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Economy of Kuwait vs Nigeria compared: GDP & Debt

Updated on by Georank

Kuwait has a GDP of $157B compared to $291B for Nigeria, ranking 59/197 and 50/197 by economy size, respectively.

Kuwait has $22.9B in government debt (14.6% of GDP), compared to $103B (35.5% of GDP) in Nigeria.

Kuwait vs Nigeria GDP by year

Kuwait
Nigeria
1x
Year GDP, current $
Kuwait Nigeria
2025 $157,209,026,926 $290,794,361,542
2024 $160,903,106,639 $252,261,880,140
2023 $165,462,656,227 $487,387,801,878
2022 $183,502,046,694 $646,950,257,575
2021 $148,350,671,489 $609,147,716,965
2020 $111,045,470,606 $598,586,817,817
2019 $140,856,394,861 $668,219,992,687
2018 $138,646,316,351 $421,739,251,509
2017 $120,687,539,806 $375,745,731,053
2016 $109,406,674,125 $404,649,125,252
2015 $114,585,555,689 $493,026,682,801
2014 $162,650,450,685 $574,183,763,412
2013 $174,168,116,535 $520,117,180,314
2012 $174,047,662,680 $463,971,018,239
2011 $154,039,231,246 $414,466,676,831
2010 $115,416,245,242 $366,990,417,129
2009 $105,968,691,905 $295,008,835,381
2008 $147,379,737,230 $339,476,276,258
2007 $114,634,043,362 $278,260,846,800
2006 $101,557,330,723 $238,454,997,161
2005 $80,798,630,137 $175,670,569,969
2004 $59,439,090,601 $135,764,731,646
2003 $47,874,582,232 $104,738,954,264
2002 $38,135,788,414 $95,054,059,303
2001 $34,889,559,870 $73,557,840,064
2000 $37,718,743,480 $69,171,451,627
1999 $30,122,365,849 $59,145,077,039
1998 $25,943,705,784 $218,416,200,673
1997 $30,350,190,704 $200,850,397,618
1996 $31,492,373,309 $185,730,236,700
1995 $27,186,980,647 $140,919,776,986
1994 $24,848,483,838 $80,399,613,064
1993 $23,941,391,391 $56,721,051,402
1992 $19,858,555,215 $52,058,181,854
1991 $11,009,993,703 $59,526,833,412
1990 $18,427,777,778 $54,035,795,388
1989 $24,313,855,653 $44,003,061,108
1988 $20,690,322,153 $49,648,470,440
1987 $22,368,704,134 $52,676,041,931
1986 $17,903,989,745 $54,805,852,581
1985 $21,445,970,614 $73,745,821,158
1984 $21,700,082,753 $73,484,359,521
1983 $20,871,081,080 $97,094,911,792
1982 $21,577,153,356 $142,769,363,314
1981 $25,058,020,338 $164,475,209,516
1980 $28,638,868,356 $64,201,788,123
1979 $24,749,063,922 $47,259,911,894
1978 $15,503,557,496 $36,527,862,209
1977 $14,137,406,741 $36,035,407,725
1976 $13,132,252,802 $36,308,883,249
1975 $12,022,811,621 $27,778,934,625
1974 $13,006,948,296 $24,846,641,318
1973 $5,408,804,607 $15,162,871,287
1972 $4,450,537,925 $12,274,416,018
1971 $3,880,392,195 $9,181,769,912
1970 $2,873,638,851 $12,546,094,982
1969 $2,769,198,892 $6,634,317,346
1968 $2,662,798,935 $5,200,997,920
1967 $2,441,599,023 $5,203,237,919
1966 $2,391,199,044 $6,366,917,453
1965 $2,097,199,161 $5,874,537,650
1964 $2,071,668,533 $5,552,931,319
1963 $1,900,895,857 $5,165,590,254
1962 $1,828,107,503 $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/kuwait/nigeria | CC BY

