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Economy of Malawi vs Nigeria compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $252B for Nigeria, ranking 151/197 and 54/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Malawi vs Nigeria GDP by year

Malawi
Nigeria
1x
Year GDP, current $
Malawi Nigeria
2024 $11,316,411,329 $252,261,880,141
2023 $13,363,669,673 $487,387,801,881
2022 $12,429,059,928 $646,950,257,578
2021 $12,378,119,199 $609,147,716,973
2020 $11,769,313,598 $598,586,817,819
2019 $11,051,852,713 $668,219,992,691
2018 $9,879,220,354 $421,739,251,509
2017 $8,943,543,794 $375,745,731,053
2016 $7,909,868,618 $404,649,125,252
2015 $9,219,474,379 $493,026,682,801
2014 $8,801,326,169 $574,183,763,412
2013 $8,031,571,928 $520,117,180,314
2012 $8,773,203,178 $463,971,018,239
2011 $11,648,142,958 $414,466,676,831
2010 $10,128,323,011 $366,990,417,129
2009 $9,009,887,947 $295,008,835,381
2008 $7,743,617,352 $339,476,276,258
2007 $6,451,210,219 $278,260,846,800
2006 $5,818,279,739 $238,454,997,161
2005 $5,320,409,651 $175,670,569,969
2004 $5,058,726,350 $135,764,731,646
2003 $4,669,789,300 $104,738,954,264
2002 $5,087,328,438 $95,054,059,303
2001 $2,498,008,665 $73,557,840,064
2000 $2,537,307,580 $69,171,451,627
1999 $2,584,478,924 $59,145,077,039
1998 $2,547,609,590 $218,416,200,673
1997 $3,875,785,863 $200,850,397,618
1996 $3,319,573,750 $185,730,236,700
1995 $2,033,701,498 $140,919,776,986
1994 $1,719,864,761 $80,399,613,064
1993 $3,013,392,658 $56,721,051,402
1992 $2,618,837,835 $52,058,181,854
1991 $3,206,783,830 $59,526,833,412
1990 $2,737,087,862 $54,035,795,388
1989 $2,314,205,130 $44,003,061,108
1988 $2,008,189,508 $49,648,470,440
1987 $1,721,711,808 $52,676,041,931
1986 $1,722,586,299 $54,805,852,581
1985 $1,646,442,273 $73,745,821,158
1984 $1,758,028,656 $73,484,359,521
1983 $1,780,148,049 $97,094,911,792
1982 $1,717,379,495 $142,769,363,314
1981 $1,801,193,910 $164,475,209,516
1980 $1,801,156,775 $64,201,788,123
1979 - $47,259,911,894
1978 - $36,527,862,209
1977 - $36,035,407,725
1976 - $36,308,883,249
1975 - $27,778,934,625
1974 - $24,846,641,318
1973 - $15,162,871,287
1972 - $12,274,416,018
1971 - $9,181,769,912
1970 - $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/malawi/nigeria | CC BY

GDP per capita in Malawi vs Nigeria by year

Malawi
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $1,084 $9,087
2023 $633 $1,830 $2,139 $8,705
2022 $604 $1,778 $2,899 $8,305
2021 $617 $1,688 $2,787 $7,588
2020 $603 $1,513 $2,797 $7,415
2019 $581 $1,450 $3,190 $7,551
2018 $533 $1,364 $2,058 $7,158
2017 $496 $1,380 $1,876 $7,037
2016 $451 $1,410 $2,070 $7,072
2015 $540 $1,403 $2,586 $7,308
2014 $530 $1,506 $3,089 $7,396
2013 $497 $1,558 $2,873 $7,004
2012 $558 $1,464 $2,633 $6,671
2011 $763 $1,516 $2,418 $6,585
2010 $683 $1,458 $2,202 $6,301
2009 $626 $1,388 $1,820 $5,927
2008 $554 $1,311 $2,154 $5,607
2007 $475 $1,231 $1,816 $5,298
2006 $441 $1,124 $1,600 $4,975
2005 $414 $1,071 $1,211 $4,678
2004 $405 $1,033 $962 $4,381
2003 $383 $979 $763 $4,015
2002 $428 $931 $712 $3,770
2001 $215.5 $924 $566 $3,309
2000 $224.2 $974 $547 $3,139
1999 $233.9 $961 $481 $3,002
1998 $236 $941 $1,822 $3,022
1997 $367 $915 $1,720 $2,990
1996 $321 $884 $1,633 $2,931
1995 $200.4 $825 $1,272 $2,835
1994 $169.2 $692 $745 $2,853
1993 $293 $746 $540 $2,921
1992 $258.4 $674 $509 $2,991
1991 $326 $732 $597 $2,870
1990 $286.7 $672 $556 $2,840
1989 $252.2 - $465 -
1988 $229.4 - $540 -
1987 $207.6 - $588 -
1986 $217.9 - $628 -
1985 $216.1 - $869 -
1984 $239.7 - $890 -
1983 $252.4 - $1,207 -
1982 $253.3 - $1,822 -
1981 $276.4 - $2,162 -
1980 $287.5 - $870 -
1979 - - $661 -
1978 - - $527 -
1977 - - $536 -
1976 - - $556 -
1975 - - $438 -
1974 - - $403 -
1973 - - $252.4 -
1972 - - $209.5 -
1971 - - $160.5 -
1970 - - $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/malawi/nigeria | CC BY

