56% of finance employees in Nigeria are unhappy with their salaries

At the office, everybody pays homage to the finance department on salary days. Who would have thought that the same numbers game would leave finance employees feeling shortchanged?

A new report from Duplo showed that 56% of these professionals in Nigeria are unhappy with their salaries. Only a small number, about 3%, are happy with their pay. 

About 38% of finance employees working across different industries reported that their salaries have not increased in this past year, adding more salt to their injury as rising inflation continues to erode their spending power.

According to the report, these professionals value job perks that provide them with economic stability and other opportunities for skill and career development. Compensation and clear career growth structures are two valid reasons anybody wants to work.

Compensation satisfaction is closely tied to employee retention. Those dissatisfied with their pay are more likely to look for new jobs. Mid-level professionals earning between ₦500,000 ($302) and ₦1,000,000 ($603) said they are likely to leave their jobs, either for better pay abroad or at more competitive local companies.

Like the tech industry, the finance industry is a competitive field for talent with professionals trying to climb up the income ladder faster. Financial institutions like banks often review staff salaries to stay competitive and keep other banks from poaching their employees.

In 2024, two Nigerian commercial banks, Union Bank of Nigeria and GTBank increased employee salaries to help them adjust to the country’s cost of living crisis. From the report, organisations that provide clear pay structures will have a better shot at retaining talent in the finance sector.

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The answer to unlocking profitability and new revenue streams may sometimes be in new markets. This is why Nigerian edtech AltSchool Africa is expanding into Europe. 

AltSchool Africa launched in 2021 as a virtual platform for people to earn diplomas in engineering, data, and business analytics. 

Years later, the startup is adding a new layer to its offerings after receiving applications from companies across the world to help curate courses and build infrastructure for workforce development.

The startup claims it has started conversations to offer such services to organizations in Malta where it will launch its first operations in Europe. 

AltSchool’s expansion into Europe comes with a new twist. The startup, whose primary business model in Africa has been focused on online learning, will set up campuses in Malta as it introduces a hybrid approach where learners can have in-person learning sessions with tutors. 

Racheal Onoja, the startup’s lead for market expansion, believes in taking the best of both sides by combining the traditional approach to learning and new-age ideas for a better learning experience. 

While AltSchool’s move to Europe is a no-brainer—Europe is its third-largest market, with learners from over 12 European countries—it will compete with well-established platforms like Bloomtech. CEO Adewale Yusuf believes the startup’s focus on community and personalised learning will set it apart. 

Dive into the Startup’s expansion plan here.

As part of the COP27 Paris Agreement in 2022, the African Development Development Bank (AfDB) set up a $1.5 billion green finance facility to help meet the continent’s demand for clean energy. 

Yesterday, the AfDB released part of that funds—a $170 million loan—to help Egypt set up its largest wind energy project, the GW Suez Wind Project. 

The project will cost about $1.1 billion. Additional funding is expected from a group of development finance institutions (DFIs), banks, and financial institutions.

The project will be located in Suez Gulf and Gabal El Zeit province near Ras Gharib city and will be developed as a ‘Build, Own, Operate’ project. The Egyptian Electricity Transmission Company (EETC) will be the sole customer once the ten-year project is completed.

The wind farm is expected to generate 4,111 gigawatt hours (GWh) annually, supplying clean, reliable, and affordable energy to over one million households. It will reduce annual CO₂ emissions by approximately 1.71 million tonnes, contributing significantly to Egypt’s climate commitments under the Paris Agreement.

The $170 million loan comes two months after the AfDB approved an $8 million concessional loan to support the construction of a 25MW Ilute Solar Photovoltaic plant in Zambia.

Written by: Faith Omoniyi & Emmanuel Nwosu

Edited by: Timi Odueso & Ganiu Oloruntade