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Economy of Malaysia vs Nigeria compared: GDP & Debt

Updated on by Georank team

Malaysia has a GDP of $422B compared to $252B for Nigeria, ranking 38/197 and 54/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Malaysia vs Nigeria GDP by year

Malaysia
Nigeria
1x
Year GDP, current $
Malaysia Nigeria
2024 $422,227,005,429 $252,261,880,141
2023 $399,949,418,753 $487,387,801,881
2022 $407,830,525,990 $646,950,257,578
2021 $373,784,553,030 $609,147,716,973
2020 $337,456,163,961 $598,586,817,819
2019 $365,177,721,022 $668,219,992,691
2018 $358,788,845,713 $421,739,251,509
2017 $319,109,094,160 $375,745,731,053
2016 $301,256,033,870 $404,649,125,252
2015 $301,355,266,965 $493,026,682,801
2014 $338,066,095,097 $574,183,763,412
2013 $323,276,235,524 $520,117,180,314
2012 $314,443,047,642 $463,971,018,239
2011 $297,951,668,675 $414,466,676,831
2010 $255,017,638,456 $366,990,417,129
2009 $202,257,453,037 $295,008,835,381
2008 $230,811,614,370 $339,476,276,258
2007 $193,549,569,478 $278,260,846,800
2006 $162,692,258,307 $238,454,997,161
2005 $143,534,405,819 $175,670,569,969
2004 $124,749,473,684 $135,764,731,646
2003 $110,202,368,421 $104,738,954,264
2002 $100,845,526,316 $95,054,059,303
2001 $92,783,947,368 $73,557,840,064
2000 $93,789,736,842 $69,171,451,627
1999 $79,148,421,053 $59,145,077,039
1998 $72,167,498,981 $218,416,200,673
1997 $100,005,323,302 $200,850,397,618
1996 $100,855,393,910 $185,730,236,700
1995 $88,705,342,903 $140,919,776,986
1994 $74,478,356,958 $80,399,613,064
1993 $66,894,966,969 $56,721,051,402
1992 $59,167,550,163 $52,058,181,854
1991 $49,143,148,094 $59,526,833,412
1990 $44,024,585,240 $54,035,795,388
1989 $38,847,965,293 $44,003,061,108
1988 $35,272,109,220 $49,648,470,440
1987 $32,181,210,158 $52,676,041,931
1986 $27,734,111,400 $54,805,852,581
1985 $31,199,633,353 $73,745,821,158
1984 $33,942,897,422 $73,484,359,521
1983 $30,347,442,111 $97,094,911,792
1982 $26,804,493,635 $142,769,363,314
1981 $25,004,285,792 $164,475,209,516
1980 $24,488,224,677 $64,201,788,123
1979 $21,213,264,962 $47,259,911,894
1978 $16,358,079,862 $36,527,862,209
1977 $13,139,488,633 $36,035,407,725
1976 $11,050,234,599 $36,308,883,249
1975 $9,298,800,799 $27,778,934,625
1974 $9,496,204,302 $24,846,641,318
1973 $7,662,902,678 $15,162,871,287
1972 $5,043,347,250 $12,274,416,018
1971 $4,244,395,956 $9,181,769,912
1970 $3,864,145,667 $12,546,094,982
1969 $3,664,552,041 $6,634,317,346
1968 $3,330,371,551 $5,200,997,920
1967 $3,188,924,677 $5,203,237,919
1966 $3,143,517,944 $6,366,917,453
1965 $2,956,337,669 $5,874,537,650
1964 $2,674,423,922 $5,552,931,319
1963 $2,510,110,348 $5,165,590,254
1962 $2,001,489,602 $4,909,399,176
1961 $1,901,856,123 $4,467,287,893
1960 $1,916,229,477 $4,196,174,502

