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Economy of Nigeria vs Solomon Islands compared: GDP & Debt

Updated on by Georank

Nigeria has a GDP of $291B compared to $1.75B for the Solomon Islands, ranking 50/197 and 183/197 by economy size, respectively.

Nigeria has $103B in government debt (35.5% of GDP), compared to $501M (28.7% of GDP) in the Solomon Islands.

Nigeria vs Solomon Islands GDP by year

Nigeria
Solomon Islands
1x
Year GDP, current $
Nigeria Solomon Islands
2025 $290,794,361,542 $1,749,572,443
2024 $252,261,880,140 $1,583,964,704
2023 $487,387,801,878 $1,506,124,566
2022 $646,950,257,575 $1,466,670,930
2021 $609,147,716,965 $1,558,312,104
2020 $598,586,817,817 $1,536,143,428
2019 $668,219,992,687 $1,619,150,564
2018 $421,739,251,509 $1,615,473,250
2017 $375,745,731,053 $1,469,790,526
2016 $404,649,125,252 $1,379,486,291
2015 $493,026,682,801 $1,307,908,814
2014 $574,183,763,412 $1,335,576,763
2013 $520,117,180,314 $1,285,905,958
2012 $463,971,018,239 $1,185,217,634
2011 $414,466,676,831 $1,063,898,227
2010 $366,990,417,129 $898,128,551
2009 $295,008,835,381 $805,557,289
2008 $339,476,276,258 $776,335,523
2007 $278,260,846,800 $695,291,218
2006 $238,454,997,161 $617,257,458
2005 $175,670,569,969 $552,881,357
2004 $135,764,731,646 $468,000,121
2003 $104,738,954,264 $417,666,639
2002 $95,054,059,303 $346,406,739
2001 $73,557,840,064 $409,508,553
2000 $69,171,451,627 $419,842,674
1999 $59,145,077,039 $488,024,514
1998 $218,416,200,673 $457,579,840
1997 $200,850,397,618 $526,554,006
1996 $185,730,236,700 $510,586,430
1995 $140,919,776,986 $469,443,202
1994 $80,399,613,064 $402,837,005
1993 $56,721,051,402 $300,746,361
1992 $52,058,181,854 $269,034,596
1991 $59,526,833,412 $227,540,473
1990 $54,035,795,388 $214,877,667
1989 $44,003,061,108 $172,882,411
1988 $49,648,470,440 $176,494,394
1987 $52,676,041,931 $155,128,542
1986 $54,805,852,581 $147,620,048
1985 $73,745,821,158 $165,524,943
1984 $73,484,359,521 $181,570,474
1983 $97,094,911,792 $181,220,399
1982 $142,769,363,314 $192,902,019
1981 $164,475,209,516 $193,750,541
1980 $64,201,788,123 $182,852,107
1979 $47,259,911,894 $151,276,496
1978 $36,527,862,209 $111,027,427
1977 $36,035,407,725 $93,145,283
1976 $36,308,883,249 $83,100,834
1975 $27,778,934,625 $74,620,320
1974 $24,846,641,318 $84,539,332
1973 $15,162,871,287 $55,272,109
1972 $12,274,416,018 $40,606,712
1971 $9,181,769,912 $50,056,883
1970 $12,546,094,982 -
1969 $6,634,317,346 $28,606,411
1968 $5,200,997,920 $28,084,253
1967 $5,203,237,919 $25,203,524
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/nigeria/solomon-islands | CC BY

