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Economy of Nigeria vs Saint Lucia compared: GDP & Debt

Updated on by Georank team

Nigeria has a GDP of $252B compared to $2.55B for Saint Lucia, ranking 54/197 and 173/197 by economy size, respectively.

Nigeria has $99.2B in government debt (39.3% of GDP), compared to $1.97B (77.2% of GDP) in Saint Lucia.

Nigeria vs Saint Lucia GDP by year

Nigeria
Saint Lucia
1x
Year GDP, current $
Nigeria Saint Lucia
2024 $252,261,880,141 $2,549,062,963
2023 $487,387,801,881 $2,430,166,667
2022 $646,950,257,578 $2,342,714,815
2021 $609,147,716,973 $1,867,185,185
2020 $598,586,817,819 $1,499,274,074
2019 $668,219,992,691 $2,095,344,444
2018 $421,739,251,509 $2,060,955,556
2017 $375,745,731,053 $1,998,503,704
2016 $404,649,125,252 $1,868,544,444
2015 $493,026,682,801 $1,807,640,741
2014 $574,183,763,412 $1,749,185,185
2013 $520,117,180,314 $1,660,392,593
2012 $463,971,018,239 $1,598,207,407
2011 $414,466,676,831 $1,568,370,370
2010 $366,990,417,129 $1,482,385,185
2009 $295,008,835,381 $1,401,507,889
2008 $339,476,276,258 $1,437,731,111
2007 $278,260,846,800 $1,336,088,815
2006 $238,454,997,161 $1,268,319,185
2005 $175,670,569,969 $1,135,555,556
2004 $135,764,731,646 $1,066,666,667
2003 $104,738,954,264 $987,407,407
2002 $95,054,059,303 $900,000,000
2001 $73,557,840,064 $892,592,593
2000 $69,171,451,627 $932,592,593
1999 $59,145,077,039 $921,851,852
1998 $218,416,200,673 $877,407,407
1997 $200,850,397,618 $805,925,926
1996 $185,730,236,700 $788,888,889
1995 $140,919,776,986 $762,962,963
1994 $80,399,613,064 $713,703,704
1993 $56,721,051,402 $684,814,815
1992 $52,058,181,854 $674,074,074
1991 $59,526,833,412 $613,703,704
1990 $54,035,795,388 $579,629,630
1989 $44,003,061,108 $486,666,667
1988 $49,648,470,440 $429,629,630
1987 $52,676,041,931 $375,555,556
1986 $54,805,852,581 $340,000,000
1985 $73,745,821,158 $284,444,444
1984 $73,484,359,521 $251,481,481
1983 $97,094,911,792 $197,037,037
1982 $142,769,363,314 $183,333,333
1981 $164,475,209,516 $194,444,444
1980 $64,201,788,123 $170,370,370
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/nigeria/saint-lucia | CC BY

