Nigeria: External debt stocks (% of GNI)

Key figures

What the numbers say

In 2024, Nigeria's external debt stocks (% of GNI) rose 31.01 percentage points on 2023 (from 29.04% to 60.04%).

Across the 15 yearly changes before that (2009 to 2023), the average change was +1.52 percentage points and a typical year strayed about 2.37 percentage points from that (the standard deviation). This year's change was 12.5 standard deviations above that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 31.01 percentage points in 2024 and the biggest yearly fall was 0.81 percentage points in 2018. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 3.78 percentage points a year. A straight line explains 64% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Nigeria had the 35th highest value of the 110 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Nigeria in the 2024 ranking

• Kazakhstan — 32nd of 110: 62.6%
• Serbia — 33rd of 110: 62.25%
• Uzbekistan — 34th of 110: 60.51%
• Sri Lanka — 36th of 110: 58.89%
• Moldova — 37th of 110: 57.15%
• St. Lucia — 38th of 110: 51.31%

What this measures

Total external debt stocks to gross national income. Total external debt is debt owed to nonresidents repayable in currency, goods, or services. Total external debt is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, use of IMF credit, and short-term debt. Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 17 values

External debt stocks (% of GNI) in nearby economies

• Angola — 79.57% (2024)
• Benin — 66.55% (2024)
• Botswana — 11.93% (2024)
• Burkina Faso — 48.76% (2024)
• Burundi — 47.13% (2024)
• Cabo Verde — 86.89% (2024)
• Cameroon — 31.29% (2024)
• Central African Republic — 35.85% (2024)
• Chad — 16.4% (2024)
• Comoros — 24.81% (2024)
• Congo, Dem. Rep. — 18.25% (2024)

More economic policy & debt data for Nigeria

• Total reserves, including gold (current US$) — US$46.02 billion (2025)
• Total reserves, excluding gold (current US$) — US$43.01 billion (2025)
• GDP (current US$) — US$290.79 billion (2025)
• GDP (current LCU) — 441.54 trillion (2025)
• GDP (constant 2015 US$) — US$562.59 billion (2025)
• GDP (constant LCU) — 226.52 trillion (2025)
• GDP per capita (current US$) — US$1,224 (2025)
• GDP per capita (current LCU) — 1.86 million (2025)
• GDP per capita (constant 2015 US$) — US$2,369 (2025)
• GDP per capita (constant LCU) — 953,654 (2025)
• GDP (annual % growth)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Nigeria's external debt stocks (% of GNI)?

60.04% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2008?

It is up 53.75 percentage points from 6.3% in 2008. The highest value was 60.04% in 2024 and the lowest 6.3% in 2008.

How does Nigeria rank?

35th highest of 110 economies with data for 2024.

Is the latest change in external debt stocks (% of GNI) unusual for Nigeria?

In 2024, Nigeria's external debt stocks (% of GNI) rose 31.01 percentage points on 2023 (from 29.04% to 60.04%). Across the 15 yearly changes before that (2009 to 2023), the average change was +1.52 percentage points and a typical year strayed about 2.37 percentage points from that (the standard deviation). This year's change was 12.5 standard deviations above that average, so it was unusually large compared with the rest of the record.

Source

World Bank, World Development Indicators, indicator DT.DOD.DECT.GN.ZS, licensed CC BY 4.0. Original source: International Debt Statistics, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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