarters of 2024.
Access Holdings Plc incurred a salary cost of N268 billion during the review period, a 140% yearly growth from N111.8 billion in the same period in 2023.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