GDP per capita in Nigeria vs Saint Lucia by year

Nigeria
GDP per capita

GDP per capita, PPP
Saint Lucia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Nigeria Saint Lucia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,084 $9,087 $14,182 $27,567
2023 $2,139 $8,705 $13,555 $25,975
2022 $2,899 $8,305 $13,104 $24,599
2021 $2,787 $7,588 $10,459 $19,101
2020 $2,797 $7,415 $8,411 $14,912
2019 $3,190 $7,551 $11,794 $18,710
2018 $2,058 $7,158 $11,643 $17,433
2017 $1,876 $7,037 $11,333 $16,131
2016 $2,070 $7,072 $10,638 $15,307
2015 $2,586 $7,308 $10,335 $14,353
2014 $3,089 $7,396 $10,045 $14,403
2013 $2,873 $7,004 $9,577 $14,010
2012 $2,633 $6,671 $9,260 $13,443
2011 $2,418 $6,585 $9,129 $13,471
2010 $2,202 $6,301 $8,674 $12,718
2009 $1,820 $5,927 $8,251 $12,600
2008 $2,154 $5,607 $8,517 $12,969
2007 $1,816 $5,298 $7,964 $12,199
2006 $1,600 $4,975 $7,611 $11,758
2005 $1,211 $4,678 $6,863 $10,818
2004 $962 $4,381 $6,495 $10,610
2003 $763 $4,015 $6,059 $9,707
2002 $712 $3,770 $5,568 $9,205
2001 $566 $3,309 $5,570 $9,106
2000 $547 $3,139 $5,880 $9,314
1999 $481 $3,002 $5,883 $9,214
1998 $1,822 $3,022 $5,673 $8,965
1997 $1,720 $2,990 $5,282 $8,456
1996 $1,633 $2,931 $5,244 $8,490
1995 $1,272 $2,835 $5,148 $8,222
1994 $745 $2,853 $4,892 $8,041
1993 $540 $2,921 $4,765 $7,865
1992 $509 $2,991 $4,760 $7,753
1991 $597 $2,870 $4,399 $7,127
1990 $556 $2,840 $4,205 $6,951
1989 $465 - $3,565 -
1988 $540 - $3,182 -
1987 $588 - $2,819 -
1986 $628 - $2,591 -
1985 $869 - $2,202 -
1984 $890 - $1,979 -
1983 $1,207 - $1,576 -
1982 $1,822 - $1,489 -
1981 $2,162 - $1,605 -
1980 $870 - $1,428 -
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/nigeria/saint-lucia | CC BY

Nigeria's GDP per capita is $1,084, ranking 174/197, compared to $14,182 in Saint Lucia, ranking 70/197. Adjusted for purchasing power (GDP per capita PPP), Nigeria ranks 136th at $9,087, while Saint Lucia ranks 75th at $27,567.

Economic indicators

Nigeria Saint Lucia
Gross domestic product
$252B
2024
$2.55B
2024
GDP rank
54/197
2024
173/197
2024
GDP growth
4.06%
2023-2024
3.89%
2023-2024
GDP per capita
$1,084
2024
$14,182
2024
GDP per capita rank
174/197
2024
70/197
2024
GDP per capita, PPP
$9,087
2024
$27,567
2024
GDP per capita PPP rank
136/197
2024
75/197
2024
Government debt
$99.2B
2024
$1.97B
2024
Debt-to-GDP ratio
39.3%
2024
77.2%
2024
Government debt per person
$426
2024
$10,952
2024
Government debt per person rank
170/185
2024
52/185
2024
Average annual personal income after taxes
$1,104
2026
$10,412
2026
Market capitalization of domestic companies
$54.4B
2024
n/a
Number of billionaires
4
2025
n/a
Income share by richest 10%
26.3%
2022
34.1%
2015
Income share by poorest 10%
3%
2022
2.1%
2015
Government expenditure, % of GDP
12.3%
2024
24.5%
2024
Consumer prices inflation
33.2%
2023-2024
-0.11%
2023-2024
Central bank interest rate
27%
2025
n/a
Unemployment rate
3.45%
2024
10.1%
2024
Population
243824469
180638

