Reward has been, and continues to be, subject to significant changes in developing economies; the industrial relations model prevalent being driven by the complex socio-economic and cultural paradigms and the increasing demands of globalisation. The issue of reward in developing economies is therefore central and dependent on numerous contextual factors. The research presented in this article focuses on emerging trends in reward management practices in a developing economy, like Nigeria. Nigeria, with a population of about 140 million people and the economic opportunities derivable from its oil wealth, provides substantial opportunities for industrialisation. Consequently, the country continues to attract investment by multinational corporations. However, because of its evolving industrial relations setting, reward management is complex. This can be seen in the context of the interlocking roles of national institutions, culture, socio-economic factors and employee engagement in developing an appropriate framework. The framework of the research is based on both qualitative and quantitative analysis of data collected from 11 companies, through interviews and questionnaires. The conclusion points at the significant role industrial relations must assume. In particular, it highlights how essential contextual factors and employee engagement are in generating a supportive framework for the challenges facing multinationals in reward management. (Contains 4 tables and 4 notes.)