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Economy of Lithuania vs Nigeria compared: GDP & Debt

Updated on by Georank team

Lithuania has a GDP of $84.9B compared to $188B for Nigeria, ranking 78/197 and 58/197 by economy size, respectively.

Lithuania has $32.4B in government debt (41.8% of GDP), compared to $99.3B (52.5% of GDP) in Nigeria.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Lithuania
GDP, current $

GDP, constant 2015 $
Nigeria
GDP, current $

GDP, constant 2015 $
Year GDP
Lithuania Nigeria
Current $ Constant $ Current $ Constant $
1960 - - $4,196,174,502 $65,552,393,151
1961 - - $4,467,287,893 $65,678,119,685
1962 - - $4,909,399,176 $68,372,888,068
1963 - - $5,165,590,254 $74,238,337,576
1964 - - $5,552,931,319 $77,913,498,064
1965 - - $5,874,537,650 $81,719,554,395
1966 - - $6,366,917,453 $78,246,053,144
1967 - - $5,203,237,919 $65,927,285,450
1968 - - $5,200,997,920 $65,104,275,427
1969 - - $6,634,317,346 $80,857,806,917
1970 - - $12,546,094,982 $101,078,114,312
1971 - - $9,181,769,912 $115,469,142,733
1972 - - $12,274,416,018 $119,353,827,264
1973 - - $15,162,871,287 $125,790,293,297
1974 - - $24,846,641,318 $139,829,338,542
1975 - - $27,778,934,625 $132,519,413,715
1976 - - $36,308,883,249 $144,502,285,208
1977 - - $36,035,407,725 $153,207,273,165
1978 - - $36,527,862,209 $144,376,163,268
1979 - - $47,259,911,894 $154,135,170,311
1980 - - $64,201,788,123 $160,616,293,803
1981 - - $164,475,209,516 $139,530,778,713
1982 - - $142,769,363,314 $130,037,957,320
1983 - - $97,094,911,792 $115,832,500,286
1984 - - $73,484,359,521 $114,540,246,020
1985 - - $73,745,821,158 $121,313,042,219
1986 - - $54,805,852,581 $121,386,976,785
1987 - - $52,676,041,931 $125,271,512,343
1988 - - $49,648,470,440 $134,458,956,986
1989 - - $44,003,061,108 $137,039,737,058
1990 - $30,815,380,912 $54,035,795,388 $153,178,750,575
1991 - $29,066,403,740 $59,526,833,412 $153,727,670,613
1992 - $22,887,185,525 $52,058,181,854 $160,847,095,651
1993 - $19,173,313,428 $56,721,051,402 $157,573,666,210
1994 - $17,300,837,661 $80,399,613,064 $154,713,823,159
1995 $7,921,210,340 $17,870,049,093 $140,919,776,986 $154,601,400,725
1996 $8,430,207,164 $18,768,366,412 $185,730,236,700 $161,088,358,074
1997 $10,168,271,903 $20,326,259,135 $200,850,397,618 $165,819,683,304
1998 $11,289,161,847 $21,843,195,079 $218,416,200,673 $170,099,910,681
1999 $11,022,095,814 $21,603,573,442 $59,145,077,039 $171,093,510,004
2000 $11,550,695,727 $22,342,117,971 $69,171,451,627 $179,675,448,843
2001 $12,260,761,329 $23,790,809,197 $73,557,840,064 $190,308,075,298
2002 $14,282,292,665 $25,389,513,379 $95,054,059,303 $219,480,696,548
2003 $18,809,197,970 $28,068,588,416 $104,738,954,264 $235,606,371,241
2004 $22,743,164,431 $29,893,617,960 $135,764,731,646 $257,401,275,804
2005 $26,105,207,115 $32,204,827,117 $175,670,569,969 $273,974,099,483
2006 $30,116,192,747 $34,586,529,059 $238,454,997,161 $290,575,362,868
2007 $39,729,151,615 $38,417,999,936 $278,260,846,800 $309,727,563,830
2008 $47,831,254,208 $39,416,661,071 $339,476,276,258 $330,679,000,571
2009 $37,494,380,039 $33,567,775,754 $295,008,835,381 $357,255,424,171
2010 $36,638,128,534 $33,711,177,147 $366,990,417,129 $385,856,064,173
2011 $43,186,501,863 $35,842,949,499 $414,466,676,831 $406,337,011,591
2012 $42,709,372,067 $37,413,912,227 $463,971,018,239 $423,525,315,758
2013 $46,303,660,422 $38,928,020,774 $520,117,180,314 $451,780,110,047
2014 $48,306,546,657 $40,396,597,407 $574,183,763,412 $480,286,163,931
2015 $41,540,954,817 $41,540,954,817 $493,026,682,801 $493,026,682,801
2016 $42,970,749,245 $42,650,896,791 $404,649,125,252 $485,055,087,456
2017 $47,756,764,508 $44,618,059,836 $375,745,731,053 $488,964,081,501
2018 $54,261,795,149 $46,812,540,125 $421,739,251,509 $498,365,674,278
2019 $55,122,066,226 $49,002,127,329 $474,517,490,844 $509,371,727,736
2020 $57,412,038,533 $49,023,107,999 $432,198,898,468 $500,232,309,808
2021 $67,037,321,009 $52,150,790,163 $440,833,635,874 $518,476,715,284
2022 $71,033,884,500 $53,474,129,887 $477,403,400,101 $535,335,926,241
2023 $79,789,877,416 $53,657,151,896 $363,846,332,835 $550,647,684,656
2024 $84,869,215,513 $55,144,866,855 $187,759,703,100 $569,515,294,271

