The annual gross salary scale for product managers in 2021
Product management is a dynamic and growing field in Nigeria, with a constant demand for product managers who focus on improving business metrics and goals. They are among the highest-paid professionals in Nigeria.
To understand the average gross salary of a product manager, it is important to consider the various factors that influence compensation.
Factors Influencing Salaries of Product Managers in Nigeria
Various factors influence how much an average product manager earns in Nigeria, including education, location, industry, experience, job title, bonuses, and incentives. Product managers with specialist skills like communication, leadership, data analysis, prioritization, time management, problem-solving, technical skills, project management, and negotiation tend to earn higher salaries due to the constantly growing demand for their expertise across various industries like technology, telecommunications, healthcare, marketing, e-commerce, manufacturing, and finance.
Experience and Expertise
The level of experience and specialization influences a product manager’s salary. Product managers with extensive experience and expertise will command higher salaries than those without their levels of experience.
Job Title and Hierarchy
Specific job titles such as product manager, senior product manager, lead product manager, head of product management, etc. can impact compensation levels. High-ranking positions usually come with greater responsibilities and higher salaries and compensation.
Industry Demand
The demand for product management skills varies across industries. Industries with an increase in demand for innovative products and solutions such as technology, fintech, and e-commerce often offer competitive salaries to attract the best talents in the industry.
Educational Background
Product managers with advanced degrees or specialized certificates typically command higher salaries. Continuously staying up-to-date on industry trends and learning are crucial for career growth in product management.
Geographical Location
Salaries for product managers may vary based on the geographical location of the company or employer. Product managers in major business locations like Lagos and Abuja will generally receive higher salaries compared with those in smaller cities or locations.
Exploring Annual Gross Salary by Position
Product Manager
An average product manager with 2-4 years of experience will usually earn between N7,000,000 to N10,000,000 depending on the level of education, industry, and location.
Senior Product Manager
A senior product manager with an average of 5-7 years of professional working experience will be offered compensation ranging from N10,000,000 to N15,000,000 annually.
Lead Product Manager
Professionals at the lead product manager level with around 7-10 years of working experience can expect an average annual gross salary ranging from N15,000,000 to N21,000,000.
Graph Representation of the Salary Range of Product Managers in 2021
Product managers are professional executives who shoulder a lot of responsibilities encompassing development, management and enhancement of product portfolios. This role demands a mix of market knowledge, leadership, and strategic vision. These professionals are poised to shape the future of technology in Nigeria.
