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Economy of Liberia vs Nigeria compared: GDP & Debt

Updated on by Georank team

Liberia has a GDP of $4.78B compared to $252B for Nigeria, ranking 163/197 and 54/197 by economy size, respectively.

Liberia has $2.73B in government debt (57.2% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Liberia vs Nigeria GDP by year

Liberia
Nigeria
1x
Year GDP, current $
Liberia Nigeria
2024 $4,779,300,900 $252,261,880,141
2023 $4,390,000,000 $487,387,801,881
2022 $4,001,047,000 $646,950,257,578
2021 $3,513,049,500 $609,147,716,973
2020 $3,176,126,300 $598,586,817,819
2019 $3,319,596,500 $668,219,992,691
2018 $3,422,754,800 $421,739,251,509
2017 $3,390,703,400 $375,745,731,053
2016 $3,398,419,600 $404,649,125,252
2015 $3,227,075,700 $493,026,682,801
2014 $3,225,652,000 $574,183,763,412
2013 $3,177,198,100 $520,117,180,314
2012 $2,791,614,000 $463,971,018,239
2011 $2,398,000,000 $414,466,676,831
2010 $1,998,000,000 $366,990,417,129
2009 $1,768,000,000 $295,008,835,381
2008 $1,726,000,000 $339,476,276,258
2007 $1,373,000,000 $278,260,846,800
2006 $1,119,000,000 $238,454,997,161
2005 $949,000,000 $175,670,569,969
2004 $897,000,000 $135,764,731,646
2003 $748,000,000 $104,738,954,264
2002 $927,000,000 $95,054,059,303
2001 $906,000,000 $73,557,840,064
2000 $874,000,000 $69,171,451,627
1999 $441,800,000 $59,145,077,039
1998 $359,600,000 $218,416,200,673
1997 $295,900,000 $200,850,397,618
1996 $159,400,000 $185,730,236,700
1995 $134,800,000 $140,919,776,986
1994 $132,200,000 $80,399,613,064
1993 $160,400,000 $56,721,051,402
1992 $223,500,000 $52,058,181,854
1991 $348,000,000 $59,526,833,412
1990 $384,400,000 $54,035,795,388
1989 $786,300,000 $44,003,061,108
1988 $1,038,300,000 $49,648,470,440
1987 $972,800,000 $52,676,041,931
1986 $840,964,400 $54,805,852,581
1985 $851,296,100 $73,745,821,158
1984 $848,478,300 $73,484,359,521
1983 $823,374,900 $97,094,911,792
1982 $863,933,200 $142,769,363,314
1981 $846,514,500 $164,475,209,516
1980 $854,711,500 $64,201,788,123
1979 $814,067,900 $47,259,911,894
1978 $717,240,400 $36,527,862,209
1977 $673,010,600 $36,035,407,725
1976 $596,675,700 $36,308,883,249
1975 $577,549,300 $27,778,934,625
1974 $486,955,000 $24,846,641,318
1973 $386,968,300 $15,162,871,287
1972 $368,098,000 $12,274,416,018
1971 $341,543,100 $9,181,769,912
1970 $323,099,700 $12,546,094,982
1969 $306,961,800 $6,634,317,346
1968 $276,820,700 $5,200,997,920
1967 $261,024,300 $5,203,237,919
1966 $244,459,500 $6,366,917,453
1965 $229,260,800 $5,874,537,650
1964 $218,929,100 $5,552,931,319
1963 $200,229,600 $5,165,590,254
1962 $191,861,800 $4,909,399,176
1961 $183,920,900 $4,467,287,893
1960 $190,495,600 $4,196,174,502