GDP per capita in Kuwait vs Nigeria by year

Kuwait
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kuwait Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $32,312 - $1,224 -
2024 $32,856 $52,444 $1,084 $9,087
2023 $34,092 $53,025 $2,139 $8,705
2022 $39,982 $55,043 $2,899 $8,305
2021 $34,019 $50,652 $2,787 $7,588
2020 $25,236 $41,462 $2,797 $7,415
2019 $31,708 $50,703 $3,190 $7,551
2018 $32,068 $51,371 $2,058 $7,158
2017 $29,048 $46,566 $1,876 $7,037
2016 $27,324 $41,862 $2,070 $7,072
2015 $29,882 $45,267 $2,586 $7,308
2014 $44,369 $68,337 $3,089 $7,396
2013 $49,651 $76,813 $2,873 $7,004
2012 $52,155 $82,090 $2,633 $6,671
2011 $49,170 $79,037 $2,418 $6,585
2010 $39,212 $75,184 $2,202 $6,301
2009 $37,907 $80,110 $1,820 $5,927
2008 $55,585 $90,337 $2,154 $5,607
2007 $45,709 $91,435 $1,816 $5,298
2006 $42,947 $89,075 $1,600 $4,975
2005 $36,123 $84,968 $1,211 $4,678
2004 $27,552 $77,227 $962 $4,381
2003 $22,691 $69,752 $763 $4,015
2002 $18,513 $59,713 $712 $3,770
2001 $17,374 $58,553 $566 $3,309
2000 $19,296 $58,703 $547 $3,139
1999 $15,854 $56,406 $481 $3,002
1998 $14,067 $58,344 $1,822 $3,022
1997 $16,977 $57,420 $1,720 $2,990
1996 $18,201 $56,913 $1,633 $2,931
1995 $16,168 $57,163 $1,272 $2,835
1994 $14,930 $53,946 $745 $2,853
1993 $14,318 $48,482 $540 $2,921
1992 $12,146 $36,149 $509 $2,991
1991 $8,147 $23,390 $597 $2,870
1990 $10,938 $30,763 $556 $2,840
1989 $10,965 - $465 -
1988 $9,692 - $540 -
1987 $10,896 - $588 -
1986 $9,077 - $628 -
1985 $11,322 - $869 -
1984 $11,919 - $890 -
1983 $11,965 - $1,207 -
1982 $12,979 - $1,822 -
1981 $15,825 - $2,162 -
1980 $19,032 - $870 -
1979 $17,386 - $661 -
1978 $11,567 - $527 -
1977 $11,238 - $536 -
1976 $11,141 - $556 -
1975 $10,882 - $438 -
1974 $12,527 - $403 -
1973 $5,532 - $252.4 -
1972 $4,836 - $209.5 -
1971 $4,486 - $160.5 -
1970 $3,552 - $224.5 -
1969 $3,695 - $121.4 -
1968 $3,872 - $97.3 -
1967 $3,887 - $99.5 -
1966 $4,176 - $124.4 -
1965 $4,024 - $117.3 -
1964 $4,379 - $113.3 -
1963 $4,445 - $107.7 -
1962 $4,748 - $104.5 -
1961 - - $97.1 -
1960 - - $93.1 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Kuwait's GDP per capita is $32,312, ranking 41/197, compared to $1,224 in Nigeria, ranking 172/197. Adjusted for purchasing power (GDP per capita PPP), Kuwait ranks 40th at $52,444, while Nigeria ranks 136th at $9,087.

Economic indicators

Kuwait Nigeria
Gross domestic product
$157B
2025
$291B
2025
GDP rank
59/197
2025
50/197
2025
GDP growth
2.73%
2024-2025
4.01%
2024-2025
GDP per capita
$32,312
2025
$1,224
2025
GDP per capita rank
41/197
2025
172/197
2025
GDP per capita, PPP
$52,444
2024
$9,087
2024
GDP per capita PPP rank
40/197
2024
136/197
2024
Government debt
$22.9B
2025
$103B
2025
Debt-to-GDP ratio
14.6%
2025
35.5%
2025
Government debt per person
$4,714
2025
$434
2025
Government debt per person rank
87/185
2025
170/185
2025
Average annual personal income after taxes
$24,940
2026
$768
2026
Market capitalization of domestic companies
$172B
2025
$86.9B
2025
Number of billionaires n/a
4
2026
Income share by richest 10% n/a
26.3%
2022
Income share by poorest 10% n/a
3%
2022
Government expenditure, % of GDP
50.1%
2025
11.7%
2025
Consumer prices inflation
2.36%
2024-2025
23%
2024-2025
Central bank interest rate
3.5%
2025
26.5%
2026
Unemployment rate
2.16%
2016
3.45%
2024
Population
4981316
245016045

