Key information about Nigeria Government Debt: % of GDP

• Nigeria Government debt accounted for 53.8 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 52.8 % in the previous quarter.
• Nigeria government debt to GDP ratio data is updated quarterly, available from Dec 2010 to Sep 2024.
• The data reached an all-time high of 53.8 % in Sep 2024 and a record low of 9.6 % in Dec 2010.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. Government Debt is calculated as a sum of Domestic and External Government Debt. The Debt Management Office provides Government Debt in USD and local currency. The National Bureau of Statistics provides Nominal GDP in local currency. The Central Bank of Nigeria period end market exchange rate is used for currency conversions. Nominal GDP at basic prices is used.


Related information about Nigeria Government Debt: % of GDP

• In the latest reports, Nigeria National Government Debt reached 86.3 USD bn in Sep 2024.
• The country's Nominal GDP reached 111.3 USD bn in Mar 2023.

In 2024, the ratio of national debt to gross domestic product (GDP) of Nigeria was approximately 52.90 percent. Between 1990 and 2024, the figure dropped by around 18.78 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the ratio will steadily decline by about 7.51 percentage points from 2024 to 2030.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

Nigeria recorded a Government Debt to GDP of 52.90 percent of the country's Gross Domestic Product in 2024. This dataset provides the latest reported value for - Nigeria Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Nigeria External Debt: % of GDP

• Nigeria External Debt accounted for 11.9 % of the country's Nominal GDP in 2023, compared with the ratio of 8.9 % in the previous year.
• Nigeria External Debt: % of Nominal GDP data is updated yearly, available from Dec 1985 to Dec 2023.
• The data reached an all-time high of 57.2 % in Dec 1991 and a record low of 1.1 % in Dec 2008.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and annual Nominal GDP. Debt Management Office Nigeria provides External Debt in USD. The National Bureau of Statistics provides Nominal GDP in local currency. The Central Bank of Nigeria average market exchange rate is used for currency conversions. External Debt covers General Government Debt only.


Related information about Nigeria External Debt: % of GDP

• In the latest reports of Nigeria, Current Account recorded a surplus of 1.5 USD bn in Sep 2023.
• Foreign Direct Investment (FDI) increased by 1.2 USD bn in Mar 2023.
• Nigeria Direct Investment Abroad expanded by 44.0 USD mn in Sep 2023.
• Its Foreign Portfolio Investment increased by 2.9 USD bn in Sep 2023.
• The country's External Debt reached 42,495.2 in Dec 2023.
• The country's Nominal GDP was reported at 111.3 USD bn in Mar 2023.

Key information about Nigeria Private Debt: % of Nominal GDP

• Nigeria Private Debt accounted for 20.83 % of its Nominal GDP in Jun 2024, compared with a ratio of 20.82 % in the previous quarter
• Nigeria Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2010 to Jun 2024, with an average share of 12.17 %
• The data reached an all-time high of 20.83 % in Jun 2024 and a record low of 10.03 % in Jun 2019

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. The National Bureau of Statistics provides Nominal GDP in local currency.

Government Debt in Nigeria increased to 97238.52 USD Million in the first quarter of 2025 from 94225.10 USD Million in the fourth quarter of 2024. This dataset provides - Nigeria Government Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Nigeria Consolidated Fiscal Balance: % of GDP

• Nigeria Consolidated Fiscal Balance recorded a deficit equal to 5.7 % of its Nominal GDP in Sep 2024, compared with a deficit equal to 5.6 % in the previous quarter
• Nigeria Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 2010 to Sep 2024, with an average ratio of -2.4 %
• The data reached an all-time high of -0.8 % in Mar 2015 and a record low of -5.7 % in Sep 2024

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from quarterly Consolidated Fiscal Balance and quarterly Nominal GDP. The Central Bank of Nigeria provides Consolidated Fiscal Balance in local currency. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices.


Further information about Nigeria Consolidated Fiscal Balance: % of GDP

• In the latest reports, Nigeria National Government Debt reached 88.4 USD bn in Jun 2024
• Nigeria Nominal GDP reached 111.3 USD bn in Mar 2023

Nigeria: Government debt as percent of GDP: The latest value from 2023 is 41.52 percent, an increase from 22.85 percent in 2022. In comparison, the world average is 61.85 percent, based on data from 137 countries. Historically, the average for Nigeria from 2004 to 2023 is 19.66 percent. The minimum value, 9.4 percent, was reached in 2010 while the maximum of 53.6 percent was recorded in 2004.

Key information about Nigeria External Debt: Short Term: % of GDP

• Nigeria External Debt: Short Term accounted for 0.2 % of the country's Nominal GDP in 2020, compared with the ratio of 0.0 % in the previous year.
• Nigeria External Debt: Short Term: % of Nominal GDP data is updated yearly, available from 2008 to 2020.
• The data reached an all-time high of 0.2 % in 2020 and a record low of 0.0 % in 2015.

