Skip to content

Economy of Guinea-Bissau vs Nigeria compared: GDP & Debt

Updated on by Georank team

Guinea-Bissau has a GDP of $2.22B compared to $252B for Nigeria, ranking 176/197 and 54/197 by economy size, respectively.

Guinea-Bissau has $1.82B in government debt (82.2% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Guinea-Bissau vs Nigeria GDP by year

Guinea-Bissau
Nigeria
1x
Year GDP, current $
Guinea-Bissau Nigeria
2024 $2,218,393,805 $252,261,880,141
2023 $2,127,688,181 $487,387,801,881
2022 $1,859,601,384 $646,950,257,578
2021 $1,908,094,558 $609,147,716,973
2020 $1,705,057,581 $598,586,817,819
2019 $1,596,227,316 $668,219,992,691
2018 $1,554,133,594 $421,739,251,509
2017 $1,469,978,606 $375,745,731,053
2016 $1,245,074,264 $404,649,125,252
2015 $1,152,384,167 $493,026,682,801
2014 $1,135,250,721 $574,183,763,412
2013 $1,109,682,824 $520,117,180,314
2012 $1,049,412,177 $463,971,018,239
2011 $1,157,074,319 $414,466,676,831
2010 $940,112,539 $366,990,417,129
2009 $890,167,833 $295,008,835,381
2008 $952,667,544 $339,476,276,258
2007 $753,162,998 $278,260,846,800
2006 $634,781,901 $238,454,997,161
2005 $639,776,041 $175,670,569,969
2004 $582,169,841 $135,764,731,646
2003 $553,614,800 $104,738,954,264
2002 $466,773,711 $95,054,059,303
2001 $412,610,872 $73,557,840,064
2000 $391,345,597 $69,171,451,627
1999 $579,365,780 $59,145,077,039
1998 $591,034,143 $218,416,200,673
1997 $698,107,222 $200,850,397,618
1996 $702,965,148 $185,730,236,700
1995 $660,195,402 $140,919,776,986
1994 $612,502,085 $80,399,613,064
1993 $615,779,519 $56,721,051,402
1992 $588,309,271 $52,058,181,854
1991 $668,470,891 $59,526,833,412
1990 $634,187,269 $54,035,795,388
1989 $554,072,303 $44,003,061,108
1988 $427,514,322 $49,648,470,440
1987 $451,893,375 $52,676,041,931
1986 $338,524,233 $54,805,852,581
1985 $373,959,151 $73,745,821,158
1984 $359,980,491 $73,484,359,521
1983 $425,225,177 $97,094,911,792
1982 $430,284,022 $142,769,363,314
1981 $402,230,865 $164,475,209,516
1980 $287,648,258 $64,201,788,123
1979 $308,143,183 $47,259,911,894
1978 $318,876,550 $36,527,862,209
1977 $298,871,675 $36,035,407,725
1976 $292,152,321 $36,308,883,249
1975 $283,311,997 $27,778,934,625
1974 $256,769,730 $24,846,641,318
1973 $232,331,281 $15,162,871,287
1972 $227,986,203 $12,274,416,018
1971 $204,167,297 $9,181,769,912
1970 $204,670,551 $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/guinea-bissau/nigeria | CC BY

