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.

Historical chart and dataset showing Nigeria debt to gdp ratio by year from N/A to N/A.

Government Debt in Nigeria increased to 94225.10 USD Million in the fourth quarter of 2024 from 88892.43 USD Million in the third quarter of 2024. This dataset provides - Nigeria Government Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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</ul>Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

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.

Depicted is the ratio of national debt to gross domestic product (GDP) of Nigeria which lies at approximately 52.52 percent in 2025.Fluctuating decline between 1990 and 2025A comparison to the earliest shown observation from 1990 reveals a total decrease by approximately 19.16 percentage points. The trajectory from 1990 to 2025 shows however that this decrease did not happen continuously.Continuous decline between 2025 and 2030In 2030 the ratio will lie at roughly 45.39 percent, according to forecasts. This indicates an overall decrease by approximately 7.13 percentage points since 2025. This decrease reflects a consistent falling trend.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.

Key information about Nigeria National Government Debt

• Nigeria National Government Debt reached 86.3 USD bn in Sep 2024, compared with 88.4 USD bn in the previous quarter.
• Nigeria National Government Debt data is updated quarterly, available from Dec 2006 to Sep 2024.
• The data reached an all-time high of 106.9 USD bn in Sep 2023 and a record low of 17.4 USD bn in Dec 2006.

CEIC calculates quarterly Government Debt as the sum of Domestic and External Government Debt and converts it into USD. Debt Management Office provides Domestic Government Debt in local currency and External Government Debt in USD. The Central Bank of Nigeria period end market exchange rate is used for currency conversions.


Related information about Nigeria National Government Debt

• In the latest reports, Nigeria Consolidated Fiscal Balance recorded a deficit equal to 5.7 % of its Nominal GDP in Sep 2024.
• The country's Government debt accounted for 53.8 % of its Nominal GDP in Sep 2024.
• Nigeria Nominal GDP reached 111.3 USD bn in Mar 2023.

Outstanding international public debt securities to GDP (%) in Nigeria was reported at 3.2029 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Outstanding international public debt securities to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

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

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 June of 2025.

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.

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.

Nigeria NG: Gross Public Debt: % of GDP: General Government: Domestic Creditors 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 Creditors 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 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.

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 14,173 U.S. dollars. Average state debt per capita amounted to 16,178 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 3,233.31 billion U.S. dollars in 1990 to 17,156.12 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 246.16 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 15.91 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 47 percent of the U.S. public debt is hold by foreign investors, while the Federal Reserve Bank holds 10 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 1,270.9 billion U.S. dollars, while Japan held 1,220.1 billion U.S. dollars.

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.