Average Financial Operations Manager Salary in Nigeria for 2024

In this article, we will look at the average Financial Operations Manager salary for 2024 in Nigeria and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Nigerian naira. To keep things simple, we are using the NGN currency code instead of the currency symbol โ‚ฆ.

How Much Does a Financial Operations Manager Make in Nigeria?

A Financial Operations Manager working in Nigeria will typically earn around 7,150,200 NGN per year, and this can range from the lowest average salary of about 3,792,300 NGN to the highest average salary of 10,882,800 NGN.

Average Annual Salary
7,150,200 NGN
Average Monthly Salary
595,850 NGN

Lowest Annual Salary
3,792,300 NGN
Lowest Monthly Salary
316,025 NGN

Highest Annual Salary
10,882,800 NGN
Highest Monthly Salary
906,900 NGN

These are average salaries for a Financial Operations Manager in Nigeria and include benefits such as housing and transport. It's also possible for a Financial Operations Manager to earn more or less than the average salaries shown above.

Financial Operations Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Financial Operations Manager Salaries in Nigeria

So we've looked at the average salaries a Financial Operations Manager will earn in Nigeria. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Financial Operations Manager can earn between 3,792,300 NGN and 10,882,800 NGN on average in Nigeria. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Financial Operations Manager in Nigeria is 6,733,900 NGN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 6,733,900 NGN, and 50% of the population earn more than 6,733,900 NGN.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Financial Operations Manager salary in Nigeria, 25% of the population are earning less than 4,739,800 NGN while 75% of the population earn more than 4,739,800 NGN.

75% of the population earn less than 8,279,300 NGN, and 25% of the population earn more than 8,279,300 NGN.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Financial Operations Manager Salary by Experience Level in Nigeria

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average financial operations manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Financial Operations Manager in Nigeria that has less than two years of experience can expect to earn somewhere in the region of 4,355,800 NGN.
  • 2 - 5 Years Experience. With two to five years of experience the average Financial Operations Manager salary would increase to 5,351,400 NGN.
  • 5 - 10 Years Experience. From five to ten years of experience as a Financial Operations Manager, the average salary would be 7,583,100 NGN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 8,856,100 NGN.
  • 15 - 20 Years Experience. A Financial Operations Manager with 15 to 20 years of experience can earn an average of 9,744,400 NGN.
  • 20+ Years Experience. For a Financial Operations Manager with more than 20 years, the expected average salary increases to 10,306,800 NGN.

Average Salary by Experience Chart

0-2 Years
4,355,800 NGN
2-5 Years +23%
5,351,400 NGN
5-10 Years +42%
7,583,100 NGN
10-15 Years +17%
8,856,100 NGN
15-20 Years +10%
9,744,400 NGN
20+ Years +6%
10,306,800 NGN

Financial Operations Manager Salary by Education Level in Nigeria

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Financial Operations Manager in Nigeria based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Financial Operations Manager in Nigeria with a certificate or diploma education can earn an average salary of 5,351,400 NGN.

  • Bachelor's Degree. A Financial Operations Manager in Nigeria with a bachelor's degree education can earn an average salary of 6,911,700 NGN.

  • Master's Degree. A Financial Operations Manager in Nigeria with a master's degree education can earn an average salary of 9,886,200 NGN.

Average Salary by Education Chart

Certificate or Diploma
5,351,400 NGN
Bachelor's Degree +29%
6,911,700 NGN
Master's Degree +43%
9,886,200 NGN

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Nigeria is around 1,690,000 to 5,080,000 NGN and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Financial Operations Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Nigeria, a male financial operations manager will earn an average of 7,548,300 NGN, while a female financial operations manager will earn around 6,514,800 NGN.

This means that a male financial operations manager earns approximately 16% more than a female financial operations manager for performing the same job.

Average Salary by Gender Chart in Nigeria

Male
7,548,300 NGN
Female -16%
6,514,800 NGN

Financial Operations Manager Average Pay Raise in Nigeria

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Financial Operations Manager in Nigeria is around 12% every 20 months.

The national average pay raise across all professions and industries in Nigeria is around 8% every 19 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 12 ÷ 20 ) × 12  = 7%

What this means is that a Financial Operations Manager in Nigeria can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Nigeria for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Nigeria.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Financial Operations Manager Bonus and Incentive Rates in Nigeria

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Financial Operations Manager is a high bonus based job, with 75% of employees reporting at least one bonus in the last 12 months.

25% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 6% to 8%.

Received Bonus
75%
No Bonus
25%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Nigeria earn approximately 6% more than private sector employees in the same role.