GDP per capita in Guinea-Bissau vs Nigeria by year

Guinea-Bissau
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Guinea-Bissau Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,008 $3,119 $1,084 $9,087
2023 $988 $2,990 $2,139 $8,705
2022 $883 $2,789 $2,899 $8,305
2021 $927 $2,523 $2,787 $7,588
2020 $847 $2,340 $2,797 $7,415
2019 $811 $2,247 $3,190 $7,551
2018 $809 $2,058 $2,058 $7,158
2017 $783 $2,082 $1,876 $7,037
2016 $680 $1,824 $2,070 $7,072
2015 $645 $1,730 $2,586 $7,308
2014 $652 $1,456 $3,089 $7,396
2013 $654 $1,416 $2,873 $7,004
2012 $635 $1,402 $2,633 $6,671
2011 $720 $1,472 $2,418 $6,585
2010 $600 $1,370 $2,202 $6,301
2009 $583 $1,315 $1,820 $5,927
2008 $640 $1,309 $2,154 $5,607
2007 $519 $1,260 $1,816 $5,298
2006 $449 $1,226 $1,600 $4,975
2005 $463 $1,187 $1,211 $4,678
2004 $431 $1,105 $962 $4,381
2003 $420 $1,089 $763 $4,015
2002 $362 $1,095 $712 $3,770
2001 $327 $1,064 $566 $3,309
2000 $317 $1,014 $547 $3,139
1999 $479 $1,001 $481 $3,002
1998 $498 $861 $1,822 $3,022
1997 $599 $1,118 $1,720 $2,990
1996 $615 $1,052 $1,633 $2,931
1995 $589 $945 $1,272 $2,835
1994 $561 $909 $745 $2,853
1993 $582 $890 $540 $2,921
1992 $574 $880 $509 $2,991
1991 $672 $877 $597 $2,870
1990 $651 $824 $556 $2,840
1989 $578 - $465 -
1988 $454 - $540 -
1987 $488 - $588 -
1986 $371 - $628 -
1985 $417 - $869 -
1984 $407 - $890 -
1983 $489 - $1,207 -
1982 $503 - $1,822 -
1981 $477 - $2,162 -
1980 $347 - $870 -
1979 $376 - $661 -
1978 $403 - $527 -
1977 $403 - $536 -
1976 $421 - $556 -
1975 $435 - $438 -
1974 $419 - $403 -
1973 $392 - $252.4 -
1972 $389 - $209.5 -
1971 $348 - $160.5 -
1970 $350 - $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/guinea-bissau/nigeria | CC BY

Guinea-Bissau's GDP per capita is $1,008, ranking 177/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Guinea-Bissau ranks 179th at $3,119, while Nigeria ranks 136th at $9,087.

Economic indicators

Guinea-Bissau Nigeria
Gross domestic product
$2.22B
2024
$252B
2024
GDP rank
176/197
2024
54/197
2024
GDP growth
4.15%
2023-2024
4.06%
2023-2024
GDP per capita
$1,008
2024
$1,084
2024
GDP per capita rank
177/197
2024
174/197
2024
GDP per capita, PPP
$3,119
2024
$9,087
2024
GDP per capita PPP rank
179/197
2024
136/197
2024
Government debt
$1.82B
2024
$99.2B
2024
Debt-to-GDP ratio
82.2%
2024
39.3%
2024
Government debt per person
$828
2024
$426
2024
Government debt per person rank
146/185
2024
170/185
2024
Average annual personal income after taxes
$1,711
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%
26.1%
2021
26.3%
2022
Income share by poorest 10%
3.4%
2021
3%
2022
Government expenditure, % of GDP
20.4%
2024
12.3%
2024
Consumer prices inflation
3.7%
2023-2024
33.2%
2023-2024
Central bank interest rate n/a
27%
2025
Unemployment rate
2.67%
2022
3.45%
2024
Population
2311915
243824469