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

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

GDP per capita in Liberia vs Nigeria by year

Liberia
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Liberia Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $851 $1,871 $1,084 $9,087
2023 $799 $1,795 $2,139 $8,705
2022 $745 $1,692 $2,899 $8,305
2021 $668 $1,539 $2,787 $7,588
2020 $617 $1,660 $2,797 $7,415
2019 $658 $1,900 $3,190 $7,551
2018 $692 $1,800 $2,058 $7,158
2017 $699 $1,665 $1,876 $7,037
2016 $715 $1,490 $2,070 $7,072
2015 $693 $1,340 $2,586 $7,308
2014 $707 $1,419 $3,089 $7,396
2013 $711 $1,360 $2,873 $7,004
2012 $638 $1,157 $2,633 $6,671
2011 $568 $1,041 $2,418 $6,585
2010 $492 $980 $2,202 $6,301
2009 $448 $939 $1,820 $5,927
2008 $452 $915 $2,154 $5,607
2007 $374 $873 $1,816 $5,298
2006 $321 $815 $1,600 $4,975
2005 $287.5 $774 $1,211 $4,678
2004 $284.1 $745 $962 $4,381
2003 $239.8 $716 $763 $4,015
2002 $299.5 $1,013 $712 $3,770
2001 $300 $987 $566 $3,309
2000 $298.5 $965 $547 $3,139
1999 $156.6 $762 $481 $3,002
1998 $134.7 $652 $1,822 $3,022
1997 $122.6 $548 $1,720 $2,990
1996 $71.4 $282.2 $1,633 $2,931
1995 $62.1 $254.4 $1,272 $2,835
1994 $61.5 $262.6 $745 $2,853
1993 $74.4 $328 $540 $2,921
1992 $107.8 $497 $509 $2,991
1991 $177.9 $793 $597 $2,870
1990 $172.9 $787 $556 $2,840
1989 $312 - $465 -
1988 $424 - $540 -
1987 $409 - $588 -
1986 $364 - $628 -
1985 $380 - $869 -
1984 $390 - $890 -
1983 $391 - $1,207 -
1982 $422 - $1,822 -
1981 $426 - $2,162 -
1980 $443 - $870 -
1979 $435 - $661 -
1978 $394 - $527 -
1977 $381 - $536 -
1976 $347 - $556 -
1975 $346 - $438 -
1974 $299.4 - $403 -
1973 $244.4 - $252.4 -
1972 $238.6 - $209.5 -
1971 $227.1 - $160.5 -
1970 $220.3 - $224.5 -
1969 $214.7 - $121.4 -
1968 $198.6 - $97.3 -
1967 $192.2 - $99.5 -
1966 $184.6 - $124.4 -
1965 $177.6 - $117.3 -
1964 $173.9 - $113.3 -
1963 $163.1 - $107.7 -
1962 $160.3 - $104.5 -
1961 $157.5 - $97.1 -
1960 $167.2 - $93.1 -

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

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

Liberia's GDP per capita is $851, ranking 184/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Liberia ranks 188th at $1,871, while Nigeria ranks 136th at $9,087.

Economic indicators

Liberia Nigeria
Gross domestic product
$4.78B
2024
$252B
2024
GDP rank
163/197
2024
54/197
2024
GDP growth
4.02%
2023-2024
4.06%
2023-2024
GDP per capita
$851
2024
$1,084
2024
GDP per capita rank
184/197
2024
174/197
2024
GDP per capita, PPP
$1,871
2024
$9,087
2024
GDP per capita PPP rank
188/197
2024
136/197
2024
Government debt
$2.73B
2024
$99.2B
2024
Debt-to-GDP ratio
57.2%
2024
39.3%
2024
Government debt per person
$487
2024
$426
2024
Government debt per person rank
167/185
2024
170/185
2024
Average annual personal income after taxes
$1,191
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%
27.1%
2016
26.3%
2022
Income share by poorest 10%
2.9%
2016
3%
2022
Government expenditure, % of GDP
24.3%
2024
12.3%
2024
Consumer prices inflation
8.2%
2023-2024
33.2%
2023-2024
Central bank interest rate n/a
27%
2025
Unemployment rate
5.93%
2017
3.45%
2024
Population
5887000
243824469

