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Economy of Eswatini vs Nigeria compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $252B for Nigeria, ranking 162/197 and 54/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Eswatini vs Nigeria GDP by year

Eswatini
Nigeria
1x
Year GDP, current $
Eswatini Nigeria
2024 $4,858,885,841 $252,261,880,141
2023 $4,621,191,262 $487,387,801,881
2022 $4,746,660,274 $646,950,257,578
2021 $4,807,069,277 $609,147,716,973
2020 $4,134,677,810 $598,586,817,819
2019 $4,617,018,959 $668,219,992,691
2018 $4,643,751,059 $421,739,251,509
2017 $4,462,640,651 $375,745,731,053
2016 $3,722,306,117 $404,649,125,252
2015 $3,908,217,914 $493,026,682,801
2014 $4,285,065,665 $574,183,763,412
2013 $4,463,396,204 $520,117,180,314
2012 $4,747,813,067 $463,971,018,239
2011 $4,722,912,047 $414,466,676,831
2010 $4,360,714,359 $366,990,417,129
2009 $3,525,213,502 $295,008,835,381
2008 $3,235,921,171 $339,476,276,258
2007 $3,391,122,887 $278,260,846,800
2006 $3,215,307,901 $238,454,997,161
2005 $3,097,946,371 $175,670,569,969
2004 $2,710,331,785 $135,764,731,646
2003 $2,149,632,433 $104,738,954,264
2002 $1,393,945,031 $95,054,059,303
2001 $1,502,870,486 $73,557,840,064
2000 $1,697,161,558 $69,171,451,627
1999 $1,547,888,496 $59,145,077,039
1998 $1,576,908,856 $218,416,200,673
1997 $1,716,714,070 $200,850,397,618
1996 $1,602,741,834 $185,730,236,700
1995 $1,698,989,464 $140,919,776,986
1994 $1,419,294,254 $80,399,613,064
1993 $1,357,189,552 $56,721,051,402
1992 $1,284,759,928 $52,058,181,854
1991 $1,156,135,718 $59,526,833,412
1990 $1,114,694,041 $54,035,795,388
1989 $696,921,542 $44,003,061,108
1988 $692,026,455 $49,648,470,440
1987 $584,126,092 $52,676,041,931
1986 $449,140,318 $54,805,852,581
1985 $360,079,419 $73,745,821,158
1984 $494,483,409 $73,484,359,521
1983 $555,336,146 $97,094,911,792
1982 $537,568,059 $142,769,363,314
1981 $570,774,825 $164,475,209,516
1980 $541,976,853 $64,201,788,123
1979 $412,093,134 $47,259,911,894
1978 $340,630,085 $36,527,862,209
1977 $304,060,076 $36,035,407,725
1976 $272,550,068 $36,308,883,249
1975 $288,299,789 $27,778,934,625
1974 $264,320,941 $24,846,641,318
1973 $221,915,128 $15,162,871,287
1972 $146,736,479 $12,274,416,018
1971 $136,462,081 $9,181,769,912
1970 $112,139,955 $12,546,094,982
1969 $105,419,958 $6,634,317,346
1968 $79,799,968 $5,200,997,920
1967 $74,759,970 $5,203,237,919
1966 $76,859,969 $6,366,917,453
1965 $70,279,972 $5,874,537,650
1964 $64,980,554 $5,552,931,319
1963 $54,129,438 $5,165,590,254
1962 $45,927,962 $4,909,399,176
1961 $43,026,043 $4,467,287,893
1960 $35,076,846 $4,196,174,502