Spending and national debt comparison by year

Nigeria
Spending

Debt
Saint Lucia
Spending

Debt
1x
Year % of GDP
Nigeria Saint Lucia
Government spending Government debt Government spending Government debt
2024 12.3% 39.3% 24.5% 77.2%
2023 10.4% 36.3% 25.6% 76.6%
2022 10.6% 29.8% 23% 74.4%
2021 9.09% 26.6% 27.4% 87%
2020 8.73% 25.7% 34.9% 100%
2019 8.87% 21.4% 25.1% 62.1%
2018 9.1% 20.4% 23.2% 60.5%
2017 8.51% 18% 23.3% 60.4%
2016 6.93% 17.4% 23% 61.3%
2015 7.85% 14.9% 23.7% 61.1%
2014 9.49% 12.9% 23.6% 62.4%
2013 10% 13% 25.4% 62.1%
2012 10.5% 12.5% 28% 60.8%
2011 12.3% 12.4% 27% 55.2%
2010 11.8% 6.67% 26% 53%
2009 11% 6.12% 24.5% 51%
2008 10.2% 5.17% 22.2% 46.7%
2007 12.9% 5.76% 22.6% 49.1%
2006 8.75% 6.68% 24.7% 48.6%
2005 12.6% 13.4% 26% 51.9%
2004 13% 25.2% 22.9% 49.6%
2003 16.5% 29.9% 22.9% 45.6%
2002 13.8% 30.7% 23.6% 48.8%
2001 21.9% 37.7% 22.1% 38.1%
2000 17.6% 40.9% 20.7% 32.5%
1999 14.9% 46.1% 20.9% 28.9%
1998 11.2% 15.8% 18.8% 29.4%
1997 9.68% 17.1% 19.5% 27.2%
1996 7.87% 17.9% 18.9% 24.1%
1995 8.87% 24.2% 19.2% 22.9%
1994 12.1% 39.7% 19.1% 23.8%
1993 20% 50.4% 21.8% 22.9%
1992 15.9% 49.8% 18.4% 22.2%
1991 13.6% 53.2% 18.4% 19.8%
1990 14.2% 50.9% 16.7% 17%
1989 - - 19% 18.1%
1988 - - 18.2% 18.6%
1987 - - 19.9% 19.6%
1986 - - 21.1% 17.2%
1985 - - 20.4% 17.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20).

GeoRank.org/economy/nigeria/saint-lucia | CC BY

In 2024, Nigeria's government spending was $31.1B, accounting for 12.3% of its GDP, while Saint Lucia spent $625M, or 24.5% of GDP.

Debt-to-GDP ratio is 39.3% in Nigeria and 77.2% in Saint Lucia, ranking 135/185 and 46/185, respectively.

Government deficit by year

Deficit/surplus
Nigeria

Saint Lucia
1x
Year Deficit/surplus, % of GDP
Nigeria Saint Lucia
2024 -1.57% -2.13%
2023 -3.12% -3.09%
2022 -4% -1.67%
2021 -3.97% -5.1%
2020 -4.03% -12%
2019 -3.31% -3.51%
2018 -3.06% -1.03%
2017 -3.85% -1.14%
2016 -3.3% -0.79%
2015 -2.7% -2.35%
2014 -1.72% -3.08%
2013 -1.89% -4.84%
2012 -0.09% -7.62%
2011 0.31% -5.38%
2010 -2.96% -4.17%
2009 -3.78% -2.67%
2008 4.05% -0.72%
2007 -0.79% -1.62%
2006 6.22% -5.07%
2005 3.49% -6.18%
2004 3.9% -2.63%
2003 -1.56% -3.23%
2002 0.95% -3.1%
2001 -2.29% -3.08%
2000 2.89% -1.16%
1999 -1.39% 1.62%
1998 -3.47% 2.25%
1997 1.14% -1.13%
1996 3.37% -0.58%
1995 2.52% -0.13%
1994 -2.96% -0.02%
1993 -6.07% -0.26%
1992 0.94% -0.66%
1991 -1.18% -0.43%
1990 -0.48% 0.29%
1989 - 0.89%
1988 - 2.02%
1987 - 0.56%
1986 - -1.61%
1985 - -1.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20).

GeoRank.org/economy/nigeria/saint-lucia | CC BY

In 2024, Nigeria's government deficit, the difference between spending and revenue, was $3.95B, equivalent to 1.57% of GDP. This compares to Saint Lucia's deficit of $54.2M, or 2.13% of GDP.

Over the past 35 years, Nigeria recorded a fiscal deficit in 24 of those years, while Saint Lucia ran a deficit in 32 years. On average, Nigeria posted an annual deficit equal to 0.97% of GDP, compared to deficit of 2.47% of GDP for Saint Lucia.

