Product Manager Salary in Nigeria- Check Complete Salary Details
In Nigeria, the demand for product managers is rapidly increasing due to the country’s growing economy and expanding infrastructure. As construction, IT, and energy industries continue to develop in Nigeria, skilled product managers have become essential to ensure that products are completed efficiently and successfully. The salary range for Product Managers varies based on factors such as experience, qualifications, location, companies’ net worth, etc. According to “Glassdoor”, the product manager salary in Nigeria is around ₦ 3,41,667 as of August 2024. However, there is a high variation in salaries based on companies and cities.
Read the article to learn more about these variations, product manager salary in Nigeria, top companies offering high salaries, countries with the highest paying salaries and more.
Average Product Manager Salary in Nigeria
According to Glassdoor, the average salary for Product managers in Nigeria is around ₦ 3,41,667 per month as of August 2024. However, due to several factors, the salary varies significantly based on experience and skills.
- Experienced product managers are highly skilled and bring positive outcomes to the company.
- It makes them highly valuable to employers seeking efficient Product completion and effective team management.
- Product managers with advanced skills in areas such as risk management, stakeholder communication, and the use of sophisticated product management tools are in high demand in Nigeria.
- These specialised skills enhance a Product’s success rate and efficiency, further providing a higher salary.
- As industries grow and products become more complex, the need for skilled and experienced product managers continues to drive salary variations.
Per Month Product Manager Salary in Nigeria
According to Glassdoor, the monthly salary of a Product Manager in Nigeria is around ₦ 3,41,667 as of August 2024. The salary of a Product Manager in Nigeria varies based on city and employer due to differences in the cost of living, economic activity, and industry presence across regions. In major cities like Lagos and Abuja, the higher cost of living and concentration of multinational corporations and large businesses lead to higher salaries to attract skilled professionals. These cities are economic hubs with more complex and higher-budget products. However, in smaller cities and regions with lower living costs and less economic activity, salaries may be lower due to fewer high-profile products and low demand for highly skilled Product Managers. Additionally, employers with larger budgets, such as international firms or leading local companies, offer higher salaries compared to smaller, local businesses.
Highest Paying Cities for Product Manager in Nigeria
The salary of a Product manager in Nigeria varies based on their geographical location. Certain cities offer higher compensation than others. According to “Glassdoor”, we have provided the country’s highest-paying cities for Product Managers.
|
Cities |
Salary Range (Per month) |
|
Lagos |
₦ 19,239,000 |
|
Abuja |
₦ 17,250,000 |
|
Port Harcourt |
₦ 16,800,000 |
|
Ibadan |
₦ 15,840,000 |
|
Kano |
₦ 14,700,000 |
Top Companies Salary for Product Manager Roles in Nigeria
Product Managers earn different salaries depending on the company they work for. Some companies offer higher compensation to attract skilled and experienced professionals. According to the report of “Glassdoor”, we have given a table that shows the top companies with the highest monthly salaries for Product Manager roles.
|
Cities |
Salary Range (Per year) |
|
First Bank of Nigeria |
₦ 72L – ₦ 1 CR |
|
Access Bank PLC |
₦ 4L – ₦ 98L |
|
IHS Towers |
₦ 15L – ₦ 99L |
|
United Bank of South Africa |
₦ 6L – ₦ 17L |
How to Become a Product Manager in Nigeria?
To become a Product Manager, you must have specific learning skills and relevant experience. You need to understand how to manage Products and use digital tools effectively. Here are the steps to help you get started.
- Complete a Bachelor’s Degree: Complete a bachelor’s degree in business or a related field, such as business administration or business management. Marketing, sales, finance, public relations, or communication degrees are also beneficial.
- Pursue Certifications: Certifications help you stand out in the competitive job market. Consider obtaining a Certified Product Management (CPM) credential or other relevant certifications in the product management field. You can also enrol in the Digital Regenesys Product Management course, which provides an internationally recognised certificate after completion of the course.
- Gain Relevant Experience: For this role, you must have several years of experience in marketing, sales, or a related field. While pursuing your degree, join an internship or freelancing programme to gain experience through entry-level positions.
- Apply for Product Manager Roles: When applying for product manager roles, highlight your projects in your resume to show potential employers your qualifications. Customise your resume according to the job description and write a cover letter that explains your skills, experience, and dedication to the role and the company.