Public Sector
4,162,800 NGN
Private Sector -6%
3,934,900 NGN

Salaries for Jobs Similar to a Financial Operations Manager

In the table below, we have salary information for jobs that are similar to a Financial Operations Manager in Nigeria.

Job Title Category Salary
Account Examiner Accounting and Finance 2,110,600 NGN
Account Executive Accounting and Finance 3,733,300 NGN
Accountant Accounting and Finance 2,854,700 NGN
Accounting Analyst Accounting and Finance 3,323,300 NGN
Accounting Assistant Accounting and Finance 2,146,100 NGN
Accounting Associate Accounting and Finance 1,955,300 NGN
Accounting Clerk Accounting and Finance 1,716,600 NGN
Accounting Coordinator Accounting and Finance 2,533,800 NGN
Accounting Head Accounting and Finance 5,902,400 NGN
Accounting Manager Accounting and Finance 6,048,900 NGN
Accounting Officer Accounting and Finance 2,124,400 NGN
Accounting Specialist Accounting and Finance 3,733,300 NGN
Accounting Supervisor Accounting and Finance 3,805,100 NGN
Accounting Technician Accounting and Finance 2,015,600 NGN
Accounting Unit Controller Accounting and Finance 4,810,800 NGN
Accounts Executive Accounting and Finance 3,769,500 NGN
Accounts Officer Accounting and Finance 2,290,300 NGN
Accounts Payable and Receivable Specialist Accounting and Finance 2,902,500 NGN
Accounts Payable Assistant Accounting and Finance 2,207,600 NGN
Accounts Payable Associate Accounting and Finance 2,617,900 NGN
Accounts Payable Clerk Accounting and Finance 2,026,800 NGN
Accounts Payable Manager Accounting and Finance 5,711,000 NGN
Accounts Receivable Administrator Accounting and Finance 4,270,100 NGN
Accounts Receivable Clerk Accounting and Finance 2,065,400 NGN
Accounts Receivable Financial Analyst Accounting and Finance 4,056,200 NGN
Accounts Receivable Manager Accounting and Finance 5,711,000 NGN
Accounts Receivable Team Leader Accounting and Finance 4,067,600 NGN
Assistant Accountant Accounting and Finance 2,207,600 NGN
Assistant Accounting Manager Accounting and Finance 5,209,200 NGN
Assistant Auditor Accounting and Finance 2,854,700 NGN
Assistant Corporate Controller Accounting and Finance 3,659,400 NGN
Assistant Finance Manager Accounting and Finance 5,784,200 NGN
Assistant Financial Controller Accounting and Finance 3,817,500 NGN
Audit Director Accounting and Finance 6,300,400 NGN
Audit Supervisor Accounting and Finance 5,315,900 NGN
Auditing Clerk Accounting and Finance 2,290,300 NGN
Auditing Manager Accounting and Finance 5,651,400 NGN
Billing Clerk Accounting and Finance 2,230,100 NGN
Billing Coordinator Accounting and Finance 2,557,100 NGN
Billing Specialist Accounting and Finance 2,987,000 NGN
Billing Supervisor Accounting and Finance 4,475,900 NGN
Bookkeeper Accounting and Finance 1,846,200 NGN
Bookkeeping Specialist Accounting and Finance 2,748,900 NGN
Budget Analyst Accounting and Finance 4,633,100 NGN
Budget Manager Accounting and Finance 5,880,300 NGN
Business Support Analyst Accounting and Finance 3,229,900 NGN
Capital Markets Associate Accounting and Finance 4,450,400 NGN
Cash Flow Analyst Accounting and Finance 4,129,300 NGN
Cash Management Manager Accounting and Finance 5,724,700 NGN
Cash Management Officer Accounting and Finance 3,192,300 NGN
Cashbook Clerk Accounting and Finance 1,990,300 NGN
Chartered Accountant Accounting and Finance 3,755,300 NGN
Chief Accountant Accounting and Finance 4,043,600 NGN
Collections Clerk Accounting and Finance 1,716,600 NGN
Collections Representative Accounting and Finance 2,543,000 NGN
Collections Specialist Accounting and Finance 2,976,900 NGN
Corporate Controller Accounting and Finance 4,414,800 NGN
Corporate Treasurer Accounting and Finance 5,567,700 NGN
Cost Accountant Accounting and Finance 2,759,700 NGN
Cost Accounting Manager Accounting and Finance 5,555,200 NGN
Cost Accounting Supervisor Accounting and Finance 4,739,800 NGN
Cost Analyst Accounting and Finance 4,714,900 NGN
