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Economy of Maldives vs Nigeria compared: GDP & Debt

Updated on by Georank

Maldives has a GDP of $7.74B compared to $291B for Nigeria, ranking 159/197 and 50/197 by economy size, respectively.

Maldives has $9.71B in government debt (125.4% of GDP), compared to $103B (35.5% of GDP) in Nigeria.

Maldives vs Nigeria GDP by year

Maldives
Nigeria
1x
Year GDP, current $
Maldives Nigeria
2025 $7,741,066,861 $290,794,361,542
2024 $7,061,608,267 $252,261,880,140
2023 $6,621,008,704 $487,387,801,878
2022 $6,177,123,352 $646,950,257,575
2021 $5,252,457,370 $609,147,716,965
2020 $3,712,604,583 $598,586,817,817
2019 $5,726,094,799 $668,219,992,687
2018 $5,404,344,163 $421,739,251,509
2017 $4,816,426,257 $375,745,731,053
2016 $4,409,942,624 $404,649,125,252
2015 $4,129,505,319 $493,026,682,801
2014 $3,697,353,039 $574,183,763,412
2013 $3,295,009,238 $520,117,180,314
2012 $2,886,163,997 $463,971,018,239
2011 $2,774,350,240 $414,466,676,831
2010 $2,588,176,055 $366,990,417,129
2009 $2,345,294,875 $295,008,835,381
2008 $2,271,646,188 $339,476,276,258
2007 $1,868,383,461 $278,260,846,800
2006 $1,575,200,391 $238,454,997,161
2005 $1,163,362,438 $175,670,569,969
2004 $1,226,829,563 $135,764,731,646
2003 $1,052,121,055 $104,738,954,264
2002 $897,031,250 $95,054,059,303
2001 $870,031,677 $73,557,840,064
2000 $624,337,145 $69,171,451,627
1999 $589,239,754 $59,145,077,039
1998 $540,096,398 $218,416,200,673
1997 $508,223,602 $200,850,397,618
1996 $450,382,328 $185,730,236,700
1995 $398,988,955 $140,919,776,986
1994 $356,014,932 $80,399,613,064
1993 $322,417,837 $56,721,051,402
1992 $284,875,809 $52,058,181,854
1991 $244,396,762 $59,526,833,412
1990 $215,043,970 $54,035,795,388
1989 $189,514,434 $44,003,061,108
1988 $168,514,513 $49,648,470,440
1987 $141,223,029 $52,676,041,931
1986 $141,882,254 $54,805,852,581
1985 $127,190,758 $73,745,821,158
1984 $109,503,546 $73,484,359,521
1983 $57,829,787 $97,094,911,792
1982 $47,911,340 $142,769,363,314
1981 $44,781,457 $164,475,209,516
1980 $42,463,576 $64,201,788,123
1979 $38,523,364 $47,259,911,894
1978 $24,369,109 $36,527,862,209
1977 $20,853,789 $36,035,407,725
1976 $22,399,467 $36,308,883,249
1975 $24,540,878 $27,778,934,625
1974 $39,120,171 $24,846,641,318
1973 $30,862,042 $15,162,871,287
1972 $25,177,138 $12,274,416,018
1971 $21,566,404 $9,181,769,912
1970 $19,328,038 $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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Maldives vs Nigeria by year