Economic indicators

Lithuania Nigeria
Gross domestic product
$84.9B
2024
$188B
2024
GDP rank
78/197
2024
58/197
2024
GDP growth
6.37%
2023-2024
-48.4%
2023-2024
GDP per capita
$29,386
2024
$807
2024
GDP per capita rank
43/197
2024
186/197
2024
GDP per capita, PPP
$54,414
2024
$6,440
2024
Government debt
$32.4B
2024
$99.3B
2024
Debt-to-GDP ratio
41.8%
2025
52.5%
2025
Government debt per person
$11,232
2024
$427
2024
Government debt per person rank
50/185
2024
170/185
2024
Average annual personal income after taxes
$18,848
2025
$1,020
2025
Market capitalization of domestic companies n/a
$54.4B
2024
Number of billionaires n/a
4
2025
Income share by richest 10%
27.3%
2023
26.3%
2022
Income share by poorest 10%
2.2%
2023
3%
2022
Government expenditure, % of GDP
41.2%
2025
18.5%
2025
Consumer prices inflation
0.72%
2023-2024
33.2%
2023-2024
Central bank interest rate n/a
27.5%
2024
Unemployment rate
7.1%
2024
3.45%
2024
Population
2858798
241467099

GDP per capita in Lithuania vs Nigeria

Lithuania's GDP per capita is $29,386, ranking 43/197, compared to $807 in Nigeria, ranking 186/197. Adjusted for purchasing power (GDP per capita PPP), Lithuania ranks 38th at $54,414, while Nigeria ranks 149th at $6,440.

Lithuania
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
Year Current $
Lithuania Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $93.1 -
1961 - - $97.1 -
1962 - - $104.5 -
1963 - - $107.7 -
1964 - - $113.3 -
1965 - - $117.3 -
1966 - - $124.4 -
1967 - - $99.5 -
1968 - - $97.3 -
1969 - - $121.4 -
1970 - - $224.5 -
1971 - - $160.5 -
1972 - - $209.5 -
1973 - - $252.4 -
1974 - - $403 -
1975 - - $438 -
1976 - - $556 -
1977 - - $536 -
1978 - - $527 -
1979 - - $661 -
1980 - - $870 -
1981 - - $2,162 -
1982 - - $1,822 -
1983 - - $1,207 -
1984 - - $890 -
1985 - - $869 -
1986 - - $628 -
1987 - - $588 -
1988 - - $540 -
1989 - - $465 -
1990 - $8,947 $556 $2,017
1991 - $8,710 $597 $2,038
1992 - $7,022 $509 $2,124
1993 - $6,051 $540 $2,075
1994 - $5,615 $745 $2,026
1995 $2,183 $5,967 $1,272 $2,013
1996 $2,341 $6,420 $1,633 $2,081
1997 $2,844 $7,103 $1,720 $2,123
1998 $3,181 $7,797 $1,822 $2,146
1999 $3,128 $7,857 $481 $2,132
2000 $3,301 $8,466 $547 $2,229
2001 $3,533 $9,457 $566 $2,349
2002 $4,148 $10,497 $712 $2,677
2003 $5,507 $12,086 $763 $2,851
2004 $6,735 $13,097 $962 $3,111
2005 $7,857 $14,515 $1,211 $3,322
2006 $9,210 $16,447 $1,600 $3,533
2007 $12,295 $19,114 $1,816 $3,762
2008 $14,956 $20,736 $2,154 $3,982
2009 $11,854 $18,168 $1,820 $4,209
2010 $11,829 $19,828 $2,202 $4,475
2011 $14,262 $22,702 $2,418 $4,676
2012 $14,288 $24,567 $2,633 $4,737
2013 $15,637 $26,563 $2,873 $4,974
2014 $16,446 $28,006 $3,089 $5,252
2015 $14,270 $28,854 $2,586 $5,189
2016 $14,934 $30,773 $2,070 $5,022
2017 $16,800 $33,592 $1,876 $4,997
2018 $19,247 $36,492 $2,058 $5,083
2019 $19,609 $40,564 $2,265 $5,362
2020 $20,429 $41,263 $2,020 $5,354
2021 $23,870 $45,874 $2,017 $5,492
2022 $25,086 $50,498 $2,139 $5,949
2023 $27,786 $50,915 $1,597 $6,207
2024 $29,386 $54,414 $807 $6,440

Spending and national debt comparison

In 2024, Lithuania's government spending was $33.3B, accounting for 41.2% of its GDP, while Nigeria's spent $33.4B, or 18.5% of GDP.

