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Population
Nigeria has about 220 million inhabitants (as of 2024), making it the most populous country in Africa. The population is ethnically and culturally diverse, with over 250 ethnic groups, including the Hausa, Yoruba, and Igbo. Nigeria has a very young population, with a large portion under the age of 25.
Capital
The capital of Nigeria is Abuja, which was planned and built in the 1980s to promote regional balance and is now the political and administrative center of the country. Lagos, the former capital, remains the economic and cultural hub as well as the largest city.
Economic Power
Nigeria has the largest economy in Africa, heavily reliant on oil and gas, which account for about 90% of export revenues and 70% of government income. Other important sectors include agriculture, trade, and finance. The GDP per capita is about USD 2,400 (as of 2023). However, Nigeria faces challenges such as corruption, political instability, and inadequate infrastructure.
Culture
Nigeria is known for its rich cultural diversity, shaped by its many ethnic groups. Music and film play a central role, with Lagos serving as the heart of Nigeria’s entertainment industry, “Nollywood,” one of the largest film industries in the world. Traditional festivals, mask dances, and markets are important cultural expressions. Nigerian cuisine is diverse, with dishes such as Jollof rice, Suya, and Egusi soup.
Currency
The official currency of Nigeria is the Nigerian Naira (NGN).
Health Insurance and Social Security System
Nigeria has a limited social security system that covers pensions, health, and work accident insurance. The national healthcare system provides basic services but is often inadequate, particularly in rural areas. Many people rely on private health insurance or pay directly for healthcare services.
Costs for Employers
Employers in Nigeria must contribute about 10% of gross wages to social security, covering pensions and health insurance. Additional costs may arise from voluntary benefits like transportation or meal allowances.
Salaries and Bonuses
Salaries in Nigeria vary greatly depending on the industry, qualifications, and experience. The legal minimum wage is about 30,000 NGN per month (as of 2023). Bonuses are common and may be performance-based or paid at specific times like the end of the year.
Payroll
Payroll in Nigeria includes the basic salary, possible allowances, bonuses, and statutory deductions for taxes and social security contributions.
Public Holidays
Nigeria has several public holidays, including:
- New Year’s Day (January 1)
- Independence Day (October 1)
- Labor Day (May 1)
- Christmas (December 25)
- Boxing Day (December 26)
- Various religious holidays such as Good Friday, Easter Monday, Eid al-Fitr, and Eid al-Adha.
Working Hours
Regular working hours in Nigeria are 40 hours per week, spread over five working days. Most offices operate from Monday to Friday, with Saturday often being a day off.
Vacation
Employees are entitled to at least 12 working days of paid annual leave. The entitlement may increase with the length of service. Additional leave days are granted for special occasions such as weddings or family obligations.
Incapacity for Work
In the event of illness, employees are entitled to sick leave. The duration and payment depend on the employment contract and legal provisions.
Termination/Severance Pay
Notice periods and severance pay regulations in Nigeria vary depending on the length of service and contractual terms.