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

GeoRank.org/economy/eswatini/nigeria | CC BY

GDP per capita in Eswatini vs Nigeria by year

Eswatini
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $1,084 $9,087
2023 $3,756 $11,300 $2,139 $8,705
2022 $3,894 $10,635 $2,899 $8,305
2021 $3,984 $9,990 $2,787 $7,588
2020 $3,467 $9,329 $2,797 $7,415
2019 $3,913 $9,248 $3,190 $7,551
2018 $3,973 $8,535 $2,058 $7,158
2017 $3,853 $8,584 $1,876 $7,037
2016 $3,238 $8,484 $2,070 $7,072
2015 $3,420 $8,391 $2,586 $7,308
2014 $3,771 $8,366 $3,089 $7,396
2013 $3,950 $8,231 $2,873 $7,004
2012 $4,225 $7,760 $2,633 $6,671
2011 $4,225 $7,571 $2,418 $6,585
2010 $3,923 $7,324 $2,202 $6,301
2009 $3,190 $7,011 $1,820 $5,927
2008 $2,947 $6,914 $2,154 $5,607
2007 $3,109 $6,732 $1,816 $5,298
2006 $2,965 $6,319 $1,600 $4,975
2005 $2,871 $5,773 $1,211 $4,678
2004 $2,526 $5,310 $962 $4,381
2003 $2,015 $5,020 $763 $4,015
2002 $1,316 $4,742 $712 $3,770
2001 $1,430 $4,521 $566 $3,309
2000 $1,630 $4,401 $547 $3,139
1999 $1,502 $4,272 $481 $3,002
1998 $1,547 $4,137 $1,822 $3,022
1997 $1,705 $4,038 $1,720 $2,990
1996 $1,619 $3,916 $1,633 $2,931
1995 $1,751 $3,777 $1,272 $2,835
1994 $1,461 $3,526 $745 $2,853
1993 $1,397 $3,371 $540 $2,921
1992 $1,362 $3,289 $509 $2,991
1991 $1,273 $3,236 $597 $2,870
1990 $1,278 $3,202 $556 $2,840
1989 $832 - $465 -
1988 $865 - $540 -
1987 $765 - $588 -
1986 $611 - $628 -
1985 $510 - $869 -
1984 $726 - $890 -
1983 $843 - $1,207 -
1982 $843 - $1,822 -
1981 $925 - $2,162 -
1980 $908 - $870 -
1979 $714 - $661 -
1978 $610 - $527 -
1977 $563 - $536 -
1976 $521 - $556 -
1975 $568 - $438 -
1974 $536 - $403 -
1973 $463 - $252.4 -
1972 $315 - $209.5 -
1971 $301 - $160.5 -
1970 $254.2 - $224.5 -
1969 $245.2 - $121.4 -
1968 $190.4 - $97.3 -
1967 $182.8 - $99.5 -
1966 $192.7 - $124.4 -
1965 $181 - $117.3 -
1964 $171.6 - $113.3 -
1963 $146.4 - $107.7 -
1962 $127.1 - $104.5 -
1961 $121.8 - $97.1 -
1960 $101.6 - $93.1 -

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

GeoRank.org/economy/eswatini/nigeria | CC BY

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Nigeria ranks 136th at $9,087.

Economic indicators

Eswatini Nigeria
Gross domestic product
$4.86B
2024
$252B
2024
GDP rank
162/197
2024
54/197
2024
GDP growth
2.97%
2023-2024
4.06%
2023-2024
GDP per capita
$3,910
2024
$1,084
2024
GDP per capita rank
131/197
2024
174/197
2024
GDP per capita, PPP
$11,799
2024
$9,087
2024
GDP per capita PPP rank
126/197
2024
136/197
2024
Government debt
$1.93B
2024
$99.2B
2024
Debt-to-GDP ratio
39.8%
2024
39.3%
2024
Government debt per person
$1,554
2024
$426
2024
Government debt per person rank
130/185
2024
170/185
2024
Average annual personal income after taxes
$3,913
2026
$1,104
2026
Market capitalization of domestic companies
$234M
2007
$54.4B
2024
Number of billionaires
1
2025
4
2025
Income share by richest 10%
42.7%
2016
26.3%
2022
Income share by poorest 10%
1.4%
2016
3%
2022
Government expenditure, % of GDP
33.3%
2024
12.3%
2024
Consumer prices inflation
2.6%
2018-2019
33.2%
2023-2024
Central bank interest rate
6.75%
2025
27%
2025
Unemployment rate
34.6%
2023
3.45%
2024
Population
1273390
243824469

