Nigeria: Short-term external debt
* indicates monthly or quarterly data series
| Nigeria |
Short-term debt, percent of total external debt |
|---|---|
| Latest value | 18.48 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1970 - 2023 |
| Average | 23.34 |
| Min - Max | 1.54 - 68.69 |
| Source | The World Bank |
The latest value from 2023 is 18.48 percent, a decline from 20.84 percent in 2022. In comparison, the world average is 11.22 percent, based on data from 118 countries. Historically, the average for Nigeria from 1970 to 2023 is 23.34 percent. The minimum value, 1.54 percent, was reached in 1989 while the maximum of 68.69 percent was recorded in 1977.
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Definition: Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. 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.
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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 |