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.

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.

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.

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.

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 External Debt

• Nigeria External Debt reached 43.0 USD bn in Sep 2024, compared with 42.9 USD bn in the previous quarter.
• Nigeria External Debt: USD mn data is updated quarterly, available from Dec 2006 to Sep 2024.
• The data reached an all-time high of 43.2 USD bn in Jun 2023 and a record low of 3.3 USD bn in Mar 2007.

Debt Management Office Nigeria provides quarterly External Debt in USD. External Debt covers General Government Debt only.


Related information about Nigeria External Debt

• In the latest reports of Nigeria, Current Account recorded a surplus of 5.1 USD bn in Jun 2024.
• Foreign Direct Investment (FDI) increased by 1.2 USD bn in Mar 2023.
• Nigeria Direct Investment Abroad fell by 831.3 USD mn in Jun 2024.
• Its Foreign Portfolio Investment increased by 4.4 USD bn in Jun 2024.
• The country's Nominal GDP was reported at 111.3 USD bn in Mar 2023.

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.

Nigeria's national debt amounted to an approximate value of 27 trillion Naira by the end of 2019. Compared to the previous year, the total public debt grew by 12.4 percent. Moreover, between the third quarter of 2019 and the first quarter of 2020, the total public debt of Nigeria decreased, eventually rising again between April and June 2020. Data was gained by the Nigerian company Nairametrics, a Lagos-based company.

Nigeria NG: External Debt: DOD: Stocks: Variable Rate data was reported at 18.264 USD bn in 2016. This records an increase from the previous number of 16.843 USD bn for 2015. Nigeria NG: External Debt: DOD: Stocks: Variable Rate data is updated yearly, averaging 5.539 USD bn from Dec 1970 (Median) to 2016, with 47 observations. The data reached an all-time high of 18.264 USD bn in 2016 and a record low of 95.248 USD mn in 1972. Nigeria NG: External Debt: DOD: Stocks: Variable Rate 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: External Debt: Debt Outstanding, Debt Ratio and Debt Service. Variable interest rate is long-term external debt with interest rates that float with movements in a key market rate; for example, the London interbank offered rate (LIBOR) or the U.S. prime rate. This item conveys information about the borrower's exposure to changes in international interest rates. Long-term external debt is defined as debt that has an original or extended maturity of more than one year and that is owed to nonresidents by residents of an economy and repayable in currency, goods, or services. Data are in current U.S. dollars.; ; World Bank, International Debt Statistics.; Sum;

Nigeria NG: External Debt: Debt Service: % of Exports data was reported at 0.927 % in 2016. This records an increase from the previous number of 0.510 % for 2015. Nigeria NG: External Debt: Debt Service: % of Exports data is updated yearly, averaging 8.291 % from Dec 1977 (Median) to 2016, with 40 observations. The data reached an all-time high of 30.990 % in 1986 and a record low of 0.254 % in 2012. Nigeria NG: External Debt: Debt Service: % of Exports 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: External Debt: Debt Outstanding, Debt Ratio and Debt Service. Debt service (PPG and IMF only, % of exports of goods, services and primary income); ; Debt service is the sum of principle repayments and interest actually paid in currency, goods, or services. This series differs from the standard debt to exports series. It covers only long-term public and publicly guaranteed debt and repayments (repurchases and charges) to the IMF. Exports of goods and services include primary income, but do not include workers' remittances.; Weighted average;

Total Nigeria reported NGN102.19B in Debt for its fiscal quarter ending in September of 2024. Data for Total Nigeria | TOTAL - Debt including historical, tables and charts were last updated by Trading Economics this last August in 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.

