Nigeria takes stand as report lists 10 countries with highest wages for workers

• Salary is still the main factor influencing people’s acceptance of job offers in many African countries.
• Competitive wages in Africa contribute to favorable economic growth and high demand for specialized skills.
• A new report lists Morocco, South Africa, Nigeria and others among the top 10 countries with the highest salaries.

Legit.ng journalist Zainab Ivayemi has five years of experience in economics, technology and capital markets.

People’s willingness to accept job offers is largely influenced by their salary, and in many African countries workers, especially those in salaried positions, receive competitive wages.

Over the years, the high demand for talent in a number of industries has increased significantly due to positive economic growth. Over the years, this has led to increased competitiveness of wage demand across different regions.

The Nation report identifies the top 10 African countries where workers earn the highest incomes.

Morocco

The average salary in Morocco is $2,031, placing the country at the top of the list. This is due to the country’s diverse economy, which includes thriving industries such as mining, tourism and textiles.

Morocco has improved infrastructure and created an investment-friendly climate since independence in 1956, leading to higher wages in important industries.

South Africa

South Africa, with an average salary of $2,026 per year, ranks second. The country’s robust mining and manufacturing sectors, as well as its well-established banking sector, are the main drivers of higher wage rates.

South Africa has been one of the most industrialized countries on the continent since independence in 1910, which helps explain why incomes there are comparatively high across a range of industries.

Tunisia

Tunisia ranks third with an average salary of $1,348. In addition to its advantageous location close to Europe, the country has strong manufacturing, healthcare and education sectors.

Since independence in 1956, Tunisia has become a desirable destination for highly skilled professionals due to its emphasis on tourism and technology, which has led to increased wages and opened up new career opportunities.

Kenya

The average salary in Kenya is $1,291, driven by the country’s rapidly growing economy, important industries such as financial technology, telecommunications and agriculture, and Nairobi’s growing status as a technology hub.

Since independence in 1963, Kenya has experienced economic growth, which is reflected in competitive salary offers.

Algeria

Algeria’s economy, which mainly depends on gas and oil exports, produces a lot of money, resulting in an average wage of $1,273.

Algeria’s natural resources have been a major factor in economic growth and resulting wage increases for workers in important industries since the country’s independence in 1962.

Namibia

Namibia benefits from a booming mining industry, especially diamonds and uranium, as well as its agricultural sector, with an average wage of $1,168.

The country, which gained independence in 1990, has a stable wage structure due to its low population density and wealth of natural resources.

Botswana

Namibia benefits from a booming mining industry, especially diamonds and uranium, as well as its agricultural sector, with an average wage of $1,168.

The country, which gained independence in 1990, has a stable wage structure thanks to its low population density and wealth of natural resources.

Nigeria

The average wage in Nigeria, Africa’s largest oil producer, is $814. The salary structure is also heavily influenced by the financial and telecommunications sectors.

Nigeria, which gained independence in 1960, continues to provide high-paying jobs with a booming economy, especially for skilled professionals 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 country has prioritized industrialization since independence in 1957, and its growing technology sector promises future wage increases.

Uganda

Due to the expansion of the agriculture and services sector, Uganda has the lowest average salary on the list at $738.

Since gaining independence in 1962, Uganda is now concentrating on developing its industrial and energy sectors, which could help raise wages in the coming years. However, large economic gaps still exist, meaning salaries can vary widely across the country.

Nigerian banks with highest employee salaries in 2024

Legit.ng reported that an analysis of the financial statements of listed Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages, representing a 91% annual growth from N564.7 billion. for the same period in 2023.

This development comes against the backdrop of huge earnings for banks in the first three quarters of 2024.

During the period under review, Access Holdings Plc incurred payroll costs of N268 billion, up 140% per annum from N111.8 billion in the same period in 2023.

Source: Legit.ng