Nigeria: External debt

* indicates monthly or quarterly data series
 Nigeria

External debt, percent of Gross National Income

 Latest value 21.39
 Year 2022
 Measure percent
 Data availability 2008 - 2022
 Average 12.46
 Min - Max 6.99 - 21.39
 Source The World Bank
The latest value from 2022 is 21.39 percent, an increase from 21.03 percent in 2021. In comparison, the world average is 56.76 percent, based on data from 113 countries. Historically, the average for Nigeria from 2008 to 2022 is 12.46 percent. The minimum value, 6.99 percent, was reached in 2008 while the maximum of 21.39 percent was recorded in 2022. See the global rankings for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent data
Nigeria - External debt - Recent values chart

Historical series
Nigeria - External debt - historical chart - 2008-2022




The external debt of Nigeria and other countries is reported as the total international obligations of the country as percent of its GDP. External debt of less than 60 percent of GDP is not a problem. At higher levels, paying the interest on the debt may start to become difficult.
Definition: 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.

Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

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 Related indicators Latest Reference Measure
 Terms of trade 127.38 2021 percent
 Trade openness 26.17 1960 percent
 Financial openness -0.666 2021 index points
 Exports, percent of GDP 9.24 1960 percent
 Exports, billion dollars 0.39 1960 billion U.S. dollars
 Imports, percent of GDP 16.92 1960 percent
 Imports, billion dollars 0.71 1960 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 0.52 2023 percent
 Foreign Direct Investment, billion dollars 1.87 2023 billion U.S. dollars
 Portfolio investment inflows, equities 1,588.28 2023 million dollars (current)
 Current account, percent of GDP 0.90 2023 percent
 Current account, in dollars 6.02 2023 billion U.S. dollars
 Trade balance, percent of GDP -7.68 1960 percent
 Trade balance, in dollars -5.16 2023 billion U.S. dollars
 Reserves 35.56 2022 billion U.S. dollars
 Remittances, percent of GDP 5.65 2023 percent
 Remittances 20,500.00 2023 million U.S. dollars
 Net errors and omissions -24,844.49 2023 million USD
 External debt 21.39 2022 percent
 Short-term external debt 18.48 2023 percent
 Short-term debt to reserves 60.41 2022 percent
 Foreign exchange reserves 39.29 9/2024 billion
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