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Nigerian Naira is the official currency of Nigeria. Its currency symbol is NGN.
English is the official language, with the predominant 3 regional languages being Hausa, Yoruba and Igbo.
The current population of Nigeria is 233.1 Million.
Salaries are most commonly paid monthly.
To start growing your team in the Netherlands, you must establish a local entity- including an account with a local bank, a local office and an address registered as a
subsidiary. This allows you to manage payroll, tax, benefits and compliance for your employees, but can take several months.
Emerald can hire and payroll your workers, quickly and compliantly with their ready to go entity. Make growing your team simple with Emerald as a global partner.
Emerald can hire and payroll your workers, quickly and compliantly with their ready to go entity. Make growing your team simple with Emerald as a global partner.
Hiring employees in Nigeria comes with several advantages and challenges. On the positive side, Nigeria boasts a young and growing workforce with a high level of educational attainment, particularly in urban areas. The large pool of talent, especially in fields such as technology and finance, provides businesses with diverse skills and potential for innovation. Additionally, the cost of labour can be relatively lower compared to other countries, offering economic advantages for employers.
Employing remotely in Nigeria offers several strategic advantages for businesses. The country’s significant and growing pool of tech-savvy professionals, especially in software development and digital services, provides access to high-quality talent at competitive rates. Remote work also helps mitigate challenges related to infrastructural deficits, such as unreliable power supply and traffic congestion, which can affect productivity in traditional office settings. Additionally, remote employment enables companies to tap into Nigeria’s diverse talent across different regions without being limited by geographical constraints, fostering innovation and inclusivity. This flexibility can also lead to cost savings on office space and operational expenses.
Start growing your remote workforce now
pension contributions.
Employee Compensation Scheme.
health insurance.
In Nigeria, the National Health Insurance Scheme aims to provide access to quality and affordable healthcare for all Nigerians. This covers formal sector employees, government employees and certain vulnerable groups, such as low-income families and enrollment is mandatory for employees in the formal sector. Employees contribute 1% of their monthly salary, while employers contribute 3% of the employee’s salary. The government also provides funding for vulnerable groups. The scheme covers numerous healthcare services such as, chronic disease management and emergency services.
Social security contributions are governed by the National Pension Scheme in Nigeria and it provides benefits such as pension, disability, survivor and health insurance. Employees are required to contribute 8% of their monthly salary and employers are required to contribute 10% of the employee’s monthly salary.
Employees are entitled to 12 weeks of maternity leave, 6 weeks either side of birth, whilst receiving her full salary from the employer.
There is no legal requirement for employers to grant paternity leave, although many companies include 2 to 6 days paternity leave as an employee benefit.
There is no mandatory amount of sick leave that an employer must provide. The amount of sick leave and pay is decided by individual employers and should be outlined in the employment contract.
As the legal employer, Emerald Technology requires the following employee documents to ensure complete compliance:
When an employer dismisses an employee it must be with just cause and they must give them notice. The notice period starts from the day after the employer notifies the employee of the termination. Notice must be given in accordance with the following schedule at a minimum:
| Notice Periods: | The notice period in Nigeria is dependent on the length of service: |
If an employee is made redundant, they are entitled to a payment based on years of continuous service.
| Severance Pay: | In Nigeria severance pay is not mandatory by law, although it is often agreed between the employer and the employee. The pay is typically formulated on the length of service of the employee. |
Full time workers in Nigeria are entitled to a minimum of 6 days annual leave after a year of continuous work.
70,000 Naira per month.
Working Hours are 40 hours per week – 5 days of 8 hours. Overtime in nigeria, employers must pay 150% of the normal salary for overtime hours.
Monthly.
There is no legal requirement in Nigeria for a 13th or 14th-month salary or bonus. However, many companies offer annual bonuses or profit-sharing as part of their compensation packages.
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