CEIC calculates Short Term External Debt as % of Nominal GDP from annual Short Term External Debt and annual Nominal GDP. Debt Management Office Nigeria provides Short Term External Debt in USD. The National Bureau of Statistics provides Nominal GDP in local currency. The Central Bank of Nigeria average market exchange rate is used for currency conversions.


Related information about Nigeria External Debt: Short Term: % of GDP

• In the latest reports of Nigeria, Current Account recorded a surplus of 1.5 USD bn in Sep 2023.
• Foreign Direct Investment (FDI) increased by 1.2 USD bn in Mar 2023.
• Nigeria Direct Investment Abroad expanded by 44.0 USD mn in Sep 2023.
• Its Foreign Portfolio Investment increased by 2.9 USD bn in Sep 2023.
• Nigeria External Debt: Short Term value stood at 1.0 USD bn in Dec 2020.
• The country's Nominal GDP was reported at 111.3 USD bn in Mar 2023.

International debt issues to GDP (%) in Nigeria was reported at 4.8268 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - International debt issues to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Gross portfolio debt liabilities to GDP (%) in Nigeria was reported at 5.5897 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Gross portfolio debt liabilities to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

Nigeria NG: Gross Public Debt: % of GDP: General Government: Domestic Currency data was reported at 11.255 % in Mar 2017. This records an increase from the previous number of 10.795 % for Dec 2016. Nigeria NG: Gross Public Debt: % of GDP: General Government: Domestic Currency data is updated quarterly, averaging 8.941 % from Dec 2010 (Median) to Mar 2017, with 26 observations. The data reached an all-time high of 11.255 % in Mar 2017 and a record low of 5.920 % in Dec 2010. Nigeria NG: Gross Public Debt: % of GDP: General Government: Domestic Currency data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: QPSD: Gross Public Debt: % of GDP: General Government.

In 2022, Namibia had the highest mortgage to GDP ratio among the ranked African countries, amounting to approximately 24 percent. Cabo Verde ranked second, followed by South Africa. The lowest mortgage to GDP ratio in 2022 was 0.03 percent recorded in Guinea. The mortgage to GDP ratio compares a country's total mortgage debt to its gross domestic product.

This study examined the relationship between debt servicing and foreign exchange rate unification in Nigeria from 1995 to 2023, hypothesizing that a unified exchange rate policy would significantly impact the country's debt service-to-revenue ratio. Using annual time series data from sources such as the International Monetary Fund and World Development Indicators, the study employed an Autoregressive Distributed Lag (ARDL) model to analyze the relationship between the debt service-to-revenue ratio and factors including the official foreign exchange rate, GDP growth rate, inflation rate, and oil prices. The findings revealed several notable insights. Exchange rate unification was found to have a significant negative effect on the debt service-to-revenue ratio, suggesting that a unified exchange rate policy could help reduce Nigeria's debt service burden. Both current and lagged inflation rates showed a significant negative impact on the debt service-to-revenue ratio, indicating that higher inflation might be eroding the real value of debt or increasing nominal revenues faster than debt servicing costs. Lagged exchange rates were found to negatively affect the debt service-to-revenue ratio, implying that higher exchange rates in the previous period decrease the current ratio. Oil prices demonstrated mixed effects, with current prices positively impacting the debt service-to-revenue ratio while lagged prices had a negative effect. The study also revealed strong persistence in debt servicing behavior over time, as evidenced by the significant positive correlation between current and previous year's debt service ratios. These results offer significant implications for policymakers. The negative effect of exchange rate unification on the debt service-to-revenue ratio suggests that such a policy could improve efficiency in forex markets and reduce arbitrage opportunities, ultimately helping to reduce the debt service burden. The negative relationship between inflation and the debt service-to-revenue ratio indicates that higher inflation might be beneficial for debt servicing in the short term, though this should be interpreted cautiously given the potential negative consequences of high inflation. The mixed impact of oil prices reflects the complexity of Nigeria's oil-dependent economy, highlighting the need for economic diversification. The strong persistence in debt servicing commitments points to potential structural issues in debt management or lack of fiscal flexibility. Policymakers can use these findings to inform strategies for managing Nigeria's debt burden. The results suggest that pursuing exchange rate unification, carefully managing inflation, diversifying the economy to reduce oil dependence, and improving fiscal discipline could all contribute to better management of debt servicing costs. However, it's crucial to consider the lagged effects of economic variables on debt servicing when formulating long-term fiscal strategies.

