Total debt service in Nigeria
Nigeria: Total debt service was 21.9% in 2024. ◆ Volatile
Total debt service in Nigeria, 1977–2024
Source: International Debt Statistics, World Bank (WB). Measured in % of exports of goods, services and primary income.
Analysis
Nigeria recorded 21.9% for total debt service in 2024.
The figure is up 42.4% on the previous year and up 698.5% over ten years.
Over the whole period, total debt service in Nigeria peaked at 38.0% in 1986 and was at its lowest, 0.7%, in 2011.
Nigeria ranks 30th of 120 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Total debt service in Nigeria, year by year
| Year | % of exports of goods, services and primary income | Change |
|---|---|---|
| 1977 | 1.0% | — |
| 1978 | 1.3% | +23.4% |
| 1979 | 2.2% | +69.5% |
| 1980 | 4.1% | +90.7% |
| 1981 | 9.2% | +121.8% |
| 1982 | 16.2% | +76.4% |
| 1983 | 23.6% | +45.5% |
| 1984 | 32.9% | +39.5% |
| 1985 | 32.8% | -0.5% |
| 1986 | 38.0% | +16.0% |
| 1987 | 14.1% | -62.9% |
| 1988 | 30.4% | +114.9% |
| 1989 | 24.7% | -18.7% |
| 1990 | 22.6% | -8.5% |
| 1991 | 22.1% | -2.4% |
| 1992 | 18.6% | -15.8% |
| 1993 | 13.4% | -27.9% |
| 1994 | 18.9% | +41.4% |
| 1995 | 14.7% | -22.3% |
| 1996 | 13.1% | -10.8% |
| 1997 | 8.7% | -33.7% |
| 1998 | 13.1% | +50.1% |
| 1999 | 7.6% | -41.8% |
| 2000 | 9.0% | +18.7% |
| 2001 | 13.1% | +45.6% |
| 2002 | 8.4% | -36.1% |
| 2003 | 6.2% | -26.3% |
| 2004 | 4.8% | -21.8% |
| 2005 | 16.4% | +238.7% |
| 2006 | 11.6% | -29.4% |
| 2007 | 2.4% | -79.5% |
| 2008 | 0.9% | -62.5% |
| 2009 | 1.1% | +22.8% |
| 2010 | 0.7% | -34.4% |
| 2011 | 0.7% | -5.5% |
| 2012 | 0.9% | +25.9% |
| 2013 | 1.0% | +22.8% |
| 2014 | 2.7% | +162.3% |
| 2015 | 4.8% | +74.4% |
| 2016 | 12.8% | +167.6% |
| 2017 | 7.4% | -42.2% |
| 2018 | 8.5% | +14.3% |
| 2019 | 9.2% | +9.2% |
| 2020 | 13.1% | +41.7% |
| 2021 | 15.1% | +15.4% |
| 2022 | 12.0% | -20.3% |
| 2023 | 15.4% | +27.9% |
| 2024 | 21.9% | +42.4% |
Nigeria compared with similar countries
- Nigeria's 21.9% is above the median for lower middle income countries, which is 16.6%, 1.3× the median. (43 countries reporting)
- Nigeria's 21.9% is above the median for Sub-Saharan Africa, which is 11.8%, 1.9× the median. (44 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.5% | 1.0% | 2.2% | 3 |
| 1980s | 22.6% | 4.1% | 38.0% | 10 |
| 1990s | 15.3% | 7.6% | 22.6% | 10 |
| 2000s | 7.4% | 0.9% | 16.4% | 10 |
| 2010s | 4.9% | 0.7% | 12.8% | 10 |
| 2020s | 15.5% | 12.0% | 21.9% | 5 |
Countries ranked near Nigeria
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 total debt service in Nigeria?
- Total debt service in Nigeria was 21.9% in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest total debt service recorded in Nigeria?
- The highest recorded value was 38.0% in 1986.
- What is the lowest total debt service recorded in Nigeria?
- The lowest recorded value was 0.7% in 2011.
- How does Nigeria rank for total debt service?
- Nigeria ranks 30th out of 120 countries with data for 2024.
- Is total debt service rising or falling in Nigeria?
- Over the last ten years it is up 698.5%. 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 Total debt service (% of exports of goods, services and primary income). Statizoid updates them automatically from the source API.
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About this data
Total debt service to exports of goods, services and primary income. Total debt service is the sum of principal repayments and interest actually paid in currency, goods, or services on long-term debt, interest paid on short-term debt, and repayments (repurchases and charges) to the IMF.