Spending and national debt comparison by year

Eswatini
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Eswatini Nigeria
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 12.3% 39.3%
2023 32% 40% 10.4% 36.3%
2022 29.6% 40.5% 10.6% 29.8%
2021 30.1% 38.4% 9.09% 26.6%
2020 32.7% 38.2% 8.73% 25.7%
2019 32.9% 30.7% 8.87% 21.4%
2018 32.2% 27% 9.1% 20.4%
2017 33.9% 21.9% 8.51% 18%
2016 34.7% 20.5% 6.93% 17.4%
2015 35.3% 16.4% 7.85% 14.9%
2014 33.3% 14.3% 9.49% 12.9%
2013 29.4% 15.5% 10% 13%
2012 27.8% 15.2% 10.5% 12.5%
2011 26% 15.1% 12.3% 12.4%
2010 31.6% 14.5% 11.8% 6.67%
2009 34.5% 10.8% 11% 6.12%
2008 34.4% 15% 10.2% 5.17%
2007 31.2% 16.6% 12.9% 5.76%
2006 28.2% 15% 8.75% 6.68%
2005 29.7% 13.9% 12.6% 13.4%
2004 32% 15.5% 13% 25.2%
2003 26.4% 18% 16.5% 29.9%
2002 27.2% 17.6% 13.8% 30.7%
2001 26.4% 22.4% 21.9% 37.7%
2000 25.3% 18.7% 17.6% 40.9%
1999 26.5% 17.2% 14.9% 46.1%
1998 22.5% 15.9% 11.2% 15.8%
1997 21.2% 13% 9.68% 17.1%
1996 23.3% 12% 7.87% 17.9%
1995 20.5% 12.9% 8.87% 24.2%
1994 24.7% 13.8% 12.1% 39.7%
1993 24% 15.6% 20% 50.4%
1992 26% 16.6% 15.9% 49.8%
1991 20.3% 20.1% 13.6% 53.2%
1990 18.7% 20.4% 14.2% 50.9%
1989 15.8% 26.8% - -
1988 15.6% 27.5% - -
1987 17% 36.1% - -
1986 19.8% 44% - -
1985 22.3% 45.5% - -
1984 22.2% 29.7% - -
1983 23.2% 28.7% - -
1982 24% 29.2% - -
1981 23.8% 24.3% - -
1980 19.6% 27.2% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20).

GeoRank.org/economy/eswatini/nigeria | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 39.3% in Nigeria, ranking 134/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Nigeria
1x
Year Deficit/surplus, % of GDP
Eswatini Nigeria
2024 -1.36% -1.57%
2023 -0.67% -3.12%
2022 -5.4% -4%
2021 -4.68% -3.97%
2020 -4.27% -4.03%
2019 -6.26% -3.31%
2018 -6.72% -3.06%
2017 -5.68% -3.85%
2016 -8.54% -3.3%
2015 -6.03% -2.7%
2014 -1.18% -1.72%
2013 0.59% -1.89%
2012 3.48% -0.09%
2011 -4.02% 0.31%
2010 -9.52% -2.96%
2009 -3.06% -3.78%
2008 1.63% 4.05%
2007 2.44% -0.79%
2006 8.88% 6.22%
2005 -1.7% 3.49%
2004 -4.1% 3.9%
2003 -2.15% -1.56%
2002 -3.78% 0.95%
2001 -2.31% -2.29%
2000 -1.22% 2.89%
1999 -1.27% -1.39%
1998 1.07% -3.47%
1997 2.11% 1.14%
1996 -1% 3.37%
1995 0.9% 2.52%
1994 -3.61% -2.96%
1993 -3.29% -6.07%
1992 -2.9% 0.94%
1991 3.4% -1.18%
1990 5.61% -0.48%
1989 5.82% -
1988 3.23% -
1987 2.03% -
1986 -2.41% -
1985 -1.33% -
1984 1.25% -
1983 -0.6% -
1982 0.11% -
1981 -4.29% -
1980 6.55% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/eswatini/nigeria | CC BY

In 2024, Eswatini's government deficit, the difference between spending and revenue, was $66.2M, equivalent to 1.36% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 35 years, Eswatini recorded a fiscal deficit in 25 of those years, while Nigeria ran a deficit in 24 years. On average, Eswatini posted an annual deficit equal to 1.85% of GDP, compared to deficit of 0.97% of GDP for Nigeria.

