Highest Paying Jobs for Economics Majors in Nigeria 2024

Joe McGoldrick
May 27, 2024 · 12 min read

If you are an economics major in Nigeria, you may be wondering what kind of career options are available to you after graduation.

Fortunately, the skills you acquire during your studies can be applied to a wide range of fields, from finance and business to public policy and research. 

In this article, we will take a closer look at the top 10 highest paying jobs for economics majors in Nigeria.

Highest Paying Jobs for Economics Majors in Nigeria 2024 - Top 10

1. Financial Manager

As an financial manager, you will be responsible  responsible for overseeing and managing the financial activities of an organization. This may include tasks such as creating and implementing financial plans, analyzing financial data and reports, developing budgets, managing investment portfolios, and making strategic financial decisions.

Additionally, you may be responsible for managing financial risk, ensuring compliance with regulations and laws, and providing financial guidance and advice to other departments and executives within the organization. Ultimately, your goal as a financial manager is to help your organization achieve financial stability, profitability, and success. 

To be a successful financial manager, you must have a strong foundation in finance and accounting, as well as a thorough understanding of relevant industry regulations and best practices.

Beyond these technical skills, effective financial managers must also be excellent communicators, able to clearly explain complex financial concepts and strategies to both colleagues and clients. They will often be responsible for leading and training staff members. 

The average salary for a financial manager in Nigeria is around ₦350,000 per month

2. Financial Analyst 

A financial analyst is similar to an economic analyst, but with a focus on financial markets and investments. You will use your knowledge of economics to analyze stocks, bonds, and other financial instruments, and make recommendations to clients based on your findings.

As a financial analyst, you will also be responsible for monitoring and interpreting financial news and trends, creating financial models and forecasts, and evaluating the performance and risk of investment portfolios. You may work for a financial institution, such as a bank or investment firm, or for a corporation or government agency.

To become a financial analyst, you typically need at least a bachelor's degree in finance, economics, or a related field. Some employers may prefer or require a master's degree or professional certification, such as a Chartered Financial Analyst (CFA) designation.

Strong communication and analytical skills are essential for success as a financial analyst, as you will need to explain complex financial concepts to clients and colleagues and make informed investment decisions based on data analysis. A strong understanding of financial markets, including current events and economic trends, is also crucial. 

The average salary for a financial analyst in Nigeria is around ₦350,000 per month.

financial analyst

3. Investment Banker 

As an investment banker, you will help companies and governments raise capital by underwriting and selling securities. You will also provide advice on mergers and acquisitions, and help your clients navigate complex financial transactions.

In this role, you will work closely with clients to review and evaluate their financial status and determine the appropriate strategy to achieve their financial objectives. You will also analyze market trends and assess risks associated with various investment options.

Your responsibilities will include developing financial models, preparing investment proposals, and coordinating with other professionals such as lawyers and accountants. You will also need to build relationships with investors, manage a team of analysts, and ensure compliance with regulatory requirements.

To be successful in this role, you will need excellent analytical and problem-solving skills, as well as strong communication and interpersonal skills. You will also need to have a deep understanding of financial markets, investment products, and regulatory requirements. Overall, working as an investment banker can be a challenging but rewarding career path for those who thrive in a fast-paced and dynamic environment.

The average salary for an investment banker in Nigeria is around ₦500,000 per month.

4. Economist 

As an economist, you will study and analyze economic issues, such as inflation, unemployment, and economic growth. You will use your knowledge to develop policies and strategies that help to improve economic conditions.

In addition to analyzing economic issues, economists also investigate the factors that influence economic activity, such as consumer behavior, business practices, and government policies. They may conduct surveys, collect data, and use statistical methods to analyze economic trends and patterns.

Economists work in a variety of settings, including government agencies, consulting firms, nonprofit organizations, and private businesses. They may focus on specific areas, such as healthcare economics or environmental economics, and work on particular projects, such as developing a cost-benefit analysis or evaluating the economic impact of a new policy.

Overall, economists play a critical role in shaping economic policy and helping to promote greater economic stability and growth. Their work affects everyone, from individual consumers to large corporations and entire nations, making economics a vital and dynamic field of study.

The average salary for an economist in Nigeria is around ₦300,000 per month.