Nigeria NG: External Debt: Average Interest on New External Debt Commitments data was reported at 5.680 % in 2017. This records an increase from the previous number of 1.396 % for 2016. Nigeria NG: External Debt: Average Interest on New External Debt Commitments data is updated yearly, averaging 4.460 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 11.202 % in 1981 and a record low of 0.000 % in 1999. Nigeria NG: External Debt: Average Interest on New External Debt Commitments 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.WDI: External Debt: Terms and Undisbursed Debt. Interest represents the average interest rate on all new public and publicly guaranteed loans contracted during the year. To obtain the average, the interest rates for all public and publicly guaranteed loans have been weighted by the amounts of the loans. Public debt is an external obligation of a public debtor, including the national government, a political subdivision (or an agency of either), and autonomous public bodies. Publicly guaranteed debt is an external obligation of a private debtor that is guaranteed for repayment by a public entity.; ; World Bank, International Debt Statistics.; Weighted average;

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.

Nigeria NG: External Debt: Total Debt Service: % of Exports of Goods, Services and Primary Income data was reported at 6.305 % in 2016. This records an increase from the previous number of 2.869 % for 2015. Nigeria NG: External Debt: Total Debt Service: % of Exports of Goods, Services and Primary Income data is updated yearly, averaging 8.976 % from Dec 1977 (Median) to 2016, with 40 observations. The data reached an all-time high of 38.039 % in 1986 and a record low of 0.494 % in 2013. Nigeria NG: External Debt: Total Debt Service: % of Exports of Goods, Services and Primary Income 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: External Debt: Debt Outstanding, Debt Ratio and Debt Service. Total debt service to exports of goods, services and primary income. Total debt service is the sum of principal repayments and interest actually paid in currency, goods, or services on long-term debt, interest paid on short-term debt, and repayments (repurchases and charges) to the IMF.; ; World Bank, International Debt Statistics.; Weighted average; The denominator for this indicator in previous versions of Global Development Finance included workers' remittances. Workers' remittances are no longer included.

Nigeria NG: External Debt: Stocks: % of Exports of Goods, Services and Primary Income data was reported at 78.471 % in 2016. This records an increase from the previous number of 56.718 % for 2015. Nigeria NG: External Debt: Stocks: % of Exports of Goods, Services and Primary Income data is updated yearly, averaging 135.717 % from Dec 1977 (Median) to 2016, with 40 observations. The data reached an all-time high of 412.074 % in 1986 and a record low of 14.527 % in 2008. Nigeria NG: External Debt: Stocks: % of Exports of Goods, Services and Primary Income 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: External Debt: Debt Outstanding, Debt Ratio and Debt Service. Total external debt stocks to exports of goods, services and primary income.; ; World Bank, International Debt Statistics.; Weighted average; The denominator for this indicator in previous versions of Global Development Finance included workers' remittances. Workers' remittances are no longer included.

The International Bank for Reconstruction and Development (IBRD) loans are public and publicly guaranteed debt extended by the World Bank Group. IBRD loans are made to, or guaranteed by, countries that are members of IBRD. IBRD may also make loans to IFC. IBRD lends at market rates. Data are in U.S. dollars calculated using historical rates. This dataset contains the latest available snapshot of the Statement of Loans. The World Bank complies with all sanctions applicable to World Bank transactions.

Nigeria NG: External Debt: Interest Payments: % of GNI data was reported at 0.232 % in 2017. This records an increase from the previous number of 0.168 % for 2016. Nigeria NG: External Debt: Interest Payments: % of GNI data is updated yearly, averaging 0.694 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 8.351 % in 1991 and a record low of 0.019 % in 2010. Nigeria NG: External Debt: Interest Payments: % of GNI 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.WDI: External Debt: Debt Outstanding, Debt Ratio and Debt Service. Total interest payments to gross national income.; ; World Bank, International Debt Statistics.; Weighted average;

The yield on Nigeria 10Y Bond Yield rose to 15.67% on August 8, 2025, marking a 0 percentage point increase from the previous session. Over the past month, the yield has fallen by 1.51 points and is 5.37 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. Nigeria 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on August of 2025.

Amounts outstanding of debt securities issued in international markets by residents of Nigeria of financial corporations (nationality of All countries excluding residents of all issuers), all currencies, Total all currencies, original maturity of total (all maturities), remaining maturity of total (all maturities), all interest rates