Inflation comparison by year

Inflation
Eswatini

Nigeria
1x
Year Consumer prices inflation
Eswatini Nigeria
2024 - 33.2%
2023 - 24.7%
2022 - 18.8%
2021 - 17%
2020 - 13.2%
2019 2.6% 11.4%
2018 4.82% 12.1%
2017 6.22% 16.5%
2016 7.85% 15.7%
2015 4.95% 9.01%
2014 5.68% 8.05%
2013 5.62% 8.5%
2012 8.94% 12.2%
2011 6.11% 10.8%
2010 4.51% 13.7%
2009 7.45% 12.5%
2008 12.7% 11.6%
2007 8.08% 5.39%
2006 5.3% 8.23%
2005 4.77% 17.9%
2004 3.45% 15%
2003 7.29% 14%
2002 12% 12.9%
2001 5.94% 18.9%
2000 12.2% 6.93%
1999 6.09% 6.62%
1998 8.11% 10%
1997 7.13% 8.53%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/eswatini/nigeria | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 11.6% in Nigeria. In 2019, inflation was 2.6% in Eswatini and 33.2% in Nigeria.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $68.7M
Processed food, beverages & tobacco $1.33M
Machinery & equipment $117K
Raw materials & minerals $38K
Miscellaneous $11K
Metals $5K
Raw agricultural goods $2K
Nigeria
Export category Export value
Processed food, beverages & tobacco $998K
Raw agricultural goods $6K

Balance of trade

Eswatini Nigeria
Current account balance
$78.3M
2024
$17.2B
2024
Current account balance ranking
69/190
2024
20/190
2024
Current account balance, % of GDP
+1.61%
2024
+6.82%
2024
Goods imports
$2.07B
2024
$39.8B
2024
Goods exports
$2.33B
2024
$53B
2024
Service imports
$542M
2024
$17.9B
2024
Service exports
$234M
2024
$4.57B
2024
Imports of goods and services, % of GDP
53.7%
2024
16.9%
1960
Exports of goods and services, % of GDP
53.8%
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.

Eswatini Nigeria
Economic freedom 57.5 54.8
Economic freedom ranking 116/197 132/197
Property rights 42.5 29.7
Government integrity 29.7 23.5
Judicial effectiveness 35.5 34.4
Tax burden 78.6 84.6
Government spending 71 96.3
Fiscal health 87.5 83.5
Business freedom 49.9 50.3
Labor freedom 55.2 75.4
Monetary freedom 76.8 56.1
Trade freedom 73.6 64.4
Investment freedom 50 30
Financial freedom 40 30

Economic freedom comparison by year

Eswatini
Nigeria
1x
Year Economic freedom index
Eswatini Nigeria
2026 57.5 54.8
2025 56.4 53.4
2024 55.6 53.1
2023 54.9 53.9
2022 51.4 54.4
2021 55.1 58.7
2020 55.3 57.2
2019 54.7 57.3
2018 55.9 58.5
2017 61.1 57.1
2016 59.7 57.5
2015 59.9 55.6
2014 61.2 54.3
2013 57.2 55.1
2012 57.2 56.3
2011 59.1 56.7
2010 57.4 56.8
2009 59.1 55.1
2008 58.4 55.1
2007 60.1 55.6
2006 61.4 48.7
2005 59.4 48.4
2004 58.6 49.2
2003 59.6 49.5
2002 60.9 50.9
2001 63.6 49.6
2000 62.6 53.1
1999 62.1 55.7
1998 62 52.3
1997 59.4 52.8
1996 58.6 47.4
1995 63.3 47.3

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

GeoRank.org/economy/eswatini/nigeria | CC BY

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, 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

Eswatini Nigeria
Services, % of GDP
51.4%
2024
53.7%
2024
Industry, % of GDP
34.7%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
25.9%
2024
GNI, Atlas method
$4.46B
2024
$396B
2024
GNI per capita, PPP
$10,760
2024
$8,850
2024
Total reserves including gold
$479M
2023
$38.6B
2024
Total reserves ranking
159/177
2023
51/177
2024
Net foreign direct investment
-$11.8M
2024
-$672M
2024
Net inflows of foreign direct investment
$75.5M
2024
$1.08B
2024
Net outflows of foreign direct investment
$63.8M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
5.48%
2024
Poverty at national poverty lines
58.9%
2016
56.2%
2023
Gross capital formation, % of GDP
15%
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/eswatini/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. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  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.