Loan Workout Officer salary in Nigeria

Average Yearly Salary of Loan Workout Officer in Nigeria is approximately 6,432,100 NGN (7,723 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Loan Workout Officer do?

A loan workout officer is responsible for managing and resolving troubled loans within a financial institution. They work closely with borrowers who are struggling to make their loan payments, aiming to find solutions that benefit both the borrower and the lender. The officer evaluates the borrower's financial situation, analyzes repayment options, negotiates new terms, and develops strategies to minimize losses for the institution. They may also facilitate loan modifications, extensions, or refinancing arrangements. Additionally, loan workout officers monitor loan performance, identify potential risks, and recommend appropriate actions to mitigate them. Strong analytical and negotiation skills are essential for this role, as well as a thorough understanding of lending regulations and financial markets.

Skills: Loan workout officer, Loan management, Financial analysis, Negotiation skills, Risk mitigation, Lending regulations
Job industry: Banking

How much does Loan Workout Officer make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Loan Workout Officer a well paid job?

Yes, our data shows that Loan Workout Officer is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Loan Workout Officer?

High salary for Loan Workout Officer would be somewhere between 7,075,310 NGN and 9,326,545 NGN. However this is an estimation based on Gaussian Distribution.

How much can you save working as Loan Workout Officer in Nigeria?

Living in Nigeria the approximate monthly expenses are: 206 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 6,432,100 NGN
Estimated Monthly Salary: 536,008 NGN
Estimated Weekly Salary: 123,694 NGN per week
Estimated Hourly Salary: 3,092 NGN per hour
By working as Loan Workout Officer a person can save up to 438 USD per month or 5,256 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Nigeria, see costs of living in Nigeria.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Niger, Chad, Cameroon, Benin.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Loan Workout Officer

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

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Data as of 2025

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