Having knowledge of account manager salary in Nigeria is important to both prospective employees and employers.
Account managers play a fundamental role in driving sales, managing client relationships, and fostering business growth.
Awareness of the average remuneration, influencing factors, and geographical disparity will help the professionals negotiate good remuneration and improve prospects for businesses in providing attractive packages.
In this detailed blog post, various aspects and statistics of account manager salaries in Nigeria shall be presented.
Also See: Senior Accountant Job Description (Skills, Qualifications, Responsibilities)
Overview of Account Manager Roles
The role of account managers is crucial when it comes to maintaining and nurturing client relationships.
They act as the liaison between the organization and the customers, ensuring the delivery of services to the customer’s contentment.
Typical responsibilities of an account manager include:
- Overseeing the clients’ portfolios and making sure that their needs are met
- Identifying opportunities for account growth
- Synchronizing with internal teams to fulfill client requirements
- Documenting and sharing clients’ performance data with them
Due to their importance in growing the income of any organization, account managers are regarded as valuable assets in any industry.
Average Salary of Account Managers in Nigeria
Going by the information provided by Payscale, an account manager in Nigeria is estimated to earn an annual average of about ₦1,423,723.
However, this amount can change depending on several other factors such as experience, education, industry as well as location.
Account Manager Salary by Experience Level in Nigeria
Salary goes hand in hand with experience. Below is a breakdown of average annual salaries depending on the years of experience:
- Entry-Level (0-2 years): NGN 1,200,000 – NGN 1,500,000
- Mid-Level (3-5 years): NGN 2,000,000 – NGN 2,500,000
- Senior-Level (6-9 years): NGN 3,000,000 – NGN 3,500,000
- Executive-Level (10+ years): NGN 4,000,000 or higher
Salary by Education Level in Nigeria
In addition to experience level, higher education qualifications also have an impact on how much salary an account manager can earn.
The following is the impact of higher education on the salary of the position of account manager:
- OND/Diploma: NGN 1,500,000/year
- Bachelor’s Degree: NGN 2,000,000/year
- Master’s Degree: NGN 3,000,000/year
- Professional Certifications: Can add an extra 10-20% to the base salary
Account Manager Salary by Industry in Nigeria
Below is the Industry Benchmarks and Average Salaries of account managers
| INDUSTRY | AVERAGE SALARY (NGN) |
| Finance/Banking | 6,000,000 – 12,000,000 |
| Manufacturing | 8,000,000 – 18,000,000 |
| IT/Technology | 6,000,000 – 14,000,000 |
| Marketing/Advertising | 6,000,000 – 12,000,000 |
| FMCG (Fast-Moving Consumer Goods): | 3,000,000 – 6,000,000 |
| Oil & Gas | 6,500,000 – 13,000,000 |
Regional Salary Differences of Account Manager
Location within Nigeria can also influence the level of salary of an account manager. Larger cities usually provide better pay because of the high cost of living as well as more business opportunities.
Below are account managers’ salaries by cities
| CITY | AVERAGE SALARY (NGN) |
| Lagos | 4,626,250 |
| Abuja | 4,000,000 |
| Port Harcourt | 3,200,000 |
| Kano | 3,800,000 |
| Benin City | 3,500,000 |
| Asaba | 3,500,000 |
| Ibadan | 4,500,000 |
Benefits and Bonuses of Account Manager
Apart from the base salary, account managers often receive additional compensation in the form of bonuses and benefits. Common perks include:
- Performance Bonuses: Typically range from 5% to 20% of annual salary
- Health Insurance: Comprehensive health plans covering medical, dental, and vision
- Retirement Plans: Contributions to pension schemes
- Paid Time Off: Varies but generally includes vacation, sick leave, and public holidays
- Professional Development: Funding for courses, certifications, and conferences
Factors Affecting Account Manager Salaries in Nigeria
In Nigeria, several factors affect the variation in salaries of account managers of different levels.
Examples of the factors include:
Experience: Management-level account managers with more than 5 years of experience make up to 50% more than the professional entry-level
Industry: There are differences in salary between industries and sectors with those dealing with finance and banking paying the highest average salary
Location: Larger cities like Lagos and Abuja are expected to pay higher salaries than the smaller cities
Qualifications: Membership qualification or other professional certifying bodies like CIM or CIMA can greatly increase the earning capacity
Job Outlook And Demand For Account Managers
In the coming years, there will be more demand for account managers in Nigeria owing to the growth of the economy and the number of businesses.
A report by McKinsey & Company shows that the economy of Nigeria is expected to grow at a rate of 4% a year, which is likely to increase the need for skilled account managers.
Account Manager’s Skills in Demand
Having the ability to possess a blend of technical and soft skills would also place the account manager in a position to command a higher salary. In this skill set, particular attention is paid to:
- Sales and Negotiation: Very important when one has to acquire and retain clients
- Communication: The ability to communicate effectively in both oral and written form is important
- Analytical Skills: The use of tools to collect and analyze data in order to obtain results
- Project Management: Managing several projects at once in the appropriate way
- Customer Relationship Management (CRM): Comfortable with CRM applications such as Salesforce or HubSpot.
Future Salary Trends for Account Managers in Nigeria
With an increase in economic development comes a confirmation that the demand for competent Account Managers would also improve. Especially in sectors such as technology, telecommunications, and banking, where the demand for these professionals is predicted to grow creating activities that will increase salary levels.
Looking at the report drawn up by PwC, the growth of the middle class in Nigeria alongside technology is forcing employers to spend more on account management.
Over the next five years, the number of Account Managers required is forecasted to increase by 15 percent which will increase the salaries, particularly in the given industries, with fintech and e-commerce being among the more active ones.
Conclusion
The account manager salary in Nigeria varies significantly based on experience, industry, location, and qualifications.
By utilizing the appropriate strategies for negotiation and the necessary skills, account managers can earn very good pay and rewards. If you are a potential account manager, knowledge enhancement and experience acquisition will aid you significantly in increasing your earning power.
FAQs – Account Manager Salary in Nigeria: 2024 Review
Is account manager a high position?
An account Manager is an entry- or mid-level worker in an organization who undertakes the primary managerial responsibility of a particular business account on a day-care basis.
He/She works primarily within mainly ‘client satisfaction’ relationship and less on ‘trying to sell something.’
What Do Account Managers Do?
Although account managers typically have a permanent office for undertaking their duties, they are sometimes required to move about to hold and make presentations’ to some of their clients.
Apart from keeping track of all the products of their company, account managers are also required to remain informed about new inventions and developments in the industry and how these would impact the business of the clients and their expectations.
How much is an account manager paid?
According to data from Glassdoor, account managers are paid between NGN 121,000 and N423,000 on average per month.
Note: Salary figures are subject to change and may vary based on specific company requirements and other factors.