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Economy of Cape Verde vs Nigeria compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $252B for Nigeria, ranking 172/197 and 54/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Cape Verde vs Nigeria GDP by year

Cape Verde
Nigeria
1x
Year GDP, current $
Cape Verde Nigeria
2024 $2,725,414,151 $252,261,880,141
2023 $2,504,525,549 $487,387,801,881
2022 $2,247,003,344 $646,950,257,578
2021 $2,051,842,619 $609,147,716,973
2020 $1,821,565,614 $598,586,817,819
2019 $2,252,177,124 $668,219,992,691
2018 $2,205,099,507 $421,739,251,509
2017 $1,996,741,540 $375,745,731,053
2016 $1,849,789,986 $404,649,125,252
2015 $1,749,857,620 $493,026,682,801
2014 $2,041,930,125 $574,183,763,412
2013 $2,028,910,915 $520,117,180,314
2012 $1,913,081,210 $463,971,018,239
2011 $2,046,817,987 $414,466,676,831
2010 $1,824,751,468 $366,990,417,129
2009 $1,852,334,575 $295,008,835,381
2008 $1,959,620,648 $339,476,276,258
2007 $1,649,621,739 $278,260,846,800
2006 $1,107,571,458 $238,454,997,161
2005 $972,241,677 $175,670,569,969
2004 $924,940,012 $135,764,731,646
2003 $813,260,469 $104,738,954,264
2002 $620,507,387 $95,054,059,303
2001 $563,090,490 $73,557,840,064
2000 $539,227,278 $69,171,451,627
1999 $592,416,703 $59,145,077,039
1998 $521,910,561 $218,416,200,673
1997 $490,608,658 $200,850,397,618
1996 $501,979,270 $185,730,236,700
1995 $487,148,994 $140,919,776,986
1994 $406,580,652 $80,399,613,064
1993 $490,417,390 $56,721,051,402
1992 $357,160,985 $52,058,181,854
1991 $319,827,059 $59,526,833,412
1990 $306,890,963 $54,035,795,388
1989 $267,448,571 $44,003,061,108
1988 $264,308,140 $49,648,470,440
1987 $235,253,065 $52,676,041,931
1986 $190,651,168 $54,805,852,581
1985 $137,728,205 $73,745,821,158
1984 $132,019,039 $73,484,359,521
1983 $138,476,176 $97,094,911,792
1982 $140,630,679 $142,769,363,314
1981 $139,468,209 $164,475,209,516
1980 $142,246,815 $64,201,788,123
1979 - $47,259,911,894
1978 - $36,527,862,209
1977 - $36,035,407,725
1976 - $36,308,883,249
1975 - $27,778,934,625
1974 - $24,846,641,318
1973 - $15,162,871,287
1972 - $12,274,416,018
1971 - $9,181,769,912
1970 - $12,546,094,982
1969 - $6,634,317,346
1968 - $5,200,997,920
1967 - $5,203,237,919
1966 - $6,366,917,453
1965 - $5,874,537,650
1964 - $5,552,931,319
1963 - $5,165,590,254
1962 - $4,909,399,176
1961 - $4,467,287,893
1960 - $4,196,174,502

