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Economy of Mali vs Nigeria compared: GDP & Debt

Updated on by Georank team

Mali has a GDP of $26.8B compared to $252B for Nigeria, ranking 113/197 and 54/197 by economy size, respectively.

Mali has $13.9B in government debt (51.7% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Mali vs Nigeria GDP by year

Mali
Nigeria
1x
Year GDP, current $
Mali Nigeria
2024 $26,794,747,240 $252,261,880,141
2023 $24,813,860,599 $487,387,801,881
2022 $22,539,987,719 $646,950,257,578
2021 $22,999,245,263 $609,147,716,973
2020 $20,698,560,939 $598,586,817,819
2019 $20,477,421,885 $668,219,992,691
2018 $20,368,015,381 $421,739,251,509
2017 $18,308,362,040 $375,745,731,053
2016 $16,743,796,800 $404,649,125,252
2015 $15,583,181,170 $493,026,682,801
2014 $17,081,681,993 $574,183,763,412
2013 $15,747,192,681 $520,117,180,314
2012 $14,795,114,603 $463,971,018,239
2011 $15,452,791,789 $414,466,676,831
2010 $12,710,739,159 $366,990,417,129
2009 $12,155,217,833 $295,008,835,381
2008 $11,462,490,840 $339,476,276,258
2007 $9,699,047,443 $278,260,846,800
2006 $8,212,007,554 $238,454,997,161
2005 $7,429,066,951 $175,670,569,969
2004 $6,485,774,930 $135,764,731,646
2003 $5,605,613,011 $104,738,954,264
2002 $4,647,238,257 $95,054,059,303
2001 $4,124,281,594 $73,557,840,064
2000 $3,521,570,876 $69,171,451,627
1999 $4,091,446,054 $59,145,077,039
1998 $3,894,433,432 $218,416,200,673
1997 $3,414,879,486 $200,850,397,618
1996 $3,743,103,420 $185,730,236,700
1995 $3,373,322,735 $140,919,776,986
1994 $2,655,768,636 $80,399,613,064
1993 $3,632,801,877 $56,721,051,402
1992 $3,680,775,037 $52,058,181,854
1991 $3,576,562,682 $59,526,833,412
1990 $3,248,417,791 $54,035,795,388
1989 $2,824,822,489 $44,003,061,108
1988 $2,712,207,901 $49,648,470,440
1987 $2,437,004,680 $52,676,041,931
1986 $2,132,938,007 $54,805,852,581
1985 $1,594,347,021 $73,745,821,158
1984 $1,387,809,615 $73,484,359,521
1983 $1,496,616,127 $97,094,911,792
1982 $1,680,304,773 $142,769,363,314
1981 $2,234,583,940 $164,475,209,516
1980 $2,704,362,789 $64,201,788,123
1979 $1,595,422,956 $47,259,911,894
1978 $1,222,702,573 $36,527,862,209
1977 $1,049,838,548 $36,035,407,725
1976 $939,228,017 $36,308,883,249
1975 $830,710,615 $27,778,934,625
1974 $538,747,340 $24,846,641,318
1973 $563,683,703 $15,162,871,287
1972 $486,617,280 $12,274,416,018
1971 $395,218,629 $9,181,769,912
1970 $359,772,315 $12,546,094,982
1969 $339,913,867 $6,634,317,346
1968 $343,771,973 $5,200,997,920
1967 $275,494,478 $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/mali/nigeria | CC BY

GDP per capita in Mali vs Nigeria by year

Mali
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mali Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,095 $3,315 $1,084 $9,087
2023 $1,044 $3,175 $2,139 $8,705
2022 $977 $3,014 $2,899 $8,305
2021 $1,027 $2,796 $2,787 $7,588
2020 $953 $2,724 $2,797 $7,415
2019 $972 $2,820 $3,190 $7,551
2018 $996 $2,684 $2,058 $7,158
2017 $924 $2,607 $1,876 $7,037
2016 $872 $2,532 $2,070 $7,072
2015 $838 $2,330 $2,586 $7,308
2014 $948 $2,185 $3,089 $7,396
2013 $902 $2,059 $2,873 $7,004
2012 $873 $1,990 $2,633 $6,671
2011 $938 $2,046 $2,418 $6,585
2010 $797 $2,012 $2,202 $6,301
2009 $787 $1,945 $1,820 $5,927
2008 $767 $1,893 $2,154 $5,607
2007 $671 $1,852 $1,816 $5,298
2006 $587 $1,832 $1,600 $4,975
2005 $549 $1,771 $1,211 $4,678
2004 $495 $1,730 $962 $4,381
2003 $442 $1,715 $763 $4,015
2002 $378 $1,581 $712 $3,770
2001 $346 $1,559 $566 $3,309
2000 $305 $1,357 $547 $3,139
1999 $364 $1,376 $481 $3,002
1998 $357 $1,332 $1,822 $3,022
1997 $321 $1,267 $1,720 $2,990
1996 $360 $1,224 $1,633 $2,931
1995 $331 $1,154 $1,272 $2,835
1994 $266.5 $1,147 $745 $2,853
1993 $372 $1,087 $540 $2,921
1992 $385 $1,039 $509 $2,991
1991 $382 $1,091 $597 $2,870
1990 $354 $956 $556 $2,840
1989 $314 - $465 -
1988 $307 - $540 -
1987 $280.7 - $588 -
1986 $250 - $628 -
1985 $190.4 - $869 -
1984 $169.1 - $890 -
1983 $186.3 - $1,207 -
1982 $213.8 - $1,822 -
1981 $290.5 - $2,162 -
1980 $359 - $870 -
1979 $216.3 - $661 -
1978 $169.1 - $527 -
1977 $148.1 - $536 -
1976 $134.9 - $556 -
1975 $121.5 - $438 -
1974 $80.2 - $403 -
1973 $85.4 - $252.4 -
1972 $75.1 - $209.5 -
1971 $62 - $160.5 -
1970 $57.3 - $224.5 -
1969 $55 - $121.4 -
1968 $56.5 - $97.3 -
1967 $46 - $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/mali/nigeria | CC BY