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

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

GDP per capita in Malaysia vs Nigeria by year

Malaysia
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $1,084 $9,087
2023 $11,386 $36,467 $2,139 $8,705
2022 $11,755 $34,420 $2,899 $8,305
2021 $10,903 $29,823 $2,787 $7,588
2020 $9,958 $27,475 $2,797 $7,415
2019 $10,920 $28,934 $3,190 $7,551
2018 $10,902 $27,794 $2,058 $7,158
2017 $9,863 $26,416 $1,876 $7,037
2016 $9,477 $25,286 $2,070 $7,072
2015 $9,649 $24,526 $2,586 $7,308
2014 $11,013 $24,307 $3,089 $7,396
2013 $10,714 $23,161 $2,873 $7,004
2012 $10,601 $22,639 $2,633 $6,671
2011 $10,217 $21,324 $2,418 $6,585
2010 $8,899 $20,193 $2,202 $6,301
2009 $7,191 $18,923 $1,820 $5,927
2008 $8,372 $19,480 $2,154 $5,607
2007 $7,169 $18,617 $1,816 $5,298
2006 $6,158 $17,426 $1,600 $4,975
2005 $5,556 $16,371 $1,211 $4,678
2004 $4,939 $15,416 $962 $4,381
2003 $4,465 $14,387 $763 $4,015
2002 $4,184 $13,656 $712 $3,770
2001 $3,944 $13,072 $566 $3,309
2000 $4,084 $13,027 $547 $3,139
1999 $3,528 $11,980 $481 $3,002
1998 $3,294 $11,398 $1,822 $3,022
1997 $4,679 $12,469 $1,720 $2,990
1996 $4,837 $11,709 $1,633 $2,931
1995 $4,363 $10,720 $1,272 $2,835
1994 $3,758 $9,806 $745 $2,853
1993 $3,462 $9,018 $540 $2,921
1992 $3,141 $8,224 $509 $2,991
1991 $2,679 $7,583 $597 $2,870
1990 $2,469 $6,887 $556 $2,840
1989 $2,244 - $465 -
1988 $2,100 - $540 -
1987 $1,977 - $588 -
1986 $1,760 - $628 -
1985 $2,046 - $869 -
1984 $2,300 - $890 -
1983 $2,124 - $1,207 -
1982 $1,938 - $1,822 -
1981 $1,866 - $2,162 -
1980 $1,886 - $870 -
1979 $1,680 - $661 -
1978 $1,327 - $527 -
1977 $1,092 - $536 -
1976 $940 - $556 -
1975 $811 - $438 -
1974 $848 - $403 -
1973 $701 - $252.4 -
1972 $472 - $209.5 -
1971 $407 - $160.5 -
1970 $380 - $224.5 -
1969 $368 - $121.4 -
1968 $342 - $97.3 -
1967 $335 - $99.5 -
1966 $339 - $124.4 -
1965 $326 - $117.3 -
1964 $303 - $113.3 -
1963 $291.8 - $107.7 -
1962 $238.8 - $104.5 -
1961 $232.9 - $97.1 -
1960 $240.8 - $93.1 -

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

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

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Nigeria ranks 136th at $9,087.

Economic indicators

Malaysia Nigeria
Gross domestic product
$422B
2024
$252B
2024
GDP rank
38/197
2024
54/197
2024
GDP growth
5.11%
2023-2024
4.06%
2023-2024
GDP per capita
$11,874
2024
$1,084
2024
GDP per capita rank
79/197
2024
174/197
2024
GDP per capita, PPP
$38,779
2024
$9,087
2024
GDP per capita PPP rank
60/197
2024
136/197
2024
Government debt
$296B
2024
$99.2B
2024
Debt-to-GDP ratio
70.1%
2024
39.3%
2024
Government debt per person
$8,322
2024
$426
2024
Government debt per person rank
62/185
2024
170/185
2024
Average annual personal income after taxes
$11,005
2026
$1,104
2026
Market capitalization of domestic companies
$449B
2024
$54.4B
2024
Number of billionaires
19
2025
4
2025
Income share by richest 10%
30.9%
2021
26.3%
2022
Income share by poorest 10%
2.3%
2021
3%
2022
Government expenditure, % of GDP
23.9%
2024
12.3%
2024
Consumer prices inflation
1.83%
2023-2024
33.2%
2023-2024
Central bank interest rate
2.75%
2025
27%
2025
Unemployment rate
3.93%
2022
3.45%
2024
Population
36512221
243824469