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/nigeria | CC BY

GDP per capita in Cape Verde vs Nigeria by year

Cape Verde
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $1,084 $9,087
2023 $4,795 $10,242 $2,139 $8,705
2022 $4,323 $9,481 $2,899 $8,305
2021 $3,971 $7,685 $2,787 $7,588
2020 $3,539 $6,853 $2,797 $7,415
2019 $4,381 $8,646 $3,190 $7,551
2018 $4,295 $7,916 $2,058 $7,158
2017 $3,893 $7,936 $1,876 $7,037
2016 $3,609 $7,351 $2,070 $7,072
2015 $3,415 $6,773 $2,586 $7,308
2014 $3,986 $6,417 $3,089 $7,396
2013 $3,961 $6,367 $2,873 $7,004
2012 $3,737 $6,318 $2,633 $6,671
2011 $4,002 $6,384 $2,418 $6,585
2010 $3,579 $6,039 $2,202 $6,301
2009 $3,660 $5,901 $1,820 $5,927
2008 $3,909 $6,011 $2,154 $5,607
2007 $3,325 $5,567 $1,816 $5,298
2006 $2,257 $4,758 $1,600 $4,975
2005 $2,004 $4,324 $1,211 $4,678
2004 $1,929 $3,969 $962 $4,381
2003 $1,718 $3,551 $763 $4,015
2002 $1,329 $3,388 $712 $3,770
2001 $1,223 $3,217 $566 $3,309
2000 $1,190 $3,124 $547 $3,139
1999 $1,327 $2,714 $481 $3,002
1998 $1,187 $2,443 $1,822 $3,022
1997 $1,134 $2,182 $1,720 $2,990
1996 $1,180 $1,963 $1,633 $2,931
1995 $1,165 $1,762 $1,272 $2,835
1994 $991 $1,540 $745 $2,853
1993 $1,220 $1,291 $540 $2,921
1992 $908 $1,186 $509 $2,991
1991 $832 $1,069 $597 $2,870
1990 $817 $1,044 $556 $2,840
1989 $727 - $465 -
1988 $729 - $540 -
1987 $658 - $588 -
1986 $541 - $628 -
1985 $396 - $869 -
1984 $385 - $890 -
1983 $410 - $1,207 -
1982 $423 - $1,822 -
1981 $425 - $2,162 -
1980 $440 - $870 -
1979 - - $661 -
1978 - - $527 -
1977 - - $536 -
1976 - - $556 -
1975 - - $438 -
1974 - - $403 -
1973 - - $252.4 -
1972 - - $209.5 -
1971 - - $160.5 -
1970 - - $224.5 -
1969 - - $121.4 -
1968 - - $97.3 -
1967 - - $99.5 -
1966 - - $124.4 -
1965 - - $117.3 -
1964 - - $113.3 -
1963 - - $107.7 -
1962 - - $104.5 -
1961 - - $97.1 -
1960 - - $93.1 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/nigeria | CC BY

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Nigeria ranks 136th at $9,087.

Economic indicators

Cape Verde Nigeria
Gross domestic product
$2.73B
2024
$252B
2024
GDP rank
172/197
2024
54/197
2024
GDP growth
7.24%
2023-2024
4.06%
2023-2024
GDP per capita
$5,192
2024
$1,084
2024
GDP per capita rank
118/197
2024
174/197
2024
GDP per capita, PPP
$11,195
2024
$9,087
2024
GDP per capita PPP rank
129/197
2024
136/197
2024
Government debt
$3.03B
2024
$99.2B
2024
Debt-to-GDP ratio
111.2%
2024
39.3%
2024
Government debt per person
$5,776
2024
$426
2024
Government debt per person rank
76/185
2024
170/185
2024
Average annual personal income after taxes
$2,576
2026
$1,104
2026
Market capitalization of domestic companies n/a
$54.4B
2024
Number of billionaires n/a
4
2025
Income share by richest 10%
32.3%
2015
26.3%
2022
Income share by poorest 10%
2.2%
2015
3%
2022
Government expenditure, % of GDP
26.1%
2024
12.3%
2024
Consumer prices inflation
1%
2023-2024
33.2%
2023-2024
Central bank interest rate
1.5%
2024
27%
2025
Unemployment rate
11.3%
2019
3.45%
2024
Population
530391
243824469

