Nigeria External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Nigeria's external debt to gni was 56.57% in 2025, ranked 36th globally. This represents a 5.8% decrease from 2024. Data from World Bank, covering 2008–2025.
Overview
Nigeria's external debt to gni stood at 56.57% in 2025, a decline of +3.48pp from 2024. Based on recent trends, this figure is projected to reach 56.57% by 2025. Nigeria ranked 36th globally.
Nigeria’s external debt-to‑GNI ratio has risen sharply from 6.30 % in 2008 to a peak of 60.04 % in 2024, before slipping slightly to 56.57 % in 2025, placing the country 36th in the world. The rapid escalation reflects successive fiscal deficits, a weakening naira and the accumulation of concessional and commercial borrowing to finance infrastructure and social programmes. By contrast, peer economies such as Moldova (57.32 %) and the Maldives (57.66 %) exhibit similar debt burdens despite smaller economies, underscoring a broader vulnerability among emerging markets to external financing pressures. The modest decline from the 2024 peak suggests that recent debt‑service reforms and tighter fiscal discipline may be taking effect, yet the ratio remains well above the 2008 trough and the long‑term sustainable threshold of around 30 % recommended by the World Bank. Continued improvement will depend on stabilising exchange rates, diversifying export earnings and strengthening domestic revenue mobilisation to curb further debt accumulation.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 73.74% | - | - |
| 2026* trend | 65.16% | - | - |
| 2025* trend | 56.57% | - | - |
| 2025 | 56.57% | −3.48pp | #36 |
| 2024 | 60.04% | +31.01pp | #76 |
| 2023 | 29.04% | +6.85pp | #27 |
| 2022 | 22.19% | −0.08pp | #18 |
| 2021 | 22.27% | +1.78pp | #14 |
| 2020 | 20.49% | +3.01pp | #13 |
| 2019 | 17.48% | +0.56pp | #13 |
| 2018 | 16.92% | −0.81pp | #12 |
| 2017 | 17.73% | +6.75pp | #14 |
| 2016 | 10.98% | +1.60pp | #4 |
| 2015 | 9.37% | +0.96pp | #4 |
| 2014 | 8.41% | −0.21pp | #4 |
| 2013 | 8.62% | −0.28pp | #4 |
| 2012 | 8.89% | +0.18pp | #4 |
| 2011 | 8.72% | +0.33pp | #5 |
Detected Pattern
Analysis
Nigeria matched the Export Boom Cycle pattern in 2024. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Nigeria's external debt to gni was 56.57% in 2025. Ranked 36th globally. This represents a 5.8% decrease from the previous year.
Nigeria's external debt to gni peaked at 60.04% in 2024.
The lowest external debt to gni in Nigeria was 6.30% in 2008.
Nigeria ranks 36th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Nigeria's external debt to gni is projected to reach 56.57% by 2025 based on trend extrapolation.
The external debt to gni of Nigeria in 2025 was 56.57%. This ranks 36th in the world.
Cite this page
@misc{historysaid_nigeria_external-debt-to-gni,
title = {Nigeria External Debt to GNI},
url = {https://historysaid.com/nigeria/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}