Key Facts: Nigeria vs Venezuela Wages
- Nigeria Minimum Wage
- ₦404/hr ($0.26 USD)
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Nigeria Avg. Gross Monthly Salary
- ₦339,000 /mo ($220.42 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Data Sources
- National Minimum Wage Amendment Act 2024 (2026-02-24), Venezuelan Ministry of Labour (MINPPTRASS) / Decreto 4.653/2022 / Cendas-FVM. Confirmed: legal salario mínimo has been UNCHANGED at VES 130 since March 2022 (over 4 years frozen amid hyperinflation). Effective real income for workers is dominated by the 'ingreso integral' (bono de guerra económica + CESTATICKET food bonus), increased to USD 240/month effective 1 May 2026. (2026-05-04)
Nigeria 
Venezuela
Updated 2026-05-04
The minimum wage in Nigeria is roughly 14 times higher than in Venezuela in USD terms, reflecting the gap between a lower-middle-income and a upper-middle-income economy. Average gross salaries diverge further: $220/mo in Nigeria versus $14/mo in Venezuela, a 16.1:1 ratio. Nigeria has the tighter labor market, with unemployment at 3.1% compared to 5.3%.
Nigeria's unemployment rate is 3.1% compared to Venezuela's 5.3%.
Detailed Comparison
| Metric | Nigeria | Venezuela |
|---|---|---|
| Minimum wage /hr | ₦404 $0.26 | Bs.D0.68 $0.02 |
| Minimum wage /day | — | Bs.D5.42 $0.15 |
| Minimum wage /mo | ₦70,000 $45.51 | Bs.D130 $3.56 |
| Minimum wage /yr | ₦840,000 $546.16 | — |
| Avg. gross salary /mo | ₦339,000 /mo $220.42 | Bs.D500 /mo $13.70 |
| Avg. net salary /mo | ₦290,000 /mo $188.56 | N/A/mo |
| Median individual income /yr | ₦1,200,000 /yr $780.23 | N/A/yr |
Percentage differences are based on USD equivalent values. Positive means Nigeria is higher.
Work Week
- Nigeria
-
40 hrs/wk standard
Max 48 hrs/wk
Labour Act sets standard at 40 hours/week. Overtime rates set by individual employment contracts. No statutory overtime multiplier.
- Venezuela
-
40 hrs/wk standard
Max 44 hrs/wk
Overtime : 1.5x pay
Organic Labour Law (LOTTT) of 2012 sets the standard workweek at 40 hours (8 hours/day, 5 days). Certain sectors may work up to 44 hours/week. Overtime is limited to 100 hours/year and paid at a premium of at least 50%. Night work (7pm–5am) carries a 30% premium. Workers are entitled to 2 years advance notice before termination — the LOTTT provides extremely strong job security provisions. Saturday is often worked in practice in commerce/industry.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker moving from Venezuela to Nigeria would see a 1310% increase in USD-equivalent hourly earnings.
See this comparison from Venezuela's perspective: Venezuela vs Nigeria
Compare Nigeria with...
Nigeria vs United States $ 7.25 /hr 
Nigeria vs China ¥ 25 /hr 
Nigeria vs Germany € 13.9 /hr 
Nigeria vs United Kingdom £ 12.71 /hr 
Nigeria vs India ₹ 4,576 /mo 
Nigeria vs Japan ¥ 1,121 /hr 
Nigeria vs France € 12.02 /hr 
Nigeria vs South Korea ₩ 10,320 /hr 
Nigeria vs Canada C$ 18.1 /hr 
Nigeria vs Australia A$ 24.95 /hr 
Nigeria vs Brazil R$ 7.37 /hr 
Nigeria vs Russia ₽ 156.31 /hr 
Nigeria vs Mexico MX$ 9,583.52 /mo 
Nigeria vs Indonesia Rp 33,058 /hr 
Nigeria vs Netherlands € 14.71 /hr 
Nigeria vs Saudi Arabia ﷼ 23.08 /hr 
Nigeria vs Turkey ₺ 164.94 /hr 
Nigeria vs Taiwan NT$ 190 /hr 
Nigeria vs Switzerland 
Nigeria vs Poland zł 31.4 /hr 
Nigeria vs Thailand ฿ 10,400 /mo 
Nigeria vs Sweden 
Nigeria vs Argentina ARS 1,762 /hr 
Nigeria vs Singapore Frequently Asked Questions
Is the minimum wage higher in Nigeria or Venezuela?
In Nigeria, the minimum wage is ₦404/hr ($0.26 USD). In Venezuela, it is Bs.D0.68/hr ($0.02 USD). Nigeria has the higher rate by 1310% in USD terms. That nominal gap does not account for local prices; see the purchasing power comparison below for a cost-of-living-adjusted view. Workers in Venezuela may retain a larger share of their earnings if prices there are lower.
How much more does the average worker earn in Nigeria compared to Venezuela?
The average gross salary in Nigeria is ₦339,000/mo ($220.42 USD), compared to Bs.D500/mo ($13.70 USD) in Venezuela. In USD terms, workers in Nigeria earn approximately 1509% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Nigeria and Venezuela is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Nigeria earn more in nominal terms, though how far that income stretches depends on local prices in Venezuela.
How do work hours compare between Nigeria and Venezuela?
Both Nigeria and Venezuela mandate a similar standard work week of 40 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.