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Cape Verde Nigeria
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 12.3% 39.3%
2023 25.7% 117.5% 10.4% 36.3%
2022 26.6% 127.6% 10.6% 29.8%
2021 30.8% 149.5% 9.09% 26.6%
2020 34.5% 144.3% 8.73% 25.7%
2019 27.5% 109.8% 8.87% 21.4%
2018 27.5% 112.3% 9.1% 20.4%
2017 28% 113% 8.51% 18%
2016 26.6% 115.6% 6.93% 17.4%
2015 28.7% 115.7% 7.85% 14.9%
2014 27.8% 105.7% 9.49% 12.9%
2013 30.9% 93.5% 10% 13%
2012 31.6% 82.9% 10.5% 12.5%
2011 30.3% 71.6% 12.3% 12.4%
2010 35.7% 73.5% 11.8% 6.67%
2009 30.6% 58.8% 11% 6.12%
2008 27.6% 57.5% 10.2% 5.17%
2007 27.1% 59.6% 12.9% 5.76%
2006 28.4% 66.2% 8.75% 6.68%
2005 26.2% 66.7% 12.6% 13.4%
2004 26.3% 67.8% 13% 25.2%
2003 23.4% 65.6% 16.5% 29.9%
2002 28.5% 64.7% 13.8% 30.7%
2001 24.2% 62.2% 21.9% 37.7%
2000 36.7% 71.9% 17.6% 40.9%
1999 35% 66.4% 14.9% 46.1%
1998 29.8% 72.9% 11.2% 15.8%
1997 34.8% 79.3% 9.68% 17.1%
1996 38.9% 85.7% 7.87% 17.9%
1995 44.5% 74.3% 8.87% 24.2%
1994 48.1% 73.4% 12.1% 39.7%
1993 - - 20% 50.4%
1992 - - 15.9% 49.8%
1991 - - 13.6% 53.2%
1990 - - 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/nigeria | CC BY

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 39.3% in Nigeria, ranking 16/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Nigeria
1x
Year Deficit/surplus, % of GDP
Cape Verde Nigeria
2024 -1.07% -1.57%
2023 -0.28% -3.12%
2022 -4.25% -4%
2021 -7.51% -3.97%
2020 -9.29% -4.03%
2019 -1.62% -3.31%
2018 -2.36% -3.06%
2017 -2.63% -3.85%
2016 -2.73% -3.3%
2015 -4.16% -2.7%
2014 -6.93% -1.72%
2013 -8.49% -1.89%
2012 -9.36% -0.09%
2011 -6.98% 0.31%
2010 -9.6% -2.96%
2009 -5.32% -3.78%
2008 -1.42% 4.05%
2007 -0.86% -0.79%
2006 -4.32% 6.22%
2005 -4.69% 3.49%
2004 -2.98% 3.9%
2003 -3.63% -1.56%
2002 -6.14% 0.95%
2001 -5.03% -2.29%
2000 -15.5% 2.89%
1999 -10.9% -1.39%
1998 -3.16% -3.47%
1997 -10.2% 1.14%
1996 -11.2% 3.37%
1995 -11.1% 2.52%
1994 -12.8% -2.96%
1993 - -6.07%
1992 - 0.94%
1991 - -1.18%
1990 - -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/nigeria | CC BY

In 2024, Cape Verde's government deficit, the difference between spending and revenue, was $29.1M, equivalent to 1.07% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 31 years, Cape Verde recorded a fiscal deficit in 31 of those years, while Nigeria ran a deficit in 21 years. On average, Cape Verde posted an annual deficit equal to 6.02% of GDP, compared to deficit of 0.87% of GDP for Nigeria.

