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Nigeria Debt to GDP Ratio

Nigeria's government debt to GDP ratio hit 52.9% in 2024, up from 48.7% in 2023. This is the highest level since 2001. The increase stems from significant government borrowing to cover fiscal deficits. The Naira's sharp depreciation also increased the value of external debt and servicing costs. The exchange rate moved from approximately N460 to N1500 per dollar between June 2023 and June 2024. High debt servicing costs now consume a large share of government revenue, requiring further borrowing. Nigeria's record low government debt to GDP was 7.3% in 2008 and record high was 75% in 1991.

Yearly Historical Data (1990-2024)

(in %)
Year Debt to GDP Ratio
2024 52.9%
2023 48.7%
2022 40.4%
2021 36.8%
2020 35.6%
2019 30.2%
2018 28.7%
2017 25.4%
2016 23.4%
2015 20.3%
2014 17.5%
2013 18.3%
2012 17.6%
2011 17.4%
2010 9.4%
2009 8.6%
2008 7.3%
2007 8.1%
2006 7.7%
2005 18.9%
2004 35.5%
2003 42%
2002 43.3%
2001 53.1%
2000 57.6%
1999 64.9%
1998 22.3%
1997 24.1%
1996 25.2%
1995 34%
1994 55.9%
1993 71%
1992 70.2%
1991 75%
1990 71.7%
Nigeria Debt to GDP Ratio : Definition
Nigeria's government debt-to-GDP ratio shows its debt relative to its economy's size. It is calculated as total government debt divided by gross domestic product. A higher ratio suggests greater repayment challenges.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -0.5% -0.3% Dec'24
Interest Rate 27% 27.5% Sep'25
Private Credit (% GDP) 12.96% 13.45% 2022