Maldives
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $14,615 - $1,224 -
2024 $13,379 $26,183 $1,084 $9,087
2023 $12,588 $24,786 $2,139 $8,705
2022 $11,786 $22,881 $2,899 $8,305
2021 $10,176 $19,053 $2,787 $7,588
2020 $7,394 $13,425 $2,797 $7,415
2019 $11,740 $23,077 $3,190 $7,551
2018 $11,423 $21,899 $2,058 $7,158
2017 $10,510 $19,768 $1,876 $7,037
2016 $9,948 $18,770 $2,070 $7,072
2015 $9,645 $17,875 $2,586 $7,308
2014 $8,939 $16,723 $3,089 $7,396
2013 $8,236 $15,264 $2,873 $7,004
2012 $7,461 $13,989 $2,633 $6,671
2011 $7,425 $13,726 $2,418 $6,585
2010 $7,174 $12,797 $2,202 $6,301
2009 $6,734 $12,266 $1,820 $5,927
2008 $6,757 $13,779 $2,154 $5,607
2007 $5,758 $12,852 $1,816 $5,298
2006 $5,019 $12,075 $1,600 $4,975
2005 $3,797 $9,704 $1,211 $4,678
2004 $4,070 $10,770 $962 $4,381
2003 $3,549 $10,065 $763 $4,015
2002 $3,076 $8,823 $712 $3,770
2001 $3,034 $8,236 $566 $3,309
2000 $2,214 $8,526 $547 $3,139
1999 $2,124 $8,162 $481 $3,002
1998 $1,980 $7,710 $1,822 $3,022
1997 $1,898 $7,226 $1,720 $2,990
1996 $1,717 $6,687 $1,633 $2,931
1995 $1,555 $6,223 $1,272 $2,835
1994 $1,419 $5,520 $745 $2,853
1993 $1,317 $5,138 $540 $2,921
1992 $1,194 $4,881 $509 $2,991
1991 $1,054 $4,604 $597 $2,870
1990 $957 $4,528 $556 $2,840
1989 $870 - $465 -
1988 $799 - $540 -
1987 $692 - $588 -
1986 $720 - $628 -
1985 $669 - $869 -
1984 $594 - $890 -
1983 $323 - $1,207 -
1982 $274.8 - $1,822 -
1981 $264.1 - $2,162 -
1980 $257.6 - $870 -
1979 $240.2 - $661 -
1978 $156.1 - $527 -
1977 $137.3 - $536 -
1976 $151.8 - $556 -
1975 $171.4 - $438 -
1974 $281.5 - $403 -
1973 $228.7 - $252.4 -
1972 $192.2 - $209.5 -
1971 $169.8 - $160.5 -
1970 $156.9 - $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 (1960–2025, retrieved 2026-07-08).

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

Maldives' GDP per capita is $14,615, ranking 75/197, compared to $1,224 in Nigeria, ranking 172/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Nigeria ranks 136th at $9,087.

Economic indicators

Maldives Nigeria
Gross domestic product
$7.74B
2025
$291B
2025
GDP rank
159/197
2025
50/197
2025
GDP growth
6.31%
2024-2025
4.01%
2024-2025
GDP per capita
$14,615
2025
$1,224
2025
GDP per capita rank
75/197
2025
172/197
2025
GDP per capita, PPP
$26,183
2024
$9,087
2024
GDP per capita PPP rank
81/197
2024
136/197
2024
Government debt
$9.71B
2025
$103B
2025
Debt-to-GDP ratio
125.4%
2025
35.5%
2025
Government debt per person
$18,329
2025
$434
2025
Government debt per person rank
35/185
2025
170/185
2025
Average annual personal income after taxes
$9,733
2026
$768
2026
Market capitalization of domestic companies n/a
$86.9B
2025
Number of billionaires n/a
4
2026
Income share by richest 10%
23.3%
2019
26.3%
2022
Income share by poorest 10%
3.8%
2019
3%
2022
Government expenditure, % of GDP
36.5%
2025
11.7%
2025
Consumer prices inflation
3.5%
2024-2025
23%
2024-2025
Central bank interest rate n/a
26.5%
2026
Unemployment rate
4.56%
2019
3.45%
2024
Population
532468
245016045