Mali's GDP per capita is $1,095, ranking 173/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Mali ranks 174th at $3,315, while Nigeria ranks 136th at $9,087.

Economic indicators

Mali Nigeria
Gross domestic product
$26.8B
2024
$252B
2024
GDP rank
113/197
2024
54/197
2024
GDP growth
4.99%
2023-2024
4.06%
2023-2024
GDP per capita
$1,095
2024
$1,084
2024
GDP per capita rank
173/197
2024
174/197
2024
GDP per capita, PPP
$3,315
2024
$9,087
2024
GDP per capita PPP rank
174/197
2024
136/197
2024
Government debt
$13.9B
2024
$99.2B
2024
Debt-to-GDP ratio
51.7%
2024
39.3%
2024
Government debt per person
$566
2024
$426
2024
Government debt per person rank
161/185
2024
170/185
2024
Average annual personal income after taxes
$1,463
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%
28.3%
2021
26.3%
2022
Income share by poorest 10%
3.2%
2021
3%
2022
Government expenditure, % of GDP
24.7%
2024
12.3%
2024
Consumer prices inflation
3.2%
2023-2024
33.2%
2023-2024
Central bank interest rate n/a
27%
2025
Unemployment rate
5.45%
2023
3.45%
2024
Population
26143152
243824469

Spending and national debt comparison by year

Mali
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Mali Nigeria
Government spending Government debt Government spending Government debt
2024 24.7% 51.7% 12.3% 39.3%
2023 24.8% 51.9% 10.4% 36.3%
2022 24.4% 50.3% 10.6% 29.8%
2021 26.9% 51.6% 9.09% 26.6%
2020 26.1% 47.3% 8.73% 25.7%
2019 23.1% 40.7% 8.87% 21.4%
2018 20.3% 37.5% 9.1% 20.4%
2017 22.9% 38.2% 8.51% 18%
2016 22.3% 37.2% 6.93% 17.4%
2015 20.9% 30.7% 7.85% 14.9%
2014 20% 26.9% 9.49% 12.9%
2013 19.8% 26.4% 10% 13%
2012 15.5% 25.4% 10.5% 12.5%
2011 20.6% 24% 12.3% 12.4%
2010 20.3% 25.3% 11.8% 6.67%
2009 22.8% 21.9% 11% 6.12%
2008 18.8% 20.1% 10.2% 5.17%
2007 21.5% 18.5% 12.9% 5.76%
2006 22.1% 18.1% 8.75% 6.68%
2005 21.6% 46.6% 12.6% 13.4%
2004 21.8% 42.4% 13% 25.2%
2003 20.8% 44.1% 16.5% 29.9%
2002 19.9% 42.6% 13.8% 30.7%
2001 18.3% 77.5% 21.9% 37.7%
2000 19.4% 90.5% 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/mali/nigeria | CC BY

In 2024, Mali's government spending was $6.61B, accounting for 24.7% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 51.7% in Mali and 39.3% in Nigeria, ranking 102/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Mali

Nigeria
1x
Year Deficit/surplus, % of GDP
Mali Nigeria
2024 -2.57% -1.57%
2023 -3.57% -3.12%
2022 -4.75% -4%
2021 -4.91% -3.97%
2020 -5.42% -4.03%
2019 -1.68% -3.31%
2018 -4.74% -3.06%
2017 -2.86% -3.85%
2016 -3.95% -3.3%
2015 -1.82% -2.7%
2014 -2.89% -1.72%
2013 -2.37% -1.89%
2012 -0.96% -0.09%
2011 -3.42% 0.31%
2010 -2.57% -2.96%
2009 -3.71% -3.78%
2008 -1.97% 4.05%
2007 -2.78% -0.79%
2006 27.8% 6.22%
2005 -2.76% 3.49%
2004 -2.36% 3.9%
2003 -1.19% -1.56%
2002 -3.09% 0.95%
2001 -2.8% -2.29%
2000 -2.64% 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/mali/nigeria | CC BY

In 2024, Mali's government deficit, the difference between spending and revenue, was $687M, equivalent to 2.57% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 25 years, Mali recorded a fiscal deficit in 24 of those years, while Nigeria ran a deficit in 18 years. On average, Mali posted an annual deficit equal to 1.76% of GDP, compared to deficit of 1.05% of GDP for Nigeria.

