Nigeria
NIGERIA

Employer of Record

EMPLOYER OF RECORD

Employ is a trusted provider of Employer of Record (EOR) solutions for businesses looking to expand in the Asia Pacific, Africa, Europe, and America, covering end-to-end employment services for the remote workforce. We specialize in Outsourced Payroll Services, Remote Staffing, and Visa Services. In addition, we bring a centralized approach to HR management, Payroll & Benefits, and Legal Compliance wherever your staff may be.

213.2 MILLION

total population in 2021

445 BILLION USD

expected GDP in 2023

Nigeria has the potential to become one of the world’s most powerful economies. It boasts the largest population in Africa, with more than 65% of the people under the age of 25. Nigeria’s administration is based on a democratic presidential system, and despite recent socio-political unrest, the future appears to hold more potential. The country is heavily reliant on oil and gas revenues. Nigeria makes an effort to diversify the economy, with consumer goods and retail, real estate, agriculture, and infrastructure all exhibiting significant developments. Its GDP is projected to trend around 445 USD Billion in 2022.

PUBLIC HOLIDAYS: 12

  • New Year’s Day – January 1
  • Good Friday – varies
  • Easter Monday – varies
  • Labour Day – May 1
  • Children’s Day – May 27
  • Id el Fitri – varies
  • Democracy Day – June 12
  • Id el Kabir – varies
  • National Day – October 1
  • Id el Maulud – varies
  • Christmas Day – December 25
  • Boxing Day – December 26

 

SOCIAL SECURITY AND TAXATION

Pension contributions

  • Employer Contribution: 10% (required to give life insurance coverage for employees)
  • Employee Contribution: 8%

National Housing Fund (NHF) contributions

  • Employee Contribution: 2.5%

Income Tax: 7%-24%

Capital Gains Tax: 10%

MINIMUM WAGE

30000 NGN per month

WORK HOURS

40 hours per week

OVERTIME RATE

150% of normal wage

PROBATIONARY PERIOD

3 to 6 months

ANNUAL LEAVE CREDITS

6 days

MATERNITY LEAVE

4 months

PATERNITY LEAVE

4 months

SICK LEAVE

12 days

BONUSES

There are no statutory requirements for 13th-month salary payments. However, bonuses are common at the discretion of the employer.

*Info is not binding, may vary, and is provided only as an indication.

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