Monday

Unsatisfied With Your Income? Here’s How You Can Improve it




A saying goes like this “employees work just enough not to get fired and employers pay just enough so workers don’t quit.” Any employee in Nigeria knows that statement is true.




The situation of the Nigerian labour market is worrisome. Many people have been dismayed by the recent developments and have quickly searched for greener pastures abroad. This is why there have been complaints of brain drain. Let’s do a quick appraisal of the facts from researches conducted by the Nigerian Bureau of Statistics and other relevant bodies regarding this subject. 

A glance at facts

According to the latest numbers released by the NBS in December, 2017, the current employment in Nigeria stands at 18 million. This figure also includes those who are underemployed. A check at the unemployment (and underemployment rate) shows that the figure has been worsening every quarter for the last 2 years.

While our population is estimated to be 180 million people (or more), our labour force is actually lower. Very low that it’s not up to half of that figure. The exact number of the Nigeria’s working population (employed and unemployed) is 69 million

Juxtaposing these two facts side by side invariably means that 1 in every 4 Nigerians is either unemployed or underemployed. Perhaps, this explains why the crime rate in the country is so high and why many youths either loiter the cyberspace or sit together in groups from morning till night in some neighbourhoods. The hard truth is, jobs are limited in Nigeria and the available ones are not all good enough for employees. 

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Nigerian minimum wage in comparison with other countries around the world

While the Nigerian minimum wage remains transfixed at N19, 800, every other thing has increased. The current wage bill was approved when inflation was at single digit and has since not reflected the rise in the inflation rate to double digit. Here’s a list of 10 minimum wage rates across the world.  

  • 1.       Nigeria - $35 - (N18, 000)
  • 2.       Algeria - $135 - (N83, 000)
  • 3.       Belgium – $1, 738 - (N810, 000)
  • 4.       Cameroun – 36, 270CFA - (38,000)
  • 5.       Chad - $120 - (N60,000)
  • 6.       Denmark - $1, 820 - (N900, 000)
  • 7.       Libya – $430 - (N190, 000)
  • 8.       Cote Di’voire – 36, 607CFA
  • 9.       Spain - $760 - (N300,000)
  • 10.   Luxemburg - $2,500 - (1.1m) 

The above was a comparison carried out in the first quarter of 2017. Evidently, many African countries have higher minimum wage than Nigeria.

A look at one more report

A research report was carried out last year by Lagos-based online platform, Stutern, to determine how much Nigerian graduates earn. After its research, Stutern released surprising (or not too surprising) statistics about the salary distribution of employed graduates. The research made use of data available from 2010-2016. Here’s the statistics they published.
1.       25 percent of employed graduates earn less than N20, 000 monthly.
2.       52 percent of employed graduates earn  N20,000 to N50, 000 monthly
3.       15 percent of employed graduates earn N50,000 to N100,000 monthly
4.       6 percent of employed graduates earn N100, 000 to N150, 000 monthly.
5.       And only about 2 percent earn above N150, 000. 

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Would the whole salary structure change in Nigeria soon?

This is one question that many people would wish to answer with a “yes.” However, it may not be so any time soon as the pattern in the statistics released by the Nigerian Bureau of Statistics (NBS) have indicated. 

How then can you increase your monthly income?

The above presentation of facts was necessary so you can wake up (if you have been sleeping) to the current reality on ground. 

While there’s no guarantee that there would be rapid increment in how much you take home monthly, you actually have the power to increase your income. Quite a number of Nigerians have discovered this fact and have come to terms with it. Rather than sit and lament and wish something could change, they took a different approach to earning by working online.

Working online is a tested and trusted way of earning income online. It can serve as an alternative source of income or even your main source of income (if you want it to and work towards it.) You can still work online even if you have your regular job.

While a lot of people have been confused about how to begin, the two reliable ways in which Nigerians have been earning through working on Fiverr and through Affiliate marketing.
Here’s a quick explanation of the two opportunities and how you can profit from them. 

Work on Fiverr (Freelance): Fiverr is making millionaires of broke Nigerians like never before! There are many success stories on Nairaland of people who started with almost nothing and worked online till they started buying all the stuff they ever wanted. If you’re seeking for all the information you need to start earning, you can find it here.

Work on Clickbank (Affiliate Marketing): While many Nigerians are part of local affiliate programs and think it’s the best there is, there are more profitable affiliate programs overseas like EBay, Amazon, ShareASale, Paydotcom etc. One of the best affiliate programs globally is Clickbank. If you need all the information you need to begin earning on Clickbank, click here.



 
In summary

Things may not improve in Nigeria, but it’s up to you to improve things that personally concern you. Rather than complain that your income is never enough to pay the bills and for savings, you can take a conscious choice of improving your income today. 

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