Spending and national debt comparison by year

Malaysia
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Malaysia Nigeria
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 12.3% 39.3%
2023 24.9% 69.7% 10.4% 36.3%
2022 24.6% 65.5% 10.6% 29.8%
2021 24.5% 69.2% 9.09% 26.6%
2020 25% 67.7% 8.73% 25.7%
2019 23.6% 57.1% 8.87% 21.4%
2018 22.8% 55.6% 9.1% 20.4%
2017 22% 54.4% 8.51% 18%
2016 22.9% 55.8% 6.93% 17.4%
2015 24.7% 57% 7.85% 14.9%
2014 26% 55.4% 9.49% 12.9%
2013 27.8% 55.7% 10% 13%
2012 28.5% 53.8% 10.5% 12.5%
2011 27.1% 51.9% 12.3% 12.4%
2010 26.6% 51.2% 11.8% 6.67%
2009 30.9% 50.4% 11% 6.12%
2008 26.9% 39.4% 10.2% 5.17%
2007 25.9% 39.3% 12.9% 5.76%
2006 25.6% 39.7% 8.75% 6.68%
2005 24.5% 40.8% 12.6% 13.4%
2004 25.9% 42% 13% 25.2%
2003 28.1% 41.4% 16.5% 29.9%
2002 27.1% 39.5% 13.8% 30.7%
2001 28.2% 38.1% 21.9% 37.7%
2000 25.6% 32.5% 17.6% 40.9%
1999 24.6% 34.4% 14.9% 46.1%
1998 23.1% 33.6% 11.2% 15.8%
1997 21.2% 29.6% 9.68% 17.1%
1996 22.4% 32.8% 7.87% 17.9%
1995 22.6% 38.2% 8.87% 24.2%
1994 23.3% 43.7% 12.1% 39.7%
1993 24.6% 51.1% 20% 50.4%
1992 28.2% 59.1% 15.9% 49.8%
1991 27.4% 67.3% 13.6% 53.2%
1990 30.5% 74.1% 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 39.3% in Nigeria, ranking 58/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Nigeria
1x
Year Deficit/surplus, % of GDP
Malaysia Nigeria
2024 -3.95% -1.57%
2023 -3.97% -3.12%
2022 -4.56% -4%
2021 -6.03% -3.97%
2020 -4.9% -4.03%
2019 -2.01% -3.31%
2018 -2.64% -3.06%
2017 -2.41% -3.85%
2016 -2.6% -3.3%
2015 -2.55% -2.7%
2014 -2.63% -1.72%
2013 -3.48% -1.89%
2012 -3.1% -0.09%
2011 -3.57% 0.31%
2010 -4.32% -2.96%
2009 -5.88% -3.78%
2008 -3.4% 4.05%
2007 -2.57% -0.79%
2006 -2.6% 6.22%
2005 -2.83% 3.49%
2004 -3.35% 3.9%
2003 -4.6% -1.56%
2002 -3.96% 0.95%
2001 -4.36% -2.29%
2000 -6.05% 2.89%
1999 -3% -1.39%
1998 -0.63% -3.47%
1997 4.84% 1.14%
1996 3.27% 3.37%
1995 3.1% 2.52%
1994 5.45% -2.96%
1993 3.44% -6.07%
1992 1.81% 0.94%
1991 1.6% -1.18%
1990 0.15% -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Malaysia's government deficit, the difference between spending and revenue, was $16.7B, equivalent to 3.95% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 35 years, Malaysia recorded a fiscal deficit in 27 of those years, while Nigeria ran a deficit in 24 years. On average, Malaysia posted an annual deficit equal to 2.07% of GDP, compared to deficit of 0.97% of GDP for Nigeria.

Inflation comparison by year

Inflation
Malaysia

Nigeria
1x
Year Consumer prices inflation
Malaysia Nigeria
2024 1.83% 33.2%
2023 2.49% 24.7%
2022 3.38% 18.8%
2021 2.48% 17%
2020 -1.14% 13.2%
2019 0.66% 11.4%
2018 0.88% 12.1%
2017 3.87% 16.5%
2016 2.09% 15.7%
2015 2.1% 9.01%
2014 3.14% 8.05%
2013 2.11% 8.5%
2012 1.66% 12.2%
2011 3.17% 10.8%
2010 1.62% 13.7%
2009 0.58% 12.5%
2008 5.44% 11.6%
2007 2.03% 5.39%
2006 3.61% 8.23%
2005 2.98% 17.9%
2004 1.42% 15%
2003 1.09% 14%
2002 1.81% 12.9%
2001 1.42% 18.9%
2000 1.53% 6.93%
1999 2.74% 6.62%
1998 5.27% 10%
1997 2.66% 8.53%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 13.3% in Nigeria. In 2024, inflation was 1.83% in Malaysia and 33.2% in Nigeria.