Inflation comparison by year

Inflation
Mali

Nigeria
1x
Year Consumer prices inflation
Mali Nigeria
2024 3.2% 33.2%
2023 2.1% 24.7%
2022 9.7% 18.8%
2021 3.8% 17%
2020 0.5% 13.2%
2019 -3% 11.4%
2018 1.9% 12.1%
2017 2.4% 16.5%
2016 -1.8% 15.7%
2015 1.4% 9.01%
2014 0.9% 8.05%
2013 -0.6% 8.5%
2012 5.3% 12.2%
2011 3% 10.8%
2010 1.2% 13.7%
2009 2.4% 12.5%
2008 9.2% 11.6%
2007 1.4% 5.39%
2006 1.6% 8.23%
2005 6.4% 17.9%
2004 -3.1% 15%
2003 -1.3% 14%
2002 5% 12.9%
2001 5.2% 18.9%
2000 -0.8% 6.93%
1999 -1.2% 6.62%
1998 4.1% 10%
1997 -0.7% 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/mali/nigeria | CC BY

Over the past 28 years, Mali has recorded an average annual inflation rate of 2.08%, compared with 13.3% in Nigeria. In 2024, inflation was 3.2% in Mali and 33.2% in Nigeria.

Top exports between countries

Mali
Export category Export value
Machinery & equipment $804K
Animal & marine products $428K
Raw agricultural goods $22K
Processed food, beverages & tobacco $21K
Textiles & consumer goods $21K
Raw materials & minerals $18K
Wood & paper products $11K
Metals $10K
Precious metals & jewellery $1K
Nigeria
Export category Export value
Processed food, beverages & tobacco $10.5M
Textiles & consumer goods $8.19M
Chemicals & pharma $1.19M
Machinery & equipment $753K
Raw agricultural goods $360K
Wood & paper products $222K
Raw materials & minerals $203K
Metals $93K
Miscellaneous $60K

Balance of trade

Mali Nigeria
Current account balance
-$1.61B
2023
$17.2B
2024
Current account balance ranking
136/190
2023
20/190
2024
Current account balance, % of GDP
-6.49%
2023
+6.82%
2024
Goods imports
$5.73B
2023
$39.8B
2024
Goods exports
$5.65B
2023
$53B
2024
Service imports
$2.34B
2023
$17.9B
2024
Service exports
$475M
2023
$4.57B
2024
Imports of goods and services, % of GDP
27.3%
2024
16.9%
1960
Exports of goods and services, % of GDP
22.6%
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.

Mali Nigeria
Economic freedom 52.1 54.8
Economic freedom ranking 150/197 132/197
Property rights 13.8 29.7
Government integrity 23.2 23.5
Judicial effectiveness 23.3 34.4
Tax burden 67.9 84.6
Government spending 81.8 96.3
Fiscal health 73.6 83.5
Business freedom 40.8 50.3
Labor freedom 54.1 75.4
Monetary freedom 78.2 56.1
Trade freedom 64 64.4
Investment freedom 65 30
Financial freedom 40 30

Economic freedom comparison by year

Mali
Nigeria
1x
Year Economic freedom index
Mali Nigeria
2026 52.1 54.8
2025 52.6 53.4
2024 52.5 53.1
2023 54.5 53.9
2022 55.9 54.4
2021 55.6 58.7
2020 55.9 57.2
2019 58.1 57.3
2018 57.6 58.5
2017 58.6 57.1
2016 56.5 57.5
2015 56.4 55.6
2014 55.5 54.3
2013 56.4 55.1
2012 55.8 56.3
2011 56.3 56.7
2010 55.6 56.8
2009 55.6 55.1
2008 55.6 55.1
2007 54.7 55.6
2006 54.1 48.7
2005 57.3 48.4
2004 56.6 49.2
2003 58.6 49.5
2002 61.1 50.9
2001 60.1 49.6
2000 60.3 53.1
1999 58.4 55.7
1998 57.3 52.3
1997 56.4 52.8
1996 57 47.4
1995 52.4 47.3

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

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

The Economic Freedom Index for Mali is 52.1, ranking 150/197, 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

Mali Nigeria
Services, % of GDP
36.3%
2024
53.7%
2024
Industry, % of GDP
23.5%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
33.3%
2024
25.9%
2024
GNI, Atlas method
$25.2B
2024
$396B
2024
GNI per capita, PPP
$3,230
2024
$8,850
2024
Total reserves including gold n/a
$38.6B
2024
Total reserves ranking n/a
51/177
2024
Net foreign direct investment
-$673M
2023
-$672M
2024
Net inflows of foreign direct investment
$921M
2024
$1.08B
2024
Net outflows of foreign direct investment
$78.1M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
1.41%
2024
5.48%
2024
Poverty at national poverty lines
43.3%
2024
56.2%
2023
Gross capital formation, % of GDP
19.5%
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/mali/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 (2021–2023, 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.

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.