Key Facts: Venezuela vs Nigeria Wages
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Nigeria Minimum Wage
- ₦404/hr ($0.26 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Nigeria Avg. Gross Monthly Salary
- ₦339,000 /mo ($220.42 USD)
- Data Sources
- 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), National Minimum Wage Amendment Act 2024 (2026-02-24)
Venezuela 
Nigeria
Updated 2026-05-04
The minimum wage in Venezuela is roughly 14 times lower than in Nigeria in USD terms, reflecting the gap between a upper-middle-income and a lower-middle-income economy. Average gross salaries diverge further: $14/mo in Venezuela versus $220/mo in Nigeria, a 16.1:1 ratio. Nigeria has the tighter labor market, with unemployment at 3.1% compared to 5.3%.
Venezuela's unemployment rate is 5.3% compared to Nigeria's 3.1%.
Detailed Comparison
| Metric | Venezuela | Nigeria |
|---|---|---|
| Minimum wage /hr | Bs.D0.68 $0.02 | ₦404 $0.26 |
| Minimum wage /day | Bs.D5.42 $0.15 | — |
| Minimum wage /mo | Bs.D130 $3.56 | ₦70,000 $45.51 |
| Minimum wage /yr | — | ₦840,000 $546.16 |
| Avg. gross salary /mo | Bs.D500 /mo $13.70 | ₦339,000 /mo $220.42 |
| Avg. net salary /mo | N/A/mo | ₦290,000 /mo $188.56 |
| Median individual income /yr | N/A/yr | ₦1,200,000 /yr $780.23 |
Percentage differences are based on USD equivalent values. Positive means Venezuela is higher.
Work Week
- 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.
- 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.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker in Venezuela earns 1310% less per hour in USD terms than one in Nigeria.
See this comparison from Nigeria's perspective: Nigeria vs Venezuela
Compare Venezuela with...
Venezuela vs United States $ 7.25 /hr 
Venezuela vs China ¥ 25 /hr 
Venezuela vs Germany € 13.9 /hr 
Venezuela vs United Kingdom £ 12.71 /hr 
Venezuela vs India ₹ 4,576 /mo 
Venezuela vs Japan ¥ 1,121 /hr 
Venezuela vs France € 12.02 /hr 
Venezuela vs South Korea ₩ 10,320 /hr 
Venezuela vs Canada C$ 18.1 /hr 
Venezuela vs Australia A$ 24.95 /hr 
Venezuela vs Brazil R$ 7.37 /hr 
Venezuela vs Russia ₽ 156.31 /hr 
Venezuela vs Mexico MX$ 9,583.52 /mo 
Venezuela vs Indonesia Rp 33,058 /hr 
Venezuela vs Netherlands € 14.71 /hr 
Venezuela vs Saudi Arabia ﷼ 23.08 /hr 
Venezuela vs Turkey ₺ 164.94 /hr 
Venezuela vs Taiwan NT$ 190 /hr 
Venezuela vs Switzerland 
Venezuela vs Poland zł 31.4 /hr 
Venezuela vs Thailand ฿ 10,400 /mo 
Venezuela vs Sweden 
Venezuela vs Argentina ARS 1,762 /hr 
Venezuela vs Singapore Frequently Asked Questions
Is the minimum wage higher in Venezuela or Nigeria?
In Venezuela, the minimum wage is Bs.D0.68/hr ($0.02 USD). In Nigeria, it is ₦404/hr ($0.26 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 less does the average worker earn in Venezuela compared to Nigeria?
The average gross salary in Venezuela is Bs.D500/mo ($13.70 USD), compared to ₦339,000/mo ($220.42 USD) in Nigeria. In USD terms, workers in Venezuela earn approximately 1509% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Venezuela and Nigeria 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 Venezuela and Nigeria?
Both Venezuela and Nigeria 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.