Inflation comparison by year

Inflation
Nigeria

Saint Lucia
1x
Year Consumer prices inflation
Nigeria Saint Lucia
2024 33.2% -0.11%
2023 24.7% 4.07%
2022 18.8% 6.38%
2021 17% 2.41%
2020 13.2% -1.76%
2019 11.4% 0.54%
2018 12.1% 1.94%
2017 16.5% 0.1%
2016 15.7% -3.08%
2015 9.01% -0.98%
2014 8.05% 3.52%
2013 8.5% 1.47%
2012 12.2% 4.18%
2011 10.8% 2.77%
2010 13.7% 3.25%
2009 12.5% -0.16%
2008 11.6% 5.55%
2007 5.39% 2.82%
2006 8.23% 2.4%
2005 17.9% 3.9%
2004 15% 1.46%
2003 14% 1.03%
2002 12.9% -0.26%
2001 18.9% 5.31%
2000 6.93% 3.71%
1999 6.62% 3.5%
1998 10% 3.2%
1997 8.53% -0.006%

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

GeoRank.org/economy/nigeria/saint-lucia | CC BY

Over the past 28 years, Nigeria has recorded an average annual inflation rate of 13.3%, compared with 2.04% in Saint Lucia. In 2024, inflation was 33.2% in Nigeria and -0.11% in Saint Lucia.

Balance of trade

Nigeria Saint Lucia
Current account balance
$17.2B
2024
-$64.1M
2024
Current account balance ranking
20/190
2024
86/190
2024
Current account balance, % of GDP
+6.82%
2024
-2.52%
2024
Goods imports
$39.8B
2024
$848M
2024
Goods exports
$53B
2024
$137M
2024
Service imports
$17.9B
2024
$598M
2024
Service exports
$4.57B
2024
$1.46B
2024
Imports of goods and services, % of GDP
16.9%
1960
n/a
Exports of goods and services, % of GDP
9.24%
1960
19%
2025

Economic freedom indices

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

Nigeria Saint Lucia
Economic freedom 54.8 67.5
Economic freedom ranking 132/197 57/197
Property rights 29.7 64.3
Government integrity 23.5 59.7
Judicial effectiveness 34.4 77.3
Tax burden 84.6 77.7
Government spending 96.3 82.6
Fiscal health 83.5 80
Business freedom 50.3 71.9
Labor freedom 75.4 65.2
Monetary freedom 56.1 81
Trade freedom 64.4 60
Investment freedom 30 50
Financial freedom 30 40

Economic freedom comparison by year

Nigeria
Saint Lucia
1x
Year Economic freedom index
Nigeria Saint Lucia
2026 54.8 67.5
2025 53.4 67
2024 53.1 62.2
2023 53.9 60.7
2022 54.4 64.3
2021 58.7 67.5
2020 57.2 68.2
2019 57.3 68.7
2018 58.5 67.6
2017 57.1 65
2016 57.5 70
2015 55.6 70.2
2014 54.3 70.7
2013 55.1 70.4
2012 56.3 71.3
2011 56.7 70.8
2010 56.8 70.5
2009 55.1 68.8
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 2026-03-09).

GeoRank.org/economy/nigeria/saint-lucia | CC BY

The Economic Freedom Index for Nigeria is 54.8, ranking 132/197, compared to 67.5 for Saint Lucia, ranking 57/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Nigeria Saint Lucia
Services, % of GDP
53.7%
2024
75.9%
2024
Industry, % of GDP
18.2%
2024
9.75%
2024
Agriculture, forestry, and fishing, % of GDP
25.9%
2024
1.13%
2024
GNI, Atlas method
$396B
2024
$2.27B
2024
GNI per capita, PPP
$8,850
2024
$24,840
2024
Total reserves including gold
$38.6B
2024
$406M
2024
Total reserves ranking
51/177
2024
162/177
2024
Net foreign direct investment
-$672M
2024
-$187M
2024
Net inflows of foreign direct investment
$1.08B
2024
$187M
2024
Net outflows of foreign direct investment
$408M
2024
-$350K
2024
Servicing debt to the IMF, % of GNI
5.48%
2024
3.42%
2024
Poverty at national poverty lines
56.2%
2023
25%
2016

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/nigeria/saint-lucia | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20)
  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.