Spending and national debt comparison by year

Liberia
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Liberia Nigeria
Government spending Government debt Government spending Government debt
2024 24.3% 57.2% 12.3% 39.3%
2023 27.1% 57.8% 10.4% 36.3%
2022 26.9% 54.3% 10.6% 29.8%
2021 29.8% 53.3% 9.09% 26.6%
2020 35.3% 58.7% 8.73% 25.7%
2019 32.3% 48.6% 8.87% 21.4%
2018 32.7% 37.1% 9.1% 20.4%
2017 35.1% 31.8% 8.51% 18%
2016 35.8% 28.6% 6.93% 17.4%
2015 37.1% 24.8% 7.85% 14.9%
2014 33.4% 24.3% 9.49% 12.9%
2013 27.4% 20.6% 10% 13%
2012 30.8% 20.5% 10.5% 12.5%
2011 30.1% 22.7% 12.3% 12.4%
2010 25.2% 25.6% 11.8% 6.67%
2009 23.7% 130.9% 11% 6.12%
2008 21.6% 233.1% 10.2% 5.17%
2007 17.2% 394% 12.9% 5.76%
2006 11.1% 472% 8.75% 6.68%
2005 12.8% 535% 12.6% 13.4%
2004 12.1% 543% 13% 25.2%
2003 9.85% 658% 16.5% 29.9%
2002 13.2% 481% 13.8% 30.7%
2001 12.6% 484% 21.9% 37.7%
2000 15.2% 489% 17.6% 40.9%
1999 - - 14.9% 46.1%
1998 - - 11.2% 15.8%
1997 - - 9.68% 17.1%
1996 - - 7.87% 17.9%
1995 - - 8.87% 24.2%
1994 - - 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).

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

In 2024, Liberia's government spending was $1.16B, accounting for 24.3% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 57.2% in Liberia and 39.3% in Nigeria, ranking 91/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Liberia

Nigeria
1x
Year Deficit/surplus, % of GDP
Liberia Nigeria
2024 -1.98% -1.57%
2023 -7.03% -3.12%
2022 -5.33% -4%
2021 -2.5% -3.97%
2020 -4.02% -4.03%
2019 -4.92% -3.31%
2018 -4.7% -3.06%
2017 -7.14% -3.85%
2016 -3.83% -3.3%
2015 -3.74% -2.7%
2014 -4.92% -1.72%
2013 1.29% -1.89%
2012 -2.86% -0.09%
2011 -4.43% 0.31%
2010 1.17% -2.96%
2009 -1.39% -3.78%
2008 -2.68% 4.05%
2007 2.44% -0.79%
2006 4.42% 6.22%
2005 -0.55% 3.49%
2004 -0.56% 3.9%
2003 0.39% -1.56%
2002 -1.63% 0.95%
2001 -0.98% -2.29%
2000 -0.08% 2.89%
1999 - -1.39%
1998 - -3.47%
1997 - 1.14%
1996 - 3.37%
1995 - 2.52%
1994 - -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/liberia/nigeria | CC BY

In 2024, Liberia's government deficit, the difference between spending and revenue, was $94.6M, equivalent to 1.98% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 25 years, Liberia recorded a fiscal deficit in 20 of those years, while Nigeria ran a deficit in 18 years. On average, Liberia posted an annual deficit equal to 2.22% of GDP, compared to deficit of 1.05% of GDP for Nigeria.

Inflation comparison by year

Inflation
Liberia

Nigeria
1x
Year Consumer prices inflation
Liberia Nigeria
2024 8.2% 33.2%
2023 10.1% 24.7%
2022 7.6% 18.8%
2021 7.8% 17%
2020 17% 13.2%
2019 27% 11.4%
2018 23.5% 12.1%
2017 12.4% 16.5%
2016 8.8% 15.7%
2015 7.7% 9.01%
2014 9.9% 8.05%
2013 7.6% 8.5%
2012 6.8% 12.2%
2011 8.5% 10.8%
2010 7.3% 13.7%
2009 7.4% 12.5%
2008 17.5% 11.6%
2007 11.4% 5.39%
2006 9.5% 8.23%
2005 6.9% 17.9%
2004 3.6% 15%
2003 10.3% 14%
2002 14.2% 12.9%
2001 12.1% 18.9%
2000 5.3% 6.93%
1999 2% 6.62%
1998 - 10%
1997 - 8.53%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (1999–2024, retrieved 2026-02-20).

