56% of finance employees in Nigeria are unhappy with their salaries due to reduced spending power, according to “Inside the Paycheck: Compensation Trends in Nigeria’s Finance Industry” report by Duplo, a Nigerian B2B payment automation startup. Only 3% say they’re satisfied, down from the 14.8% who said they were happy with their compensation in 2023.
The survey gathered responses from 593 finance professionals across finance, technology, manufacturing, oil and gas, consumer goods, real estate, education, and agriculture. Respondents came from large and small organisations with job titles ranging from interns to accountants, chief financial officers, and financial controllers.
90.8% of these professionals said Nigeria’s high inflation and foreign exchange (FX) volatility affected their earnings.
Nigerian workers are grappling with a high cost of living as naira devaluation and rising inflation have put their earnings under pressure, forcing employers to review salaries. While commercial banks have raised staff salaries in response to the macroeconomic condition, 37.7% of the finance employees surveyed reported no salary increase in the past year. Attractive compensation packages are crucial to help companies stay competitive in the finance industry.
Job dissatisfaction is most pronounced among professionals earning less than ₦250,000 monthly. One-third of them say they don’t feel comfortable negotiating higher salaries. Meanwhile, only 7.2% of finance professionals earn over ₦1 million monthly, and professionals within this income band are the most confident negotiating salaries, reflecting a significant income gap in the sector.
This frustration is fuelling talent migration. The report shows that 22.8% of respondents have relocated in the last five years, pursuing better pay and stability abroad. Economic instability, cited by 41.4%, remains the top retention challenge, followed by migration trends (34.5%) and shifting employee expectations (31.7%).
Despite the industry’s talent turnover rate, the report shows that finance professionals increasingly value more than just salaries—they want career growth, work-life balance, and transparent pay structures. Organisations offering inflation-adjusted pay, professional development, and benefits that match these needs can retain top talent.
“Organisations can explore innovative benefits such as flexible work arrangements, performance-based incentives, and adequate technology solutions to retain and get the best from top talent without overburdening their budgets,” said Yele Oyekola, Duplo CEO.
The report also shows a trend in upskilling among financial professionals. Over 79% of finance professionals have pursued training in the last five years, focusing on skills like digital transformation, fintech, cybersecurity, compliance, and data analytics. However, even with better skills, compensation dissatisfaction persists when salaries don’t reflect economic realities.
Retaining skilled professionals is crucial for organisational growth and the sector’s long-term stability. To thrive, businesses have the option of rethinking their compensation strategies and offering growth opportunities that meet employee expectations.
“CFOs and finance leaders need to prioritise transparent and inflation-adjusted compensation packages to mitigate the current economic pressures and give themselves the best chance of retaining talent,” said Oyekola.
