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

Updated on by Georank

Guinea-Bissau has a GDP of $2.53B compared to $291B for Nigeria, ranking 176/197 and 50/197 by economy size, respectively.

Guinea-Bissau has $1.9B in government debt (75.3% of GDP), compared to $103B (35.5% of GDP) in Nigeria.

Guinea-Bissau vs Nigeria GDP by year

Guinea-Bissau
Nigeria
1x
Year GDP, current $
Guinea-Bissau Nigeria
2025 $2,527,930,273 $290,794,361,542
2024 $2,197,777,210 $252,261,880,140
2023 $2,076,748,678 $487,387,801,878
2022 $1,856,239,955 $646,950,257,575
2021 $1,907,611,288 $609,147,716,965
2020 $1,705,062,170 $598,586,817,817
2019 $1,596,214,680 $668,219,992,687
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 (1960–2025, retrieved 2026-07-08).

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
2025 $1,124 - $1,224 -
2024 $998 $3,119 $1,084 $9,087
2023 $964 $2,990 $2,139 $8,705
2022 $882 $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 (1960–2025, retrieved 2026-07-08).

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

Guinea-Bissau's GDP per capita is $1,124, ranking 177/197, compared to $1,224 in Nigeria, ranking 172/197. 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
$2.53B
2025
$291B
2025
GDP rank
176/197
2025
50/197
2025
GDP growth
5.82%
2024-2025
4.01%
2024-2025
GDP per capita
$1,124
2025
$1,224
2025
GDP per capita rank
177/197
2025
172/197
2025
GDP per capita, PPP
$3,119
2024
$9,087
2024
GDP per capita PPP rank
179/197
2024
136/197
2024
Government debt
$1.9B
2025
$103B
2025
Debt-to-GDP ratio
75.3%
2025
35.5%
2025
Government debt per person
$846
2025
$434
2025
Government debt per person rank
149/185
2025
170/185
2025
Average annual personal income after taxes
$1,483
2026
$768
2026
Market capitalization of domestic companies n/a
$86.9B
2025
Number of billionaires n/a
4
2026
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
19.9%
2025
11.7%
2025
Consumer prices inflation
0.9%
2024-2025
23%
2024-2025
Central bank interest rate n/a
26.5%
2026
Unemployment rate
2.67%
2022
3.45%
2024
Population
2323460
245016045

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
2025 19.9% 75.3% 11.7% 35.5%
2024 20.4% 82.4% 12% 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% 15.8%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1991–1996, retrieved 2026-07-08).

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

In 2025, Guinea-Bissau's government spending was $502M, accounting for 19.9% of its GDP, while Nigeria spent $34.1B, or 11.7% of GDP.

Debt-to-GDP ratio is 75.3% in Guinea-Bissau and 35.5% in Nigeria, ranking 49/185 and 143/185, respectively.

Government deficit by year

Deficit/surplus
Guinea-Bissau

Nigeria
1x
Year Deficit/surplus, % of GDP
Guinea-Bissau Nigeria
2025 -6.69% -1.76%
2024 -7.26% -1.27%
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 (1990–2025, retrieved 2026-07-08).

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

In 2025, Guinea-Bissau's government deficit, the difference between spending and revenue, was $169M, equivalent to 6.69% of GDP. This compares to Nigeria's deficit of $5.12B, or 1.76% of GDP.

Over the past 35 years, Guinea-Bissau recorded a fiscal deficit in 31 of those years, while Nigeria ran a deficit in 24 years. On average, Guinea-Bissau posted an annual deficit equal to 3.35% of GDP, compared to deficit of 0.99% of GDP for Nigeria.

Inflation comparison by year

Inflation
Guinea-Bissau

Nigeria
1x
Year Consumer prices inflation
Guinea-Bissau Nigeria
2025 0.9% 23%
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 (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Guinea-Bissau has recorded an average annual inflation rate of 4.27%, compared with 13.7% in Nigeria. In 2025, inflation was 0.9% in Guinea-Bissau and 23% in Nigeria.

Top exports between countries

Guinea-Bissau
Export category Export value
Nigeria
Export category Export value
Processed food, beverages & tobacco $3.2M
Raw agricultural goods $148K
Miscellaneous $47K
Chemicals & pharma $24K
Wood & paper products $10K

Balance of trade

Guinea-Bissau Nigeria
Current account balance
-$162M
2024
$14B
2025
Current account balance ranking
87/190
2024
21/190
2025
Current account balance, % of GDP
-7.36%
2024
+4.83%
2025
Goods imports
$414M
2024
$43B
2025
Goods exports
$229M
2024
$57.5B
2025
Service imports
$198M
2024
$19.6B
2025
Service exports
$51M
2024
$5.06B
2025
Imports of goods and services, % of GDP
27%
2025
16.9%
1960
Exports of goods and services, % of GDP
13.9%
2025
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 2026-07-08).

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
39.1%
2025
58.2%
2025
Industry, % of GDP
15.7%
2025
16.4%
2025
Agriculture, forestry, and fishing, % of GDP
40.6%
2025
23%
2025
GNI, Atlas method
$2.45B
2025
$324B
2025
GNI per capita, PPP
$3,320
2025
$9,230
2025
Total reserves including gold n/a
$46B
2025
Total reserves ranking n/a
52/177
2025
Net foreign direct investment
-$26.3M
2024
-$2.82B
2025
Net inflows of foreign direct investment
$26.7M
2024
$1.61B
2024
Net outflows of foreign direct investment
$389K
2024
$408M
2024
Servicing debt to the IMF, % of GNI
1.77%
2024
5.46%
2024
Poverty at national poverty lines
50.5%
2021
56.2%
2023
Gross capital formation, % of GDP
25.8%
2025
n/a

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1991–1996, retrieved 2026-07-08)
  6. TradeMap (2020–2024, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.