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

Over the past 26 years, Liberia has recorded an average annual inflation rate of 10.4%, compared with 13.7% in Nigeria. In 2024, inflation was 8.2% in Liberia and 33.2% in Nigeria.

Top exports between countries

Liberia
Export category Export value
Metals $29K
Machinery & equipment $18K
Chemicals & pharma $15K
Textiles & consumer goods $15K
Nigeria
Export category Export value
Machinery & equipment $4.39M
Chemicals & pharma $789K
Textiles & consumer goods $542K
Processed food, beverages & tobacco $503K
Wood & paper products $286K
Miscellaneous $217K
Raw materials & minerals $64K
Raw agricultural goods $49K
Metals $12K

Balance of trade

Liberia Nigeria
Current account balance
$64.8M
2022
$17.2B
2024
Current account balance ranking
73/190
2022
20/190
2024
Current account balance, % of GDP
+1.62%
2022
+6.82%
2024
Goods imports
$1.53B
2022
$39.8B
2024
Goods exports
$1.03B
2022
$53B
2024
Service imports
$434M
2022
$17.9B
2024
Service exports
$192M
2022
$4.57B
2024
Imports of goods and services, % of GDP n/a
16.9%
1960
Exports of goods and services, % of GDP
28.5%
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.

Liberia Nigeria
Economic freedom 49.8 54.8
Economic freedom ranking 163/197 132/197
Property rights 40.4 29.7
Government integrity 25.8 23.5
Judicial effectiveness 23.4 34.4
Tax burden 86.1 84.6
Government spending 79.5 96.3
Fiscal health 56.9 83.5
Business freedom 38 50.3
Labor freedom 43.4 75.4
Monetary freedom 71.4 56.1
Trade freedom 57.4 64.4
Investment freedom 55 30
Financial freedom 20 30

Economic freedom comparison by year

Liberia
Nigeria
1x
Year Economic freedom index
Liberia Nigeria
2026 49.8 54.8
2025 48.5 53.4
2024 49.9 53.1
2023 49.6 53.9
2022 47.9 54.4
2021 49.2 58.7
2020 49 57.2
2019 49.7 57.3
2018 50.9 58.5
2017 49.1 57.1
2016 52.2 57.5
2015 52.7 55.6
2014 52.4 54.3
2013 49.3 55.1
2012 48.6 56.3
2011 46.5 56.7
2010 46.2 56.8
2009 48.1 55.1
2008 - 55.1
2007 - 55.6
2006 - 48.7
2005 - 48.4
2004 - 49.2
2003 - 49.5
2002 - 50.9
2001 - 49.6
2000 - 53.1
1999 - 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/liberia/nigeria | CC BY

The Economic Freedom Index for Liberia is 49.8, ranking 163/197, 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

Liberia Nigeria
Services, % of GDP
41.9%
2024
53.7%
2024
Industry, % of GDP
22.7%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
33.8%
2024
25.9%
2024
GNI, Atlas method
$4.28B
2024
$396B
2024
GNI per capita, PPP
$1,750
2024
$8,850
2024
Total reserves including gold
$600M
2022
$38.6B
2024
Total reserves ranking
153/177
2022
51/177
2024
Net foreign direct investment
-$960M
2022
-$672M
2024
Net inflows of foreign direct investment
$472M
2024
$1.08B
2024
Net outflows of foreign direct investment
$74.9M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
5.48%
2024
Poverty at national poverty lines
50.9%
2016
56.2%
2023

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/liberia/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. TradeMap (2020–2023, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.