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5. Actuary

An actuary uses mathematical and statistical models to assess and manage risk. You will work for insurance companies, pension funds, and other financial institutions, helping them to determine the likelihood of certain events and calculate appropriate premiums or reserves.

Additionally, as an actuary, you will analyze data and create models to help these organizations make more informed decisions when it comes to investments, asset allocation, and financial planning. You will also be responsible for monitoring and managing risk over time, regularly updating models and making recommendations for any necessary changes.

Strong analytical and problem-solving skills are essential in this field, as is an aptitude for both written and oral communication. Additionally, proficiency in computer programming languages like Python and R is becoming increasingly valuable in the actuarial profession.

Overall, the work of an actuary is crucial in helping companies and individuals plan for the future and manage financial risk effectively.

The average salary for an actuary in Nigeria is around ₦400,000 per month.

actuary

6. Statistician 

As a statistician, you will use statistical techniques to analyze data and solve problems in a wide range of fields, from healthcare and education to social sciences and finance. You will collect and interpret data, design experiments, and develop models to help organizations make decisions based on data.

Your job may involve gathering and organizing data from surveys, experiments, or other sources, cleaning and checking the data for accuracy, and determining the appropriate statistical methods to use. You may also work on developing predictive models or analyzing complex data sets using advanced statistical software.

One important part of your job will be communicating your findings to others, including non-technical stakeholders. This may involve creating reports, presentations, or visualizations that clearly and accurately convey your analysis and recommendations. It is also important to keep up-to-date with new statistical methods and technologies in order to provide the most accurate and effective solutions for your clients or organization.

Overall, as a statistician, you will play a crucial role in helping organizations make data-driven decisions, solve complex problems, and achieve their goals more efficiently and effectively.

The average salary for a statistician in Nigeria is around ₦400,000 per month.

7. Management Consultant 

As a management consultant, you will work with organizations to improve their performance and profitability. You will analyze business processes, identify inefficiencies, and recommend solutions to help your clients achieve their goals.

Your job will involve working with different stakeholders, including executives, managers, and employees, to understand their needs, challenges, and objectives. You will use a variety of strategies and tools to assess the organization’s strengths and weaknesses, such as SWOT analysis, financial analysis, and operational analysis. Based on your findings, you will develop and implement strategies to optimize processes, streamline operations, and maximize profits.

Your role will require you to be a problem solver, critical thinker, and excellent communicator. You will need to work independently and as part of a team, and be able to manage multiple projects and deadlines. As a consultant, you will be expected to stay up-to-date with industry trends and best practices, and use this knowledge to develop innovative solutions for your clients.

To be successful as a management consultant, you should have a strong business acumen, excellent analytical skills, and a deep understanding of organizational dynamics. You should also have strong interpersonal skills and the ability to build relationships with clients and stakeholders. A degree in business, management, or a related field is typically required, as well as experience in consulting or a similar role. Certification from a recognized consulting body may also be beneficial

The average salary for a management consultant in Nigeria is around ₦300,000 per month.

8. Accountant 

As an accountant, you will be responsible for preparing financial statements, managing budgets, and ensuring compliance with tax laws and regulations. You will also provide advice to businesses and individuals on financial matters.

Additionally, you will be responsible for maintaining accurate financial records, analyzing financial data to identify trends and areas for improvement, and identifying potential risks and opportunities for your clients.

As an accountant, you may work in a variety of industries, including public accounting firms, corporations, government agencies, and nonprofit organizations. You may specialize in areas such as taxation, auditing, financial planning, or forensic accounting. Strong analytical skills, attention to detail, and excellent communication skills are essential for success in this field.

The average salary for an accountant in Nigeria is around ₦200,000 per month.

accountant

9. Market Research Analyst 

As a market research analyst, you will help companies understand their customers, competitors, and market trends. You will design and conduct surveys, analyze data, and present your findings to your clients.

Your job will involve gathering and interpreting information about consumer behavior, preferences, and attitudes. You will use statistical software and analytical tools to process and analyze large amounts of data, spotting trends and patterns that could be valuable to your clients.

You will also be involved in developing and implementing research strategies, designing questionnaires, and gathering data from primary and secondary sources. This may involve conducting interviews, focus groups, and online surveys.