Credit and Collection Manager Accounting and Finance 5,698,400 NGN
Credit and Collection Staff Accounting and Finance 2,124,400 NGN
Credit and Loans Officer Accounting and Finance 2,052,200 NGN
Credit Controller Accounting and Finance 3,912,600 NGN
Credit Manager Accounting and Finance 5,663,200 NGN
Debt Adviser Accounting and Finance 4,667,500 NGN
Debt Collector Accounting and Finance 2,184,900 NGN
Debtors Clerk Accounting and Finance 1,896,700 NGN
Debtors Controller Accounting and Finance 2,124,400 NGN
Deputy CFO Accounting and Finance 7,942,800 NGN
Deputy Head of Finance Accounting and Finance 8,062,900 NGN
Derivative Trader Accounting and Finance 4,726,900 NGN
Director of Finance Accounting and Finance 8,545,000 NGN
Economist Accounting and Finance 6,514,800 NGN
Equity Analyst Accounting and Finance 4,895,800 NGN
Escrow Assistant Accounting and Finance 2,579,200 NGN
Executive Accountant Accounting and Finance 3,071,100 NGN
External Auditor Accounting and Finance 4,043,600 NGN
Finance Administrator Accounting and Finance 3,288,400 NGN
Finance Analyst Accounting and Finance 5,209,200 NGN
Finance Associate Accounting and Finance 2,352,500 NGN
Finance Director Accounting and Finance 8,460,900 NGN
Finance Executive Accounting and Finance 6,118,800 NGN
Finance Licensing Clerk Accounting and Finance 2,015,600 NGN
Finance Licensing Manager Accounting and Finance 5,639,700 NGN
Finance Licensing Specialist Accounting and Finance 3,071,100 NGN
Finance Manager Accounting and Finance 7,703,700 NGN
Finance Officer Accounting and Finance 2,819,600 NGN
Finance President Accounting and Finance 8,206,100 NGN
Finance Relationship Manager Accounting and Finance 6,850,500 NGN
Finance Release Analyst Accounting and Finance 3,217,900 NGN
Finance Specialist Accounting and Finance 4,822,700 NGN
Finance Team Leader Accounting and Finance 6,335,800 NGN
Financial Accountant Accounting and Finance 2,854,700 NGN
Financial Actuary Accounting and Finance 4,152,200 NGN
Financial Administrator Accounting and Finance 4,537,100 NGN
Financial Advisor Accounting and Finance 5,063,200 NGN
Financial Analyst Accounting and Finance 5,123,800 NGN
Financial Applications Specialist Accounting and Finance 3,444,200 NGN
Financial Assistant Accounting and Finance 2,352,500 NGN
Financial Associate Accounting and Finance 2,221,600 NGN
Financial Associate Accounting and Finance 2,819,600 NGN
Financial Claims Analyst Accounting and Finance 3,817,500 NGN
Financial Claims Manager Accounting and Finance 4,822,700 NGN
Financial Claims Supervisor Accounting and Finance 4,752,100 NGN
Financial Clerk Accounting and Finance 2,110,600 NGN
Financial Commercial Analyst Accounting and Finance 4,224,200 NGN
Financial Compliance Analyst Accounting and Finance 4,690,500 NGN
Financial Consultant Accounting and Finance 3,934,900 NGN
Financial Controller Accounting and Finance 4,450,400 NGN
Financial Controller Accounting and Finance 4,465,800 NGN
Financial Coordinator Accounting and Finance 2,617,900 NGN
Financial Customer Service Manager Accounting and Finance 5,267,700 NGN
Financial Dealer and Broker Accounting and Finance 3,205,100 NGN
Financial Director Accounting and Finance 8,425,800 NGN
Financial Encoder Accounting and Finance 2,435,600 NGN
Financial Manager Accounting and Finance 7,523,300 NGN
Financial Manager Accounting and Finance 7,572,700 NGN
Financial Policy Analyst Accounting and Finance 4,345,400 NGN
Financial Project Manager Accounting and Finance 5,761,400 NGN
Financial Quantitative Analyst Accounting and Finance 5,029,900 NGN
Financial Reporting Consultant Accounting and Finance 3,970,700 NGN
Financial Reporting Manager Accounting and Finance 5,351,400 NGN
Financial Section Head Accounting and Finance 5,197,600 NGN
Financial Services Manager Accounting and Finance 7,297,800 NGN
Financial Services Sales Agent Accounting and Finance 2,964,800 NGN
Fixed Assets Administrator Accounting and Finance 2,928,100 NGN