Spending and national debt comparison by year

Kuwait
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Kuwait Nigeria
Government spending Government debt Government spending Government debt
2025 50.1% 14.6% 11.7% 35.5%
2024 48% 2.91% 12% 39.3%
2023 48.3% 3.13% 10.4% 36.3%
2022 39.6% 2.95% 10.6% 29.8%
2021 48.3% 7.2% 9.09% 26.6%
2020 62.9% 10.2% 8.73% 25.7%
2019 50.2% 10.5% 8.87% 21.4%
2018 51% 14.3% 9.1% 20.4%
2017 51.9% 19.6% 8.51% 18%
2016 54% 9.88% 6.93% 17.4%
2015 55.3% 4.6% 7.85% 14.9%
2014 45% 3.43% 9.49% 15.8%
2013 38.4% 3.09% 10% 13%
2012 38.1% 3.6% 10.5% 12.5%
2011 39.6% 4.64% 12.3% 12.4%
2010 45.4% 6.16% 11.8% 6.67%
2009 42.8% 6.65% 11% 6.12%
2008 40.8% 5.38% 10.2% 5.17%
2007 30.4% 7.05% 12.9% 5.76%
2006 32.2% 7.79% 8.75% 6.68%
2005 28.7% 10.2% 12.6% 13.4%
2004 35.2% 13.9% 13% 25.2%
2003 38% 17.2% 16.5% 29.9%
2002 42.5% 21.3% 13.8% 30.7%
2001 41.2% 23% 21.9% 37.7%
2000 29.7% 21.4% 17.6% 40.9%
1999 44.3% 25.5% 14.9% 46.1%
1998 51.4% 25.6% 11.2% 15.8%
1997 43.5% 24.3% 9.68% 17.1%
1996 42.5% 26.5% 7.87% 17.9%
1995 51.7% 34.9% 8.87% 24.2%
1994 57.5% 37.7% 12.1% 39.7%
1993 58% 28.8% 20% 50.4%
1992 77.4% 27.9% 15.9% 49.8%
1991 208.1% 45.3% 13.6% 53.2%
1990 122.4% - 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Kuwait's government spending was $78.8B, accounting for 50.1% of its GDP, while Nigeria spent $34.1B, or 11.7% of GDP.

Debt-to-GDP ratio is 14.6% in Kuwait and 35.5% in Nigeria, ranking 177/185 and 143/185, respectively.

Government deficit by year

Deficit/surplus
Kuwait

Nigeria
1x
Year Deficit/surplus, % of GDP
Kuwait Nigeria
2025 28.4% -1.76%
2024 26% -1.27%
2023 28.2% -3.12%
2022 30% -4%
2021 9.99% -3.97%
2020 0.16% -4.03%
2019 13% -3.31%
2018 17.6% -3.06%
2017 15.3% -3.85%
2016 12.8% -3.3%
2015 16.3% -2.7%
2014 29.8% -1.72%
2013 40.4% -1.89%
2012 40.5% -0.09%
2011 38.6% 0.31%
2010 31.7% -2.96%
2009 31.1% -3.78%
2008 21.2% 4.05%
2007 36.9% -0.79%
2006 27.8% 6.22%
2005 38.8% 3.49%
2004 32.3% 3.9%
2003 27% -1.56%
2002 30.9% 0.95%
2001 44.9% -2.29%
2000 52.3% 2.89%
1999 28% -1.39%
1998 19.4% -3.47%
1997 29.4% 1.14%
1996 24.2% 3.37%
1995 11.7% 2.52%
1994 1.71% -2.96%
1993 -3.2% -6.07%
1992 -28% 0.94%
1991 -144.5% -1.18%
1990 -49.9% -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Kuwait's government surplus, the difference between spending and revenue, was $44.6B, equivalent to 28.4% of GDP. This compares to Nigeria's deficit of $5.12B, or 1.76% of GDP.

Over the past 36 years, Kuwait recorded a fiscal deficit in 4 of those years, while Nigeria ran a deficit in 25 years. On average, Kuwait posted an annual surplus equal to 17% of GDP, compared to deficit of 0.98% of GDP for Nigeria.

