Short-term debt in Nigeria
Nigeria: Short-term debt was 36.2% in 2024. ◆ Volatile
Short-term debt in Nigeria, 1977–2024
Source: International Debt Statistics, World Bank (WB). Measured in % of exports of goods, services and primary income.
Analysis
Nigeria recorded 36.2% for short-term debt in 2024.
The figure is up 24.0% on the previous year and up 146.8% over ten years.
Over the whole period, short-term debt in Nigeria peaked at 226.1% in 1998 and was at its lowest, 5.3%, in 2000.
Nigeria ranks 13th of 119 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Short-term debt in Nigeria, year by year
| Year | % of exports of goods, services and primary income | Change |
|---|---|---|
| 1977 | 16.3% | — |
| 1978 | 21.1% | +29.6% |
| 1979 | 12.7% | -39.9% |
| 1980 | 12.8% | +1.0% |
| 1981 | 22.7% | +77.6% |
| 1982 | 19.7% | -13.5% |
| 1983 | 46.6% | +136.6% |
| 1984 | 46.5% | -0.1% |
| 1985 | 37.0% | -20.5% |
| 1986 | 68.3% | +84.7% |
| 1987 | 20.0% | -70.7% |
| 1988 | 21.3% | +6.1% |
| 1989 | 5.4% | -74.5% |
| 1990 | 10.2% | +87.9% |
| 1991 | 6.4% | -36.9% |
| 1992 | 17.0% | +164.3% |
| 1993 | 35.6% | +109.2% |
| 1994 | 48.9% | +37.4% |
| 1995 | 146.0% | +198.7% |
| 1996 | 106.8% | -26.8% |
| 1997 | 111.5% | +4.4% |
| 1998 | 226.1% | +102.8% |
| 1999 | 44.3% | -80.4% |
| 2000 | 5.3% | -88.1% |
| 2001 | 8.3% | +56.6% |
| 2002 | 12.4% | +49.7% |
| 2003 | 12.2% | -1.8% |
| 2004 | 13.7% | +12.7% |
| 2005 | 9.6% | -29.7% |
| 2006 | 9.2% | -4.7% |
| 2007 | 9.2% | +0.4% |
| 2008 | 6.9% | -25.7% |
| 2009 | 9.7% | +42.1% |
| 2010 | 11.3% | +15.8% |
| 2011 | 11.0% | -2.4% |
| 2012 | 15.6% | +41.7% |
| 2013 | 15.3% | -1.9% |
| 2014 | 14.7% | -4.1% |
| 2015 | 17.7% | +20.7% |
| 2016 | 16.4% | -7.1% |
| 2017 | 33.4% | +103.0% |
| 2018 | 20.3% | -39.3% |
| 2019 | 28.9% | +42.5% |
| 2020 | 44.2% | +53.3% |
| 2021 | 35.2% | -20.4% |
| 2022 | 30.4% | -13.7% |
| 2023 | 29.2% | -4.0% |
| 2024 | 36.2% | +24.0% |
Nigeria compared with similar countries
- Nigeria's 36.2% is above the median for lower middle income countries, which is 13.3%, 2.7× the median. (43 countries reporting)
- Nigeria's 36.2% is above the median for Sub-Saharan Africa, which is 9.1%, 4.0× the median. (43 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 16.7% | 12.7% | 21.1% | 3 |
| 1980s | 30.0% | 5.4% | 68.3% | 10 |
| 1990s | 75.3% | 6.4% | 226.1% | 10 |
| 2000s | 9.6% | 5.3% | 13.7% | 10 |
| 2010s | 18.5% | 11.0% | 33.4% | 10 |
| 2020s | 35.0% | 29.2% | 44.2% | 5 |
Countries ranked near Nigeria
- 10 Turkey 46.4% compare
- 11 Egypt 46.3% compare
- 12 Central African Republic 39.3% compare
- 14 South Africa 33.8% compare
- 15 Moldova 32.5% compare
- 16 Cape Verde 32.1% compare
More economy & growth data for Nigeria
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.04 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.32 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 1.19 billion BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0041 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 5 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 4.01 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual 148.16 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0138 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 16.86 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 13.91 % change on previous year (2025)
Frequently asked questions
- What is short-term debt in Nigeria?
- Short-term debt in Nigeria was 36.2% in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest short-term debt recorded in Nigeria?
- The highest recorded value was 226.1% in 1998.
- What is the lowest short-term debt recorded in Nigeria?
- The lowest recorded value was 5.3% in 2000.
- How does Nigeria rank for short-term debt?
- Nigeria ranks 13th out of 119 countries with data for 2024.
- Is short-term debt rising or falling in Nigeria?
- Over the last ten years it is up 146.8%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Debt Statistics, World Bank (WB), published as part of Short-term debt (% of exports of goods, services and primary income). Statizoid updates them automatically from the source API.
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About this data
Short-term external debt is defined as debt that has an original maturity of one year or less. Available data permit no distinction between public and private nonguaranteed short-term debt. Exports of goods, services and primary income is the sum of goods (merchandise) exports, exports of (nonfactor) services and income (factor) receipts.