Malawi's GDP per capita is $523, ranking 194/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Nigeria ranks 136th at $9,087.

Economic indicators

Malawi Nigeria
Gross domestic product
$11.3B
2024
$252B
2024
GDP rank
151/197
2024
54/197
2024
GDP growth
1.67%
2023-2024
4.06%
2023-2024
GDP per capita
$523
2024
$1,084
2024
GDP per capita rank
194/197
2024
174/197
2024
GDP per capita, PPP
$1,858
2024
$9,087
2024
GDP per capita PPP rank
189/197
2024
136/197
2024
Government debt
$9.91B
2024
$99.2B
2024
Debt-to-GDP ratio
87.6%
2024
39.3%
2024
Government debt per person
$458
2024
$426
2024
Government debt per person rank
168/185
2024
170/185
2024
Average annual personal income after taxes
$3,031
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%
31%
2019
26.3%
2022
Income share by poorest 10%
2.9%
2019
3%
2022
Government expenditure, % of GDP
29.5%
2024
12.3%
2024
Consumer prices inflation
32.2%
2023-2024
33.2%
2023-2024
Central bank interest rate
26%
2024
27%
2025
Unemployment rate
15.4%
2024
3.45%
2024
Population
22949294
243824469

Spending and national debt comparison by year

Malawi
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Malawi Nigeria
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 12.3% 39.3%
2023 25.5% 86.7% 10.4% 36.3%
2022 26.7% 75.7% 10.6% 29.8%
2021 23.7% 66.5% 9.09% 26.6%
2020 22.7% 53.9% 8.73% 25.7%
2019 19.3% 41.2% 8.87% 21.4%
2018 19.4% 40.8% 9.1% 20.4%
2017 21% 40% 8.51% 18%
2016 19.7% 37.1% 6.93% 17.4%
2015 19.5% 35.5% 7.85% 14.9%
2014 18.3% 33.5% 9.49% 12.9%
2013 20.7% 35.3% 10% 13%
2012 18.8% 28.6% 10.5% 12.5%
2011 17% 20% 12.3% 12.4%
2010 19.6% 19.3% 11.8% 6.67%
2009 20.2% 23.5% 11% 6.12%
2008 20.6% 23.5% 10.2% 5.17%
2007 20.7% 18.9% 12.9% 5.76%
2006 17.8% 17.9% 8.75% 6.68%
2005 17.4% 70.9% 12.6% 13.4%
2004 17.2% 74.7% 13% 25.2%
2003 15.4% 84.7% 16.5% 29.9%
2002 13.8% 101.5% 13.8% 30.7%
2001 - - 21.9% 37.7%
2000 - - 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/malawi/nigeria | CC BY

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 39.3% in Nigeria, ranking 35/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Nigeria
1x
Year Deficit/surplus, % of GDP
Malawi Nigeria
2024 -11% -1.57%
2023 -7.84% -3.12%
2022 -9.32% -4%
2021 -8.34% -3.97%
2020 -8.03% -4.03%
2019 -4.55% -3.31%
2018 -4.35% -3.06%
2017 -5.15% -3.85%
2016 -4.9% -3.3%
2015 -4.17% -2.7%
2014 -3.08% -1.72%
2013 -3.73% -1.89%
2012 -1.45% -0.09%
2011 -2.85% 0.31%
2010 0.63% -2.96%
2009 -2.97% -3.78%
2008 -2.92% 4.05%
2007 -2.56% -0.79%
2006 -0.05% 6.22%
2005 -1.63% 3.49%
2004 -2.61% 3.9%
2003 -2.6% -1.56%
2002 -4.47% 0.95%
2001 - -2.29%
2000 - 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/malawi/nigeria | CC BY

In 2024, Malawi's government deficit, the difference between spending and revenue, was $1.24B, equivalent to 11% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Nigeria ran a deficit in 17 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to deficit of 1.16% of GDP for Nigeria.