Inflation comparison by year

Inflation
Kuwait

Nigeria
1x
Year Consumer prices inflation
Kuwait Nigeria
2025 2.36% 23%
2024 2.9% 33.2%
2023 3.64% 24.7%
2022 3.98% 18.8%
2021 3.42% 17%
2020 2.1% 13.2%
2019 1.09% 11.4%
2018 0.54% 12.1%
2017 2.17% 16.5%
2016 3.2% 15.7%
2015 3.27% 9.01%
2014 2.91% 8.05%
2013 2.68% 8.5%
2012 3.26% 12.2%
2011 4.84% 10.8%
2010 4.5% 13.7%
2009 4.61% 12.5%
2008 10.6% 11.6%
2007 5.48% 5.39%
2006 3.06% 8.23%
2005 4.14% 17.9%
2004 1.25% 15%
2003 0.96% 14%
2002 0.89% 12.9%
2001 1.3% 18.9%
2000 1.81% 6.93%
1999 2.99% 6.62%
1998 0.13% 10%
1997 0.68% 8.53%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Kuwait has recorded an average annual inflation rate of 2.92%, compared with 13.7% in Nigeria. In 2025, inflation was 2.36% in Kuwait and 23% in Nigeria.

Top exports between countries

Kuwait
Export category Export value
Raw materials & minerals $1.05M
Machinery & equipment $985K
Textiles & consumer goods $265K
Chemicals & pharma $209K
Wood & paper products $55K
Metals $52K
Miscellaneous $23K
Nigeria
Export category Export value
Raw materials & minerals $298M
Raw agricultural goods $611K
Wood & paper products $78K
Machinery & equipment $30K
Textiles & consumer goods $4K

Balance of trade

Kuwait Nigeria
Current account balance
$35.7B
2025
$14B
2025
Current account balance ranking
16/190
2025
21/190
2025
Current account balance, % of GDP
+22.7%
2025
+4.83%
2025
Goods imports
$37.5B
2025
$43B
2025
Goods exports
$70.7B
2025
$57.5B
2025
Service imports
$29.6B
2025
$19.6B
2025
Service exports
$12.7B
2025
$5.06B
2025
Imports of goods and services, % of GDP
38.2%
2024
16.9%
1960
Exports of goods and services, % of GDP
55.8%
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.

Kuwait Nigeria
Economic freedom 59.9 54.8
Economic freedom ranking 100/197 132/197
Property rights 42 29.7
Government integrity 47.9 23.5
Judicial effectiveness 43.4 34.4
Tax burden 97.7 84.6
Government spending 36.2 96.3
Fiscal health 99.9 83.5
Business freedom 57.4 50.3
Labor freedom 49.2 75.4
Monetary freedom 68.7 56.1
Trade freedom 75.8 64.4
Investment freedom 50 30
Financial freedom 50 30

Economic freedom comparison by year

Kuwait
Nigeria
1x
Year Economic freedom index
Kuwait Nigeria
2026 59.9 54.8
2025 59.9 53.4
2024 58.5 53.1
2023 56.7 53.9
2022 58.3 54.4
2021 64.1 58.7
2020 63.2 57.2
2019 60.8 57.3
2018 62.2 58.5
2017 65.1 57.1
2016 62.7 57.5
2015 62.5 55.6
2014 62.3 54.3
2013 63.1 55.1
2012 62.5 56.3
2011 64.9 56.7
2010 67.7 56.8
2009 65.6 55.1
2008 68.1 55.1
2007 66.4 55.6
2006 66.5 48.7
2005 64.6 48.4
2004 63.6 49.2
2003 66.7 49.5
2002 65.4 50.9
2001 68.2 49.6
2000 69.7 53.1
1999 69.5 55.7
1998 66.3 52.3
1997 64.8 52.8
1996 66.1 47.4
1995 - 47.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Kuwait is 59.9, ranking 100/197, 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

Kuwait Nigeria
Services, % of GDP
59.6%
2025
58.2%
2025
Industry, % of GDP
54.1%
2025
16.4%
2025
Agriculture, forestry, and fishing, % of GDP
0.53%
2025
23%
2025
GNI, Atlas method
$201B
2024
$324B
2025
GNI per capita, PPP
$64,040
2024
$9,230
2025
Total reserves including gold
$51.7B
2025
$46B
2025
Total reserves ranking
47/177
2025
52/177
2025
Net foreign direct investment
$2.58B
2025
-$2.82B
2025
Net inflows of foreign direct investment
$615M
2024
$1.61B
2024
Net outflows of foreign direct investment
$10.3B
2024
$408M
2024
Servicing debt to the IMF, % of GNI n/a
5.46%
2024
Poverty at national poverty lines n/a
56.2%
2023
Gross capital formation, % of GDP
15.1%
2024
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/kuwait/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. TradeMap (2021–2024, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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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.