Top exports between countries

Malaysia
Export category Export value
Processed food, beverages & tobacco $284M
Raw materials & minerals $85.6M
Machinery & equipment $65.5M
Wood & paper products $41.5M
Metals $33.9M
Chemicals & pharma $31.3M
Textiles & consumer goods $5.12M
Miscellaneous $2M
Animal & marine products $535K
Raw agricultural goods $106K
Nigeria
Export category Export value
Raw materials & minerals $329M
Processed food, beverages & tobacco $170M
Machinery & equipment $23.2M
Animal & marine products $5.12M
Metals $5.01M
Raw agricultural goods $1.19M
Textiles & consumer goods $513K
Chemicals & pharma $248K
Wood & paper products $1K

Balance of trade

Malaysia Nigeria
Current account balance
$7.15B
2024
$17.2B
2024
Current account balance ranking
26/190
2024
20/190
2024
Current account balance, % of GDP
+1.69%
2024
+6.82%
2024
Goods imports
$223B
2024
$39.8B
2024
Goods exports
$248B
2024
$53B
2024
Service imports
$56.4B
2024
$17.9B
2024
Service exports
$53.4B
2024
$4.57B
2024
Imports of goods and services, % of GDP
66%
2024
16.9%
1960
Exports of goods and services, % of GDP
71.3%
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.

Malaysia Nigeria
Economic freedom 68 54.8
Economic freedom ranking 51/197 132/197
Property rights 62.7 29.7
Government integrity 52.9 23.5
Judicial effectiveness 63.4 34.4
Tax burden 83.5 84.6
Government spending 82 96.3
Fiscal health 62.5 83.5
Business freedom 79.6 50.3
Labor freedom 55.4 75.4
Monetary freedom 80.8 56.1
Trade freedom 83 64.4
Investment freedom 60 30
Financial freedom 50 30

Economic freedom comparison by year

Malaysia
Nigeria
1x
Year Economic freedom index
Malaysia Nigeria
2026 68 54.8
2025 67.1 53.4
2024 65.7 53.1
2023 67.3 53.9
2022 68.1 54.4
2021 74.4 58.7
2020 74.7 57.2
2019 74 57.3
2018 74.5 58.5
2017 73.8 57.1
2016 71.5 57.5
2015 70.8 55.6
2014 69.6 54.3
2013 66.1 55.1
2012 66.4 56.3
2011 66.3 56.7
2010 64.8 56.8
2009 64.6 55.1
2008 63.9 55.1
2007 63.8 55.6
2006 61.6 48.7
2005 61.9 48.4
2004 59.9 49.2
2003 61.1 49.5
2002 60.1 50.9
2001 60.2 49.6
2000 66 53.1
1999 68.9 55.7
1998 68.2 52.3
1997 66.8 52.8
1996 69.9 47.4
1995 71.9 47.3

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, 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

Malaysia Nigeria
Services, % of GDP
53.7%
2024
53.7%
2024
Industry, % of GDP
37%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
25.9%
2024
GNI, Atlas method
$414B
2024
$396B
2024
GNI per capita, PPP
$37,450
2024
$8,850
2024
Total reserves including gold
$116B
2024
$38.6B
2024
Total reserves ranking
24/177
2024
51/177
2024
Net foreign direct investment
-$2.55B
2024
-$672M
2024
Net inflows of foreign direct investment
$15.6B
2024
$1.08B
2024
Net outflows of foreign direct investment
$13B
2024
$408M
2024
Servicing debt to the IMF, % of GNI n/a
5.48%
2024
Poverty at national poverty lines
5.8%
2023
56.2%
2023
Gross capital formation, % of GDP
22%
2024
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/malaysia/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.