Forensic Accountant Accounting and Finance 3,455,900 NGN
Fraud Detection Supervisor Accounting and Finance 3,406,900 NGN
Fraud Prevention Manager Accounting and Finance 5,975,000 NGN
Fund Accountant Accounting and Finance 2,688,800 NGN
Grants Coordinator Accounting and Finance 2,015,600 NGN
Group Financial Manager Accounting and Finance 7,812,200 NGN
Internal Auditor Accounting and Finance 3,696,900 NGN
Internal Control Adviser Accounting and Finance 4,355,800 NGN
Internal Control Officer Accounting and Finance 2,557,100 NGN
International Tax Director Accounting and Finance 6,635,400 NGN
Inventory Accountant Accounting and Finance 3,071,100 NGN
Investment Advisor Accounting and Finance 7,211,600 NGN
Investment Analyst Accounting and Finance 5,651,400 NGN
Investment Associate Accounting and Finance 4,558,700 NGN
Investment Broker Accounting and Finance 4,594,300 NGN
Investment Fund Manager Accounting and Finance 6,433,500 NGN
Investment Operations Manager Accounting and Finance 6,480,800 NGN
Investment Underwriter Accounting and Finance 2,352,500 NGN
Investor Accounting and Finance 3,635,200 NGN
Investor Relations Manager Accounting and Finance 5,412,700 NGN
KYC Team Leader Accounting and Finance 5,412,700 NGN
Loan Processor Accounting and Finance 2,314,800 NGN
Management Accountant Accounting and Finance 3,253,900 NGN
Management Economist Accounting and Finance 6,274,900 NGN
Paymaster Accounting and Finance 2,352,500 NGN
Payroll Administrator Accounting and Finance 3,577,600 NGN
Payroll Benefits Coordinator Accounting and Finance 3,144,700 NGN
Payroll Billing Manager Accounting and Finance 4,981,700 NGN
Payroll Clerk Accounting and Finance 2,508,300 NGN
Payroll Manager Accounting and Finance 5,038,200 NGN
Payroll Officer Accounting and Finance 2,519,500 NGN
Payroll Specialist Accounting and Finance 2,893,600 NGN
Payroll Supervisor Accounting and Finance 3,718,600 NGN
Pensions Administrator Accounting and Finance 2,854,700 NGN
Personal Financial Advisor Accounting and Finance 4,224,200 NGN
Pricing Analyst Accounting and Finance 4,570,300 NGN
Private Equity Analyst Accounting and Finance 5,232,400 NGN
Project Accountant Accounting and Finance 2,976,900 NGN
Proposal Development Coordinator Accounting and Finance 2,401,300 NGN
Receivables Accountant Accounting and Finance 2,566,100 NGN
Regulatory Accountant Accounting and Finance 3,108,200 NGN
Retirement Plan Analyst Accounting and Finance 4,414,800 NGN
Revenue Management Specialist Accounting and Finance 4,860,800 NGN
Revenue Recognition Analyst Accounting and Finance 5,029,900 NGN
Risk Management Director Accounting and Finance 6,552,400 NGN
Risk Management Supervisor Accounting and Finance 5,711,000 NGN
Staff Accountant Accounting and Finance 2,593,900 NGN
Tax Accountant Accounting and Finance 2,773,700 NGN
Tax Administrator Accounting and Finance 3,013,500 NGN
Tax Advisor Accounting and Finance 4,499,000 NGN
Tax Analyst Accounting and Finance 4,320,200 NGN
Tax Associate Accounting and Finance 2,389,200 NGN
Tax Consultant Accounting and Finance 4,309,300 NGN
Tax Director Accounting and Finance 6,648,800 NGN
Tax Examiner Accounting and Finance 3,061,300 NGN
Tax Manager Accounting and Finance 5,651,400 NGN
Tax Research Manager Accounting and Finance 5,989,600 NGN
Teller Accounting and Finance 1,678,300 NGN
Treasury Accountant Accounting and Finance 2,953,200 NGN
Treasury Analyst Accounting and Finance 4,870,300 NGN
Underwriter Accounting and Finance 1,955,300 NGN
Underwriting Assistant Accounting and Finance 1,942,700 NGN
Vice President of Finance Accounting and Finance 7,583,100 NGN

Salary Comparison by City

If you want to compare salaries with different cities in Nigeria, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Benin City 6,624,300 NGN
Ibadan 7,174,700 NGN
Kaduna 6,529,400 NGN
Kano 7,693,200 NGN
Lagos 7,523,300 NGN

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