Debt-to-GDP ratio is 41.8% in Lithuania and 52.5% in Nigeria, ranking 130/185 and 104/185, respectively.

Lithuania
Government spending

Government debt
Nigeria
Government spending

Government debt
Year % of GDP
Lithuania Nigeria
Government spending Government debt Government spending Government debt
1990 - - 20% 71.7%
1991 - - 19.2% 75%
1992 - - 22.5% 70.2%
1993 - - 28.2% 71%
1994 - - 17% 55.9%
1995 32.9% - 12.5% 34%
1996 31.9% - 11.1% 25.2%
1997 32.5% - 13.6% 24.1%
1998 36.7% 21.7% 15.7% 22.3%
1999 39.3% 28% 21% 64.9%
2000 35.9% 23.5% 24.7% 57.6%
2001 35% 22.9% 30.9% 53.1%
2002 33.2% 22.1% 19.4% 43.3%
2003 32.1% 20.4% 23.2% 42.1%
2004 33.1% 18.6% 18.3% 35.5%
2005 33.5% 17.6% 17.8% 18.9%
2006 33.8% 17.3% 12.3% 9.4%
2007 34.5% 15.9% 18.1% 8.12%
2008 37.1% 14.6% 14.4% 7.28%
2009 43.6% 27.9% 15.4% 8.62%
2010 41.8% 36.7% 16.6% 9.39%
2011 41.8% 37.5% 17.3% 17.4%
2012 35.3% 39.9% 14.8% 17.6%
2013 34.8% 38.9% 14.1% 18.3%
2014 34.2% 40.7% 13.4% 18.2%
2015 34.3% 42.6% 11% 21%
2016 33.4% 40% 9.76% 24.5%
2017 32.4% 39.3% 12% 25.4%
2018 32.8% 33.3% 12.8% 28.7%
2019 33.5% 35.6% 12.5% 30.2%
2020 41.5% 45.9% 12.1% 35.6%
2021 36.9% 43.3% 12.6% 36.8%
2022 36% 38.1% 14.4% 40.4%
2023 37.1% 37.3% 13.9% 48.7%
2024 39.3% 38.2% 17.8% 52.9%
2025 41.2% 41.8% 18.5% 52.5%

Government deficit by year

In 2024, Lithuania's government deficit, the difference between spending and revenue, was -$1.09B, equivalent to -1.28% of GDP. This compares to Nigeria's deficit of -$6.32B, or -3.37% of GDP.

Over the past 30 years, Lithuania recorded a fiscal deficit in 26 of those years, while Nigeria ran a deficit in 20 years. On average, Lithuania posted an annual deficit equal to -2.75% of GDP, compared to deficit of -1.15% of GDP for Nigeria.

Deficit/surplus
Lithuania

Nigeria
Year Deficit/surplus, % of GDP
Lithuania Nigeria
1990 - -0.67%
1991 - -1.66%
1992 - 1.33%
1993 - -8.55%
1994 - -4.17%
1995 -4% 3.55%
1996 -4.22% 4.75%
1997 -1.7% 1.6%
1998 -5.57% -4.89%
1999 -8.25% -1.96%
2000 -3.98% 4.07%
2001 -3.61% -3.22%
2002 -1.79% 1.34%
2003 -1.27% -2.2%
2004 -1.53% 5.49%
2005 -0.5% 4.91%
2006 -0.45% 8.76%
2007 -1% -1.12%
2008 -3.27% 5.7%
2009 -9.31% -5.33%
2010 -6.99% -4.17%
2011 -9.01% 0.43%
2012 -3.16% -0.13%
2013 -2.63% -2.66%
2014 -0.67% -2.43%
2015 -0.21% -3.8%
2016 0.26% -4.64%
2017 0.45% -5.41%
2018 0.59% -4.31%
2019 0.26% -4.66%
2020 -7.16% -5.58%
2021 -0.98% -5.48%
2022 -0.71% -5.42%
2023 -0.69% -4.19%
2024 -1.28% -3.37%
2025 -2.99% -4.48%

Inflation comparison by year

Over the past 29 years, Lithuania has recorded an average annual inflation rate of 4.25%, compared with 13.9% in Nigeria. In 2024, inflation was 0.72% in Lithuania and 33.2% in Nigeria.