Spending and national debt comparison by year

Maldives
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Maldives Nigeria
Government spending Government debt Government spending Government debt
2025 36.5% 125.4% 11.7% 35.5%
2024 43.9% 133.3% 12% 39.3%
2023 46.7% 122.4% 10.4% 36.3%
2022 42% 111.6% 10.6% 29.8%
2021 40.6% 123.4% 9.09% 26.6%
2020 50.4% 155.7% 8.73% 25.7%
2019 32.9% 77.2% 8.87% 21.4%
2018 31.9% 70.7% 9.1% 20.4%
2017 30.4% 63.8% 8.51% 18%
2016 37.3% 61.9% 6.93% 17.4%
2015 33.8% 54.8% 7.85% 14.9%
2014 29.1% 55.1% 9.49% 15.8%
2013 27% 55.9% 10% 13%
2012 29.8% 57.1% 10.5% 12.5%
2011 31.3% 51.9% 12.3% 12.4%
2010 33.2% 52.7% 11.8% 6.67%
2009 37% 48.4% 11% 6.12%
2008 35.6% 39% 10.2% 5.17%
2007 34.8% 35.8% 12.9% 5.76%
2006 35% 36.8% 8.75% 6.68%
2005 38.8% 43.2% 12.6% 13.4%
2004 24.1% 34.7% 13% 25.2%
2003 26.4% 37.6% 16.5% 29.9%
2002 29.6% 44.3% 13.8% 30.7%
2001 29.6% 41.8% 21.9% 37.7%
2000 29% 39% 17.6% 40.9%
1999 28% 38.9% 14.9% 46.1%
1998 25.9% 39.3% 11.2% 15.8%
1997 25.2% 38.1% 9.68% 17.1%
1996 27.3% 46.9% 7.87% 17.9%
1995 31.3% 52.2% 8.87% 24.2%
1994 30.7% 54.6% 12.1% 39.7%
1993 34.7% 55.7% 20% 50.4%
1992 36.1% 49% 15.9% 49.8%
1991 37.7% 46.7% 13.6% 53.2%
1990 33.3% 42.4% 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-07-08).

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

In 2025, Maldives' government spending was $2.83B, accounting for 36.5% of its GDP, while Nigeria spent $34.1B, or 11.7% of GDP.

Debt-to-GDP ratio is 125.4% in Maldives and 35.5% in Nigeria, ranking 11/185 and 143/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Nigeria
1x
Year Deficit/surplus, % of GDP
Maldives Nigeria
2025 -2.94% -1.76%
2024 -11.6% -1.27%
2023 -13.2% -3.12%
2022 -11.2% -4%
2021 -14.2% -3.97%
2020 -23.7% -4.03%
2019 -6.54% -3.31%
2018 -5.17% -3.06%
2017 -3.02% -3.85%
2016 -9.93% -3.3%
2015 -6.52% -2.7%
2014 -2.42% -1.72%
2013 -3.49% -1.89%
2012 -6.91% -0.09%
2011 -8.13% 0.31%
2010 -13.6% -2.96%
2009 -17.9% -3.78%
2008 -9.92% 4.05%
2007 -3.16% -0.79%
2006 -4.52% 6.22%
2005 -7.81% 3.49%
2004 -2.26% 3.9%
2003 -3.45% -1.56%
2002 -3.97% 0.95%
2001 -3.97% -2.29%
2000 -3.89% 2.89%
1999 -3.03% -1.39%
1998 -2.25% -3.47%
1997 -1.46% 1.14%
1996 -2.01% 3.37%
1995 -5.66% 2.52%
1994 -4.82% -2.96%
1993 -13.9% -6.07%
1992 -12.6% 0.94%
1991 -10.2% -1.18%
1990 -12.8% -0.48%

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

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

In 2025, Maldives' government deficit, the difference between spending and revenue, was $228M, equivalent to 2.94% of GDP. This compares to Nigeria's deficit of $5.12B, or 1.76% of GDP.

Over the past 36 years, Maldives recorded a fiscal deficit in 36 of those years, while Nigeria ran a deficit in 25 years. On average, Maldives posted an annual deficit equal to 7.56% of GDP, compared to deficit of 0.98% of GDP for Nigeria.