Your research will help clients develop new products, strengthen their brands or market position, and make informed decisions about pricing, advertising, and promotions. You may also identify new market opportunities and gauge the potential demand for new products or services.

Key skills for this role include strong analytical abilities, excellent communication and presentation skills, and a knowledge of statistical methods and research techniques. You will also need to be comfortable working with data and be able to interpret complex information in a meaningful way for clients.

The average salary for a market research analyst in Nigeria is around ₦350,000 per month.

10. Data Scientist 

As a data scientist, you will use statistical and computational techniques to analyze large datasets and extract insights. You will work in a wide range of fields, from healthcare and finance to marketing and social sciences, helping organizations to make data-driven decisions.

Your role as a data scientist will involve defining problems, designing experiments or studies to collect data, cleaning and transforming data, and analyzing and visualizing data. You will use various statistical and machine learning techniques, such as regression, clustering, classification, and deep learning, to build models that can predict future outcomes or identify patterns in the data. You will also communicate your findings to stakeholders in a clear and concise manner and make recommendations based on your analysis.

To be a successful data scientist, you will need a strong foundation in mathematics, statistics, computer science, and domain knowledge in the field you are working. You will also need excellent problem-solving and communication skills, as well as the ability to work with large and complex datasets in different programming languages, such as Python, R, or SQL.

As the demand for data scientists continues to grow, it is a rewarding and challenging career path that offers opportunities for professional and personal growth, as well as the ability to make a meaningful impact on society through data-driven decision-making.

The average salary for a data scientist in Nigeria is around ₦350,000.

Conclusion

In conclusion, there are many high paying job opportunities available for economics majors in Nigeria. From economic analysts and financial analysts to investment bankers and economists, the skills you acquire during your studies can be applied to a wide range of fields.

By pursuing one of these careers, you can put your knowledge of economics to use and make a meaningful impact on the economy and society. Whether you are interested in finance, research, or public policy, there is a job out there that is perfect for you.

So, consider the options listed in this article and start your journey towards a fulfilling and lucrative career in economics.


Looking to expand your skillset and get a high-paying career in economics?

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. Download the free report today!

Want to take your economics career even further? Consider how an online BBA or online MBA can help you develop these skills and increase your earning potential by showing you the skills to become an effective manager.


FAQs

What is the minimum qualification required for high paying jobs in economics in Nigeria?

The minimum qualification required for high paying jobs in economics in Nigeria is a bachelor's degree in economics. However, some employers may require a master's degree or relevant professional certifications.

How much work experience is needed to get a high paying job in economics in Nigeria?

The amount of work experience required to get a high paying job in economics in Nigeria varies depending on the position and the employer. Some employers may require several years of relevant work experience, while others may offer entry-level positions for recent graduates.

What skills are required to succeed in high paying jobs for economics majors in Nigeria?

To succeed in high paying jobs for economics majors in Nigeria, you will need a strong analytical and quantitative skillset, as well as excellent problem-solving, communication, and critical thinking skills. You will also need to be proficient in the use of relevant software and tools, such as statistical software and databases.

Learn how to develop the most in-demand skills for your future career!

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. 

Download the free report today!

What industries offer the highest paying jobs for economics majors in Nigeria?

Industries that offer the highest paying jobs for economics majors in Nigeria include finance, investment banking, consulting, government, and research. However, there are also opportunities in healthcare, education, and technology.

How can I improve my chances of getting a high paying job in economics in Nigeria?

To improve your chances of getting a high paying job in economics in Nigeria, you should focus on building a strong academic and professional background, gaining relevant work experience, networking with industry professionals, and staying up-to-date with the latest trends and developments in the field. You can also consider pursuing additional certifications or advanced degrees to enhance your skills and knowledge.


Looking to expand your skillset and get a high-paying career in economics?

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. Download the free report today!

Want to take your economics career even further? Consider how an online BBA or online MBA in Nigeria can help you develop these skills and increase your earning potential by showing you the skills to become an effective manager. Regardless of your physical location.

About the author
Joe McGoldrick
Joe McGoldrick

Known for strategy and attention to detail

Joe has more than 10 years of marketing experience, working within the public sector, client-side, and agency side.

He is passionate about using data and customer insights to improve marketing performance.

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