Nigeria NG: Gross Public Debt: % of GDP: General Government data was reported at 14.563 % in Mar 2017. This records an increase from the previous number of 13.403 % for Dec 2016. Nigeria NG: Gross Public Debt: % of GDP: General Government data is updated quarterly, averaging 10.357 % from Dec 2010 (Median) to Mar 2017, with 26 observations. The data reached an all-time high of 14.563 % in Mar 2017 and a record low of 6.992 % in Dec 2010. Nigeria NG: Gross Public Debt: % of GDP: General Government data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: QPSD: Gross Public Debt: % of GDP: General Government.

This graph shows the state debt per capita in the United States for the 2013 fiscal year. In 2013, the state of Alabama had a total per capita debt of ****** U.S. dollars. Average state debt per capita amounted to ****** U.S. dollars.

The national debt of the United Stated can be found here. State debt National debts, also known as public debt and government debt, are the amount of money borrowed by states to cover their budget deficits. Nearly all governments use the debt method to finance operations and projects. Government debt can be seen as an indirect debt on taxpayers.

The public debt of the United States has been rising steadily for the last decades from ******** billion U.S. dollars in 1990 to ********* billion U.S dollars in 2013.

Although the United States’ debt is significantly high, the country with the highest public debt in 2014, in relation to the gross domestic product (GDP), was Japan. Japan had an estimated debt of about ****** percent in relation to the gross domestic product, according to IMF data. Nigeria was among the countries with the lowest national debt in 2014 in relation to the gross domestic product (GDP), with an estimated level of national debt reached about ***** percent of the GDP.

Much of the U.S. public debt is held by foreign investors, debt holders like nations or institutions which lent money to the United States. About ** percent of the U.S. public debt is hold by foreign investors, while the Federal Reserve Bank holds ** percent of the U.S public debt. As of August 2014, China and Japan are the major foreign holders of U.S. treasury debt. According to the Federal Reserve and U.S. Department of the Treasury, China held ******* billion U.S. dollars, while Japan held ******* billion U.S. dollars.

There are over one million economic time series specifically focused on Africa in the most extensive African economic dataset available today. Our datasets consist of a blend of data sourced nationally from National Statistical Offices, Central Banks, and other national institutions, alongside international data from the IMF, World Bank, and other global organizations.

Nigeria NG: Gross Public Debt: % of GDP: Central Government: Long Term: Over 1 Year: Debt Securities data was reported at 7.305 % in Mar 2017. This records an increase from the previous number of 7.102 % for Dec 2016. Nigeria NG: Gross Public Debt: % of GDP: Central Government: Long Term: Over 1 Year: Debt Securities data is updated quarterly, averaging 5.132 % from Dec 2010 (Median) to Mar 2017, with 26 observations. The data reached an all-time high of 7.305 % in Mar 2017 and a record low of 3.723 % in Dec 2010. Nigeria NG: Gross Public Debt: % of GDP: Central Government: Long Term: Over 1 Year: Debt Securities data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: QPSD: Gross Public Debt: % of GDP: Central Government.

Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase. Nigeria’s economy - a so-called “mixed economy”, which means the market economy is at least in part regulated by the state – is not entirely in bad shape, though. More than half of its GDP is generated by the services sector, namely telecommunications and finances, and the country derives a significant share of its state revenues from oil.

Because it got high

To simplify: When the inflation rate rises, so do prices, and consequently banks raise their interest rates as well to cope and maintain their profit margin. Higher interest rates often cause unemployment to rise. In certain scenarios, rising prices can also mean more panicky spending and consumption among end users, causing debt and poverty. The extreme version of this is called hyperinflation: A rapid increase of prices that is out of control and leads to bankruptcies en masse, devaluation of money and subsequently a currency reform, among other things. But does that mean that low inflation is better? Maybe, but only to a certain degree; the ECB, for example, aspires to maintain an inflation rate of about two percent so as to keep the economy stable. As soon as we reach deflation territory, however, things are starting to look grim again. The best course is a stable inflation rate, to avoid uncertainty and rash actions.

Nigeria today

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality rate, fertility rate, and the median age of the population, all point towards a bright future. Additionally, the country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.

Nigeria NG: Gross Public Debt: % of GDP: General Government: External Creditors data was reported at 3.309 % in Mar 2017. This records an increase from the previous number of 2.608 % for Dec 2016. Nigeria NG: Gross Public Debt: % of GDP: General Government: External Creditors data is updated quarterly, averaging 1.445 % from Dec 2010 (Median) to Mar 2017, with 26 observations. The data reached an all-time high of 3.309 % in Mar 2017 and a record low of 1.072 % in Dec 2010. Nigeria NG: Gross Public Debt: % of GDP: General Government: External Creditors data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: QPSD: Gross Public Debt: % of GDP: General Government.