Inflation comparison by year

Inflation
Cape Verde

Nigeria
1x
Year Consumer prices inflation
Cape Verde Nigeria
2024 1% 33.2%
2023 3.7% 24.7%
2022 7.9% 18.8%
2021 1.9% 17%
2020 0.6% 13.2%
2019 1.1% 11.4%
2018 1.3% 12.1%
2017 0.8% 16.5%
2016 -1.4% 15.7%
2015 0.1% 9.01%
2014 -0.2% 8.05%
2013 1.5% 8.5%
2012 2.5% 12.2%
2011 4.5% 10.8%
2010 2.1% 13.7%
2009 1% 12.5%
2008 6.8% 11.6%
2007 4.4% 5.39%
2006 4.8% 8.23%
2005 0.4% 17.9%
2004 -1.9% 15%
2003 1.2% 14%
2002 1.9% 12.9%
2001 3.7% 18.9%
2000 -2.4% 6.93%
1999 4.3% 6.62%
1998 4.4% 10%
1997 8.6% 8.53%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/nigeria | CC BY

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 13.3% in Nigeria. In 2024, inflation was 1% in Cape Verde and 33.2% in Nigeria.

Top exports between countries

Cape Verde
Export category Export value
Processed food, beverages & tobacco $115K
Nigeria
Export category Export value
Chemicals & pharma $34K

Balance of trade

Cape Verde Nigeria
Current account balance
$107M
2024
$17.2B
2024
Current account balance ranking
67/190
2024
20/190
2024
Current account balance, % of GDP
+3.91%
2024
+6.82%
2024
Goods imports
$1.17B
2024
$39.8B
2024
Goods exports
$328M
2024
$53B
2024
Service imports
$298M
2024
$17.9B
2024
Service exports
$830M
2024
$4.57B
2024
Imports of goods and services, % of GDP
54%
2024
16.9%
1960
Exports of goods and services, % of GDP
42.5%
2024
9.24%
1960

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Cape Verde Nigeria
Economic freedom 71.4 54.8
Economic freedom ranking 32/197 132/197
Property rights 72.7 29.7
Government integrity 63.3 23.5
Judicial effectiveness 77.1 34.4
Tax burden 84.4 84.6
Government spending 79.5 96.3
Fiscal health 74.4 83.5
Business freedom 78.9 50.3
Labor freedom 59.5 75.4
Monetary freedom 80.4 56.1
Trade freedom 66.6 64.4
Investment freedom 60 30
Financial freedom 60 30

Economic freedom comparison by year

Cape Verde
Nigeria
1x
Year Economic freedom index
Cape Verde Nigeria
2026 71.4 54.8
2025 68.7 53.4
2024 62.9 53.1
2023 65.8 53.9
2022 66.7 54.4
2021 63.8 58.7
2020 63.6 57.2
2019 63.1 57.3
2018 60 58.5
2017 56.9 57.1
2016 66.5 57.5
2015 66.4 55.6
2014 66.1 54.3
2013 63.7 55.1
2012 63.5 56.3
2011 64.6 56.7
2010 61.8 56.8
2009 61.3 55.1
2008 57.9 55.1
2007 56.5 55.6
2006 58.6 48.7
2005 57.8 48.4
2004 58.1 49.2
2003 56.1 49.5
2002 57.6 50.9
2001 56.3 49.6
2000 51.9 53.1
1999 50.7 55.7
1998 48 52.3
1997 47.7 52.8
1996 49.7 47.4
1995 - 47.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/cape-verde/nigeria | CC BY

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 54.8 for Nigeria, ranking 132/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Nigeria
Services, % of GDP
68.7%
2024
53.7%
2024
Industry, % of GDP
10.7%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
25.9%
2024
GNI, Atlas method
$2.6B
2024
$396B
2024
GNI per capita, PPP
$11,000
2024
$8,850
2024
Total reserves including gold
$783M
2024
$38.6B
2024
Total reserves ranking
144/177
2024
51/177
2024
Net foreign direct investment
-$89.2M
2024
-$672M
2024
Net inflows of foreign direct investment
$110M
2024
$1.08B
2024
Net outflows of foreign direct investment
$20.8M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
5.48%
2024
Poverty at national poverty lines
24.8%
2023
56.2%
2023
Gross capital formation, % of GDP
16.4%
2024
n/a

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/cape-verde/nigeria | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20)
  6. TradeMap (2021–2023, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.