Inflation comparison by year

Inflation
Maldives

Nigeria
1x
Year Consumer prices inflation
Maldives Nigeria
2025 3.5% 23%
2024 1.4% 33.2%
2023 2.6% 24.7%
2022 2.6% 18.8%
2021 0.2% 17%
2020 -1.6% 13.2%
2019 1.3% 11.4%
2018 1.4% 12.1%
2017 2.3% 16.5%
2016 0.8% 15.7%
2015 1.4% 9.01%
2014 2.4% 8.05%
2013 4% 8.5%
2012 10.9% 12.2%
2011 11.3% 10.8%
2010 6.1% 13.7%
2009 4.5% 12.5%
2008 12% 11.6%
2007 6.8% 5.39%
2006 3.5% 8.23%
2005 2.5% 17.9%
2004 6.3% 15%
2003 -2.8% 14%
2002 0.9% 12.9%
2001 0.7% 18.9%
2000 -1.2% 6.93%
1999 3% 6.62%
1998 -1.4% 10%
1997 7.6% 8.53%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Maldives has recorded an average annual inflation rate of 3.21%, compared with 13.7% in Nigeria. In 2025, inflation was 3.5% in Maldives and 23% in Nigeria.

Top exports between countries

Maldives
Export category Export value
Nigeria
Export category Export value
Processed food, beverages & tobacco $675K
Raw materials & minerals $344K

Balance of trade

Maldives Nigeria
Current account balance
-$1.32B
2024
$14B
2025
Current account balance ranking
126/190
2024
21/190
2025
Current account balance, % of GDP
-18.7%
2024
+4.83%
2025
Goods imports
$3.46B
2024
$43B
2025
Goods exports
$383M
2024
$57.5B
2025
Service imports
$1.89B
2024
$19.6B
2025
Service exports
$5.03B
2024
$5.06B
2025
Imports of goods and services, % of GDP
78.3%
2024
16.9%
1960
Exports of goods and services, % of GDP
78.2%
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.

Maldives Nigeria
Economic freedom 47.6 54.8
Economic freedom ranking 174/197 132/197
Property rights 52.2 29.7
Government integrity 41.9 23.5
Judicial effectiveness 39.3 34.4
Tax burden 89.9 84.6
Government spending 39.5 96.3
Fiscal health 0 83.5
Business freedom 49.7 50.3
Labor freedom 54.1 75.4
Monetary freedom 76.4 56.1
Trade freedom 62.8 64.4
Investment freedom 35 30
Financial freedom 30 30

Economic freedom comparison by year

Maldives
Nigeria
1x
Year Economic freedom index
Maldives Nigeria
2026 47.6 54.8
2025 48.3 53.4
2024 47.8 53.1
2023 46.6 53.9
2022 47.3 54.4
2021 55.2 58.7
2020 56.5 57.2
2019 53.2 57.3
2018 51.1 58.5
2017 50.3 57.1
2016 53.9 57.5
2015 53.4 55.6
2014 51 54.3
2013 49 55.1
2012 49.2 56.3
2011 48.3 56.7
2010 49 56.8
2009 51.3 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 2026-07-08).

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

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, 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

Maldives Nigeria
Services, % of GDP
69.9%
2025
58.2%
2025
Industry, % of GDP
9.33%
2025
16.4%
2025
Agriculture, forestry, and fishing, % of GDP
4.59%
2025
23%
2025
GNI, Atlas method
$6.86B
2025
$324B
2025
GNI per capita, PPP
$25,600
2025
$9,230
2025
Total reserves including gold
$985M
2025
$46B
2025
Total reserves ranking
143/177
2025
52/177
2025
Net foreign direct investment
-$806M
2024
-$2.82B
2025
Net inflows of foreign direct investment
$806M
2024
$1.61B
2024
Net outflows of foreign direct investment
$0
2024
$408M
2024
Servicing debt to the IMF, % of GNI
8.02%
2024
5.46%
2024
Poverty at national poverty lines
15%
2020
56.2%
2023
Gross capital formation, % of GDP
30.8%
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/maldives/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. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-07-08)
  6. TradeMap (2021–2024, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-07-08)

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.