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Nigeria is one of the largest economies in Africa, it is a mixed type of economy combining state-owned and private enterprises. Nigeria's GDP in 2020 amounted to 152,32 trillion Naira, over 400 billion U.S. dollars
Nigeria is the 17th African country with the highest GDP per capita and the first in terms of overall GDP. The GDP per capita is computed by dividing a country's GDP by its population. As a result, a populous country with a low total GDP will have a low GDP per capita, whereas a small rich nation will have a high GDP per capita. Nigeria is one of the most populous countries in Africa (206 million people), thus, its wealth must be distributed among the people.
1 January- New Year's Day
15 April- Good Friday
18 April- Easter Monday
1 May- Labour Day
2 May- Eid al-Fitr
12 June- Democracy Day
9 July- Eid al-Adha
1 October- Independence Day
7 October- Prophet's Birthday
25 December- Christmas Day
26 December- Boxing Day
The national minimum salary for federal workers in Nigeria is ₦ 30,000, which is equivalent to around $72.
Payroll in Nigeria is done monthly, biweekly, or weekly. Salary payments must be made at least once a month, there are no legal obligations regarding 13th-month wage payments. Bonuses, on the other hand, are prevalent at the discretion of the employer.
Rates of taxation. Taxable income is taxed at graduated rates ranging from 7% to 24%, depending on the income band. The same tax rates apply to non-residents as they do to inhabitants. Individual income is currently taxed at a maximum rate of 24 percent.
A worker is entitled to at least six days of paid yearly leave annually. For young workers (those under the age of 16), including apprentices, annual leave is increased to at least 12 working days.
Female employees are entitled to 12 weeks (4 months) of maternity leave to cover both the pre-and post-partum periods with a 50% pay. Maternity leave may begin six weeks before birth if a medical certificate from a certified health practitioner confirms that confinement will occur within six weeks. In addition, nursing moms are allowed 30 minutes of breastfeeding time twice a day. The law does not specify the age of a child at which mothers are entitled to breastfeeding breaks. Employees are entitled to this benefit after six months of continuous service with the company.
In 2021, the Nigerian government approved 14 days (2 weeks) paternity leave for new fathers to bond with their children.
Workers are entitled to a maximum of 12 days of fully paid sick leave each year. A registered medical practitioner must certify the patient's illness to qualify for sick leave.
Nigerian employers have the right to terminate a contract of employment at any time and without giving a justification or cause, provided that the employee receives appropriate notice of termination or is paid a wage in place of such notice.
The required notice period for terminating an employment contract is determined by the duration of service. For service of three months or less, the notice time is one day; for service of more than three months but less than two years, the notice period is seven days (one week). For service of two to five years, the notice period is 14 days (two weeks); and for service of five years or more, the notice period is one month.
Redundancy pay is required for employees covered by the Labor Act. However, the sum to be paid is not specified in the law. Severance pay is determined by the employment agreement for employees who are not covered by the Labor Act.
Probation durations are established in the employees' employment contract/collective agreement; there is no legal obligation for a probation period.