Senior Actuary salary in Nigeria

Average Yearly Salary of Senior Actuary in Nigeria is approximately 10,472,500 NGN (12,481 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 Senior Actuary do?

A senior actuary is a highly skilled professional who specializes in assessing and managing financial risks for insurance companies, consulting firms, or government agencies. They use mathematical and statistical models to analyze data and make predictions about future events, such as mortality rates, accident frequencies, or investment returns. Senior actuaries play a crucial role in determining insurance premiums, designing pension plans, and evaluating the financial stability of insurance companies. Their responsibilities include conducting complex risk assessments, developing pricing models, and providing guidance on strategic planning and decision-making. They also collaborate with other professionals, such as underwriters, investment managers, and executives, to ensure the financial health and profitability of their organizations. Strong analytical skills, attention to detail, and the ability to communicate complex concepts in a clear manner are essential for success in this occupation.

Skills: Senior Actuary, Risk Assessment, Financial Modeling, Insurance Pricing, Pension Planning, Data Analysis
Job industry: Insurance

How much does Senior Actuary make?

Difference in salary year over year or average salary increase is approximately 4 %


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Salary comparison to National average

Is Senior Actuary a well paid job?

Yes, our data show that Senior Actuary is a very well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Senior Actuary?

High salary for Senior Actuary would be somewhere between 11,519,750 NGN and 15,185,125 NGN. However this is an estimation based on Gaussian Distribution.

How much can you save working as Senior Actuary 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: 10,472,500 NGN
Estimated Monthly Salary: 872,708 NGN
Estimated Weekly Salary: 201,394 NGN per week
Estimated Hourly Salary: 5,035 NGN per hour
By working as Senior Actuary a person can save up to 834 USD per month or 10,014 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 Senior Actuary

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.

Top 10 highest salaries in Nigeria

Data as of 2025

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