Spending and national debt comparison by year

Guinea-Bissau
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Guinea-Bissau Nigeria
Government spending Government debt Government spending Government debt
2024 20.4% 82.2% 12.3% 39.3%
2023 21.9% 79.4% 10.4% 36.3%
2022 21.3% 80.7% 10.6% 29.8%
2021 25% 78.8% 9.09% 26.6%
2020 25% 77.6% 8.73% 25.7%
2019 18.8% 65.1% 8.87% 21.4%
2018 19.5% 59.1% 9.1% 20.4%
2017 18.1% 51.8% 8.51% 18%
2016 20.5% 59.1% 6.93% 17.4%
2015 21.5% 56.3% 7.85% 14.9%
2014 23% 60.1% 9.49% 12.9%
2013 12.4% 49.6% 10% 13%
2012 13% 47.4% 10.5% 12.5%
2011 17.3% 45.6% 12.3% 12.4%
2010 18.5% 61.7% 11.8% 6.67%
2009 20.6% 148.3% 11% 6.12%
2008 21.8% 148.8% 10.2% 5.17%
2007 23.7% 164% 12.9% 5.76%
2006 19.8% 190.4% 8.75% 6.68%
2005 20.2% 203.7% 12.6% 13.4%
2004 23% 202% 13% 25.2%
2003 17% 183.4% 16.5% 29.9%
2002 14.1% 197.5% 13.8% 30.7%
2001 19.1% 204.4% 21.9% 37.7%
2000 23.5% 217.1% 17.6% 40.9%
1999 12.1% 109.9% 14.9% 46.1%
1998 8.72% 109.1% 11.2% 15.8%
1997 12.7% 94.3% 9.68% 17.1%
1996 8.93% 117.3% 7.87% 17.9%
1995 8.14% 103.3% 8.87% 24.2%
1994 18.4% 105.5% 12.1% 39.7%
1993 13.1% 112.4% 20% 50.4%
1992 10.1% 85.3% 15.9% 49.8%
1991 9.19% 88.9% 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 (1991–1996, retrieved 2026-02-20).

GeoRank.org/economy/guinea-bissau/nigeria | CC BY

In 2024, Guinea-Bissau's government spending was $452M, accounting for 20.4% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 82.2% in Guinea-Bissau and 39.3% in Nigeria, ranking 41/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Guinea-Bissau

Nigeria
1x
Year Deficit/surplus, % of GDP
Guinea-Bissau Nigeria
2024 -7.26% -1.57%
2023 -8.15% -3.12%
2022 -6.06% -4%
2021 -5.88% -3.97%
2020 -9.64% -4.03%
2019 -3.86% -3.31%
2018 -4.76% -3.06%
2017 -1.32% -3.85%
2016 -5.34% -3.3%
2015 -3.16% -2.7%
2014 -2.44% -1.72%
2013 -1.67% -1.89%
2012 -2.12% -0.09%
2011 -1.35% 0.31%
2010 -0.23% -2.96%
2009 2.68% -3.78%
2008 -0.73% 4.05%
2007 -8.77% -0.79%
2006 -4.57% 6.22%
2005 -4.96% 3.49%
2004 -5.92% 3.9%
2003 -5.63% -1.56%
2002 -3.7% 0.95%
2001 -1.83% -2.29%
2000 -2.8% 2.89%
1999 -4.06% -1.39%
1998 -5.95% -3.47%
1997 -2.56% 1.14%
1996 3.48% 3.37%
1995 2.45% 2.52%
1994 -5.54% -2.96%
1993 -0.34% -6.07%
1992 -0.25% 0.94%
1991 1.61% -1.18%
1990 - -0.48%

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

GeoRank.org/economy/guinea-bissau/nigeria | CC BY

In 2024, Guinea-Bissau's government deficit, the difference between spending and revenue, was $161M, equivalent to 7.26% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 34 years, Guinea-Bissau recorded a fiscal deficit in 30 of those years, while Nigeria ran a deficit in 23 years. On average, Guinea-Bissau posted an annual deficit equal to 3.25% of GDP, compared to deficit of 0.98% of GDP for Nigeria.

Inflation comparison by year

Inflation
Guinea-Bissau

Nigeria
1x
Year Consumer prices inflation
Guinea-Bissau Nigeria
2024 3.7% 33.2%
2023 7.2% 24.7%
2022 7.9% 18.8%
2021 3.3% 17%
2020 1.5% 13.2%
2019 0.3% 11.4%
2018 0.4% 12.1%
2017 -0.2% 16.5%
2016 2.7% 15.7%
2015 1.5% 9.01%
2014 -1% 8.05%
2013 0.8% 8.5%
2012 2.1% 12.2%
2011 5.1% 10.8%
2010 1.1% 13.7%
2009 -1.6% 12.5%
2008 10.4% 11.6%
2007 4.6% 5.39%
2006 2% 8.23%
2005 3.4% 17.9%
2004 0.8% 15%
2003 -3.5% 14%
2002 3.3% 12.9%
2001 3.3% 18.9%
2000 8.6% 6.93%
1999 -2.1% 6.62%
1998 8.1% 10%
1997 49.1% 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/guinea-bissau/nigeria | CC BY

Over the past 28 years, Guinea-Bissau has recorded an average annual inflation rate of 4.39%, compared with 13.3% in Nigeria. In 2024, inflation was 3.7% in Guinea-Bissau and 33.2% in Nigeria.