Inflation comparison by year

Inflation
Malawi

Nigeria
1x
Year Consumer prices inflation
Malawi Nigeria
2024 32.2% 33.2%
2023 28.8% 24.7%
2022 20.8% 18.8%
2021 9.3% 17%
2020 8.6% 13.2%
2019 9.4% 11.4%
2018 9.2% 12.1%
2017 11.5% 16.5%
2016 21.7% 15.7%
2015 21.9% 9.01%
2014 23.8% 8.05%
2013 28.3% 8.5%
2012 21.3% 12.2%
2011 7.6% 10.8%
2010 7.4% 13.7%
2009 8.4% 12.5%
2008 8.7% 11.6%
2007 7.9% 5.39%
2006 13.9% 8.23%
2005 15.5% 17.9%
2004 11.4% 15%
2003 9.6% 14%
2002 14.7% 12.9%
2001 22.7% 18.9%
2000 29.6% 6.93%
1999 44.8% 6.62%
1998 29.8% 10%
1997 9.1% 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/malawi/nigeria | CC BY

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 13.3% in Nigeria. In 2024, inflation was 32.2% in Malawi and 33.2% in Nigeria.

Top exports between countries

Malawi
Export category Export value
Raw agricultural goods $1.68M
Processed food, beverages & tobacco $99K
Textiles & consumer goods $82K
Animal & marine products $54K
Chemicals & pharma $23K
Machinery & equipment $10K
Metals $3K
Precious metals & jewellery $3K
Wood & paper products $1K
Nigeria
Export category Export value

Balance of trade

Malawi Nigeria
Current account balance
-$2.13B
2024
$17.2B
2024
Current account balance ranking
145/190
2024
20/190
2024
Current account balance, % of GDP
-18.8%
2024
+6.82%
2024
Goods imports
$3.02B
2024
$39.8B
2024
Goods exports
$1.02B
2024
$53B
2024
Service imports
$895M
2024
$17.9B
2024
Service exports
$508M
2024
$4.57B
2024
Imports of goods and services, % of GDP
31.2%
2023
16.9%
1960
Exports of goods and services, % of GDP
11.2%
2023
9.24%
1960

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Malawi Nigeria
Economic freedom 50.7 54.8
Economic freedom ranking 159/197 132/197
Property rights 49.5 29.7
Government integrity 35 23.5
Judicial effectiveness 51.8 34.4
Tax burden 77 84.6
Government spending 77.8 96.3
Fiscal health 4.7 83.5
Business freedom 34.1 50.3
Labor freedom 55.2 75.4
Monetary freedom 55.1 56.1
Trade freedom 68.6 64.4
Investment freedom 50 30
Financial freedom 50 30

Economic freedom comparison by year

Malawi
Nigeria
1x
Year Economic freedom index
Malawi Nigeria
2026 50.7 54.8
2025 50.9 53.4
2024 52.1 53.1
2023 52.8 53.9
2022 53 54.4
2021 53 58.7
2020 52.8 57.2
2019 51.4 57.3
2018 52 58.5
2017 52.2 57.1
2016 51.8 57.5
2015 54.8 55.6
2014 55.4 54.3
2013 55.3 55.1
2012 56.4 56.3
2011 55.8 56.7
2010 54.1 56.8
2009 53.7 55.1
2008 52.7 55.1
2007 52.9 55.6
2006 55.4 48.7
2005 53.6 48.4
2004 53.6 49.2
2003 53.2 49.5
2002 56.9 50.9
2001 56.2 49.6
2000 57.4 53.1
1999 54 55.7
1998 54.1 52.3
1997 53.4 52.8
1996 56.2 47.4
1995 54.7 47.3

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

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

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, 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

Malawi Nigeria
Services, % of GDP
44.2%
2024
53.7%
2024
Industry, % of GDP
17.1%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
25.9%
2024
GNI, Atlas method
$12.3B
2024
$396B
2024
GNI per capita, PPP
$1,830
2024
$8,850
2024
Total reserves including gold
$594M
2020
$38.6B
2024
Total reserves ranking
154/177
2020
51/177
2024
Net foreign direct investment
-$202M
2024
-$672M
2024
Net inflows of foreign direct investment
$681M
2024
$1.08B
2024
Net outflows of foreign direct investment
$56.4M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
1.47%
2024
5.48%
2024
Poverty at national poverty lines
50.7%
2019
56.2%
2023
Gross capital formation, % of GDP
14.5%
2023
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/malawi/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 (2021–2024, 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.

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.