Inflation
Lithuania

Nigeria
Year Inflation
Lithuania Nigeria Lithuania Nigeria
1996 24.6% 29.3%
1997 8.88% 8.53%
1998 5.07% 10%
1999 0.73% 6.62%
2000 0.98% 6.93%
2001 1.37% 18.9%
2002 0.28% 12.9%
2003 -1.13% 14%
2004 1.16% 15%
2005 2.66% 17.9%
2006 3.74% 8.23%
2007 5.74% 5.39%
2008 10.9% 11.6%
2009 4.45% 12.5%
2010 1.32% 13.7%
2011 4.13% 10.8%
2012 3.09% 12.2%
2013 1.05% 8.5%
2014 0.1% 8.05%
2015 -0.88% 9.01%
2016 0.91% 15.7%
2017 3.72% 16.5%
2018 2.7% 12.1%
2019 2.33% 11.4%
2020 1.2% 13.2%
2021 4.68% 17%
2022 19.7% 18.8%
2023 9.12% 24.7%
2024 0.72% 33.2%

Top exports between countries

Lithuania
Export category Export value
Raw agricultural goods $355M
Raw materials & minerals $29M
Animal & marine products $3.04M
Processed food, beverages & tobacco $2.55M
Business & finance services $2.25M
Machinery & equipment $2.16M
Textiles & consumer goods $1.91M
Manufacturing & construction services $1.41M
Transport & tourism services $1.27M
Metals $520K
Nigeria
Export category Export value
Raw materials & minerals $22.9M
Processed food, beverages & tobacco $623K
Raw agricultural goods $457K
Metals $247K
Textiles & consumer goods $79K
Chemicals & pharma $16K

Balance of trade

Lithuania Nigeria
Current account balance
$2.1B
2024
$17.2B
2024
Current account balance ranking
44/189
2024
20/189
2024
Current account balance, % of GDP
+2.48%
2024
+9.17%
2024
Goods imports
$43.8B
2024
$39.8B
2024
Goods exports
$38.7B
2024
$53B
2024
Service imports
$14.7B
2024
$17.9B
2024
Service exports
$24.2B
2024
$4.57B
2024
Imports of goods and services, % of GDP
68.9%
2024
16.9%
1960
Exports of goods and services, % of GDP
74.1%
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.

Lithuania Nigeria
Economic freedom 74.6 53.4
Economic freedom ranking 19/197 141/197
Property rights 89.4 25.4
Government integrity 68.7 22.4
Judicial effectiveness 74.6 34.1
Tax burden 76.9 85.1
Government spending 58.8 94.5
Fiscal health 96 55.4
Business freedom 81 38.5
Labor freedom 60.5 72.8
Monetary freedom 69.2 59.9
Trade freedom 79.6 67.6
Investment freedom 70 45
Financial freedom 70 40

Economic freedom by year comparison

The Economic Freedom Index for Lithuania is 74.6, ranking 19/197, compared to 53.4 for Nigeria, ranking 141/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Lithuania
Nigeria
Year Economic freedom index
Lithuania Nigeria
1995 - 47.3
1996 49.7 47.4
1997 57.3 52.8
1998 59.4 52.3
1999 61.5 55.7
2000 61.9 53.1
2001 65.5 49.6
2002 66.1 50.9
2003 69.7 49.5
2004 72.4 49.2
2005 70.5 48.4
2006 71.8 48.7
2007 71.5 55.6
2008 70.9 55.1
2009 70 55.1
2010 70.3 56.8
2011 71.3 56.7
2012 71.5 56.3
2013 72.1 55.1
2014 73 54.3
2015 74.7 55.6
2016 75.2 57.5
2017 75.8 57.1
2018 75.3 58.5
2019 74.2 57.3
2020 76.7 57.2
2021 76.9 58.7
2022 75.8 54.4
2023 72.2 53.9
2024 72.9 53.1
2025 74.6 53.4

More economic indicators

Lithuania Nigeria
Services, % of GDP
63.6%
2024
47%
2024
Industry, % of GDP
23.4%
2024
29.6%
2024
Agriculture, forestry, and fishing, % of GDP
2.57%
2024
20.4%
2024
GNI, Atlas method
$77.8B
2024
$291B
2024
GNI per capita, PPP
$53,070
2024
$6,210
2024
Total reserves including gold
$7.41B
2024
$38.6B
2024
Total reserves ranking
86/177
2024
51/177
2024
Net foreign direct investment
-$3.44B
2024
-$672M
2024
Net inflows of foreign direct investment
$3.6B
2024
$1.08B
2024
Net outflows of foreign direct investment
$156M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
n/a
2.61%
2023
Poverty at national poverty lines
20.9%
2021
56.2%
2023
Gross capital formation, % of GDP
20.4%
2024
n/a

GDP per capita map

GDP per capita

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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.