Top exports between countries

Guinea-Bissau
Export category Export value
Nigeria
Export category Export value
Processed food, beverages & tobacco $3.78M
Raw agricultural goods $148K
Miscellaneous $47K
Chemicals & pharma $24K
Wood & paper products $10K

Balance of trade

Guinea-Bissau Nigeria
Current account balance
-$160M
2023
$17.2B
2024
Current account balance ranking
95/190
2023
20/190
2024
Current account balance, % of GDP
-7.53%
2023
+6.82%
2024
Goods imports
$403M
2023
$39.8B
2024
Goods exports
$240M
2023
$53B
2024
Service imports
$189M
2023
$17.9B
2024
Service exports
$44.8M
2023
$4.57B
2024
Imports of goods and services, % of GDP
27%
2024
16.9%
1960
Exports of goods and services, % of GDP
11.8%
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.

Guinea-Bissau Nigeria
Economic freedom 43.2 54.8
Economic freedom ranking 181/197 132/197
Property rights 28.4 29.7
Government integrity 21 23.5
Judicial effectiveness 13.2 34.4
Tax burden 89 84.6
Government spending 86.5 96.3
Fiscal health 6.5 83.5
Business freedom 34.6 50.3
Labor freedom 55.9 75.4
Monetary freedom 75.9 56.1
Trade freedom 47 64.4
Investment freedom 30 30
Financial freedom 30 30

Economic freedom comparison by year

Guinea-Bissau
Nigeria
1x
Year Economic freedom index
Guinea-Bissau Nigeria
2026 43.2 54.8
2025 43.6 53.4
2024 42.7 53.1
2023 44.6 53.9
2022 46 54.4
2021 54.9 58.7
2020 53.3 57.2
2019 54 57.3
2018 56.9 58.5
2017 56.1 57.1
2016 51.8 57.5
2015 52 55.6
2014 51.3 54.3
2013 51.1 55.1
2012 50.1 56.3
2011 46.5 56.7
2010 43.6 56.8
2009 45.4 55.1
2008 44.4 55.1
2007 46.1 55.6
2006 46.5 48.7
2005 46 48.4
2004 42.6 49.2
2003 43.1 49.5
2002 42.3 50.9
2001 42.5 49.6
2000 34.7 53.1
1999 33.5 55.7
1998 - 52.3
1997 - 52.8
1996 - 47.4
1995 - 47.3

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

GeoRank.org/economy/guinea-bissau/nigeria | CC BY

The Economic Freedom Index for Guinea-Bissau is 43.2, ranking 181/197, 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

Guinea-Bissau Nigeria
Services, % of GDP
37.9%
2024
53.7%
2024
Industry, % of GDP
15.6%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
42.2%
2024
25.9%
2024
GNI, Atlas method
$2.18B
2024
$396B
2024
GNI per capita, PPP
$3,140
2024
$8,850
2024
Total reserves including gold n/a
$38.6B
2024
Total reserves ranking n/a
51/177
2024
Net foreign direct investment
-$24.8M
2023
-$672M
2024
Net inflows of foreign direct investment
$26.7M
2024
$1.08B
2024
Net outflows of foreign direct investment
$389K
2024
$408M
2024
Servicing debt to the IMF, % of GNI
1.75%
2024
5.48%
2024
Poverty at national poverty lines
50.5%
2021
56.2%
2023
Gross capital formation, % of GDP
24.9%
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/guinea-bissau/nigeria | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

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 (1991–1996, retrieved 2026-02-20)
  6. TradeMap (2020–2022, 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.