Skills Required to Become a Product Manager in Nigeria
Product managers must constantly upgrade their product management skills to stay competitive while looking for a job or moving up within their organisation, company, or startup. Successful product managers are always interested in learning about new technologies or agile methodologies that could help them be more effective and better teammates or coworkers. Learn more about these skills below.
Communication
Effective communication is important for Product Managers, who spend significant time conveying information. According to Cesar Abeid, product managers spend 90% of their time communicating. This includes leading meetings, articulating Product visions, and maintaining stakeholder relationships. Learning the art of communication can lessen risks, ensure efficiency, and help meet deadlines. Understanding how to convey messages clearly and appropriately, along with “speaking the language” of your team and organisation, is essential for successful Product outcomes.
Management
Product managers need strong management skills to guide their teams throughout a product. Therefore, familiarity with product management tools and software, such as Microsoft Office, Excel, PowerPoint, Outlook, and Jira, is crucial. These tools help plan, organise, and communicate with team members while managing resources, budgets, and schedules. Effective risk management is also essential, as identifying and planning for potential risks at the outset can prevent major issues. Staying updated with the latest technologies and methodologies ensures continued Product management effectiveness.
Leadership
Strong leadership skills are essential for Product managers to guide and motivate their teams. Effective leaders maintain a productive work environment by communicating regularly, delegating tasks, providing feedback, setting goals, and recognising team achievements. Leadership also includes negotiating budgets, resources, and timelines with stakeholders, using various negotiation styles such as compromise, collaboration, and competition. These skills ensure Product managers can lead their teams to success while maintaining positive workplace relationships.
Customer Service
Ensuring customer satisfaction is very essential for Product success. Product managers must approach each Product to meet and exceed stakeholders’ needs and expectations. It’s not enough to deliver on time, within budget, and according to scope; the result must also align with stakeholders’ expectations. Proficiency in customer service includes actively listening to stakeholder concerns, addressing their feedback, and maintaining open lines of communication throughout the Product. By understanding stakeholder expectations, product managers can maintain a positive relationship and ensure all parties are satisfied with the product’s outcome.
Problem-Solving
Critical thinking and problem-solving skills are essential for effective Product management. This approach allows Product managers to identify potential issues before developing strategic solutions that ensure the Product stays on track. Effective problem-solving includes considering multiple perspectives, understanding challenges, and making decisions quickly. By gaining these skills, Product managers can address and overcome obstacles efficiently, ensuring projects are completed on time and within budget.
In conclusion, Product Managers have a diverse career path in Nigeria. They offer competitive salaries and different benefits. To enter this field, you must build a strong educational background and gain practical experience. Digital Regenesys offers live classes, industry-expert faculty, internationally recognised certificates, career counselling and more. This online learning platform will enhance your skills, help you gain practical knowledge and give you industry best practices from experienced professionals.
FAQs on Product Manager Salary in Nigeria
How much do product managers make in Nigeria?
According to Glassdoor, the average salary for a Product Manager in Nigeria is around ₦ 3,41,667 monthly.
Why does the salary of a Product Manager in Nigeria vary?
The salary of a Product Manager in Nigeria varies based on factors such as experience, skills, city, and employer. Major cities and larger companies offer higher salaries due to higher living costs and more complex Products.
Which cities in Nigeria offer the highest salaries for Product Managers?
Cities like Lagos and Abuja offer the highest salaries for Product Managers due to their economic activity, higher living costs, and concentration of multinational corporations.
What are the top companies that offer high salaries for Product Managers in Nigeria?
Top companies include First Bank of Nigeria, Access Bank PLC, IHS Towers, and the United Bank of South Africa. Annual salaries range from ₦ 4L to ₦ 1CR.
What skills are essential for a Product Manager in Nigeria?
The essential skills for a Product Manager in Nigeria are communication, management, leadership, customer service, and problem-solving. Proficiency in Product management tools like Microsoft Products and Jira is also important.
How does experience impact the salary of a Product Manager in Nigeria?
Experienced Product managers receive higher salaries because they can manage Products efficiently and effectively, bringing positive outcomes to their employers.
Why is customer service important for Product Managers?
Ensuring customer satisfaction is important for Product success. Product managers must meet and exceed stakeholders’ needs, ensuring all parties are satisfied with the Product outcome.
How do problem solving skills benefit Product Managers?
Problem-solving skills enable Product managers to identify potential issues and develop strategic solutions, ensuring Products are completed on time and within budget.
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