GDP per capita in Nigeria vs Solomon Islands by year

Nigeria
GDP per capita

GDP per capita, PPP
Solomon Islands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Nigeria Solomon Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $1,224 - $2,086 -
2024 $1,084 $9,087 $1,934 $2,675
2023 $2,139 $8,705 $1,883 $2,597
2022 $2,899 $8,305 $1,878 $2,496
2021 $2,787 $7,588 $2,043 $2,450
2020 $2,797 $7,415 $2,063 $2,405
2019 $3,190 $7,551 $2,224 $2,512
2018 $2,058 $7,158 $2,278 $2,494
2017 $1,876 $7,037 $2,144 $2,454
2016 $2,070 $7,072 $2,083 $2,421
2015 $2,586 $7,308 $2,045 $2,354
2014 $3,089 $7,396 $2,165 $2,377
2013 $2,873 $7,004 $2,161 $2,394
2012 $2,633 $6,671 $2,066 $2,320
2011 $2,418 $6,585 $1,924 $2,306
2010 $2,202 $6,301 $1,685 $2,182
2009 $1,820 $5,927 $1,555 $2,021
2008 $2,154 $5,607 $1,526 $1,989
2007 $1,816 $5,298 $1,390 $1,869
2006 $1,600 $4,975 $1,256 $1,786
2005 $1,211 $4,678 $1,144 $1,693
2004 $962 $4,381 $986 $1,556
2003 $763 $4,015 $896 $1,433
2002 $712 $3,770 $757 $1,344
2001 $566 $3,309 $912 $1,387
2000 $547 $3,139 $953 $1,503
1999 $481 $3,002 $1,134 $1,754
1998 $1,822 $3,022 $1,092 $1,785
1997 $1,720 $2,990 $1,292 $1,793
1996 $1,633 $2,931 $1,289 $1,830
1995 $1,272 $2,835 $1,220 $1,820
1994 $745 $2,853 $1,078 $1,668
1993 $540 $2,921 $829 $1,556
1992 $509 $2,991 $764 $1,505
1991 $597 $2,870 $666 $1,346
1990 $556 $2,840 $648 $1,266
1989 $465 - $538 -
1988 $540 - $567 -
1987 $588 - $515 -
1986 $628 - $506 -
1985 $869 - $586 -
1984 $890 - $665 -
1983 $1,207 - $686 -
1982 $1,822 - $756 -
1981 $2,162 - $786 -
1980 $870 - $768 -
1979 $661 - $658 -
1978 $527 - $500 -
1977 $536 - $434 -
1976 $556 - $401 -
1975 $438 - $372 -
1974 $403 - $433 -
1973 $252.4 - $291.3 -
1972 $209.5 - $219.5 -
1971 $160.5 - $277.1 -
1970 $224.5 - - -
1969 $121.4 - $165.9 -
1968 $97.3 - $166.9 -
1967 $99.5 - $153.5 -
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/nigeria/solomon-islands | CC BY

Nigeria's GDP per capita is $1,224, ranking 172/197, compared to $2,086 in the Solomon Islands, ranking 157/197. Adjusted for purchasing power (GDP per capita PPP), Nigeria ranks 136th at $9,087, while the Solomon Islands ranks 183rd at $2,675.

Economic indicators

Nigeria Solomon Islands
Gross domestic product
$291B
2025
$1.75B
2025
GDP rank
50/197
2025
183/197
2025
GDP growth
4.01%
2024-2025
3.62%
2024-2025
GDP per capita
$1,224
2025
$2,086
2025
GDP per capita rank
172/197
2025
157/197
2025
GDP per capita, PPP
$9,087
2024
$2,675
2024
GDP per capita PPP rank
136/197
2024
183/197
2024
Government debt
$103B
2025
$501M
2025
Debt-to-GDP ratio
35.5%
2025
28.7%
2025
Government debt per person
$434
2025
$598
2025
Government debt per person rank
170/185
2025
162/185
2025
Average annual personal income after taxes
$768
2026
$1,986
2026
Market capitalization of domestic companies
$86.9B
2025
n/a
Number of billionaires
4
2026
n/a
Income share by richest 10%
26.3%
2022
29.2%
2012
Income share by poorest 10%
3%
2022
2.8%
2012
Government expenditure, % of GDP
11.7%
2025
40.6%
2025
Consumer prices inflation
23%
2024-2025
3.36%
2024-2025
Central bank interest rate
26.5%
2026
n/a
Unemployment rate
3.45%
2024
0.69%
2013
Population
245016045
868694

Spending and national debt comparison by year

Nigeria
Spending

Debt
Solomon Islands
Spending

Debt
1x
Year % of GDP
Nigeria Solomon Islands
Government spending Government debt Government spending Government debt
2025 11.7% 35.5% 40.6% 28.7%
2024 12% 39.3% 39.6% 26.1%
2023 10.4% 36.3% 44.2% 22.3%
2022 10.6% 29.8% 43.5% 16.5%
2021 9.09% 26.6% 36.9% 16.1%
2020 8.73% 25.7% 40.4% 9.15%
2019 8.87% 21.4% 35.6% 7.82%
2018 9.1% 20.4% 34.8% 7.95%
2017 8.51% 18% 40.4% 8.77%
2016 6.93% 17.4% 39.6% 7.54%
2015 7.85% 14.9% 41.5% 7.88%
2014 9.49% 15.8% 39.8% 10.1%
2013 10% 13% 41.8% 11.6%
2012 10.5% 12.5% 29.4% 13.3%
2011 12.3% 12.4% 26.7% 18.1%
2010 11.8% 6.67% 22.6% 21.6%
2009 11% 6.12% 22.7% 17.2%
2008 10.2% 5.17% 24.3% 26.1%
2007 12.9% 5.76% 21.1% 29.5%
2006 8.75% 6.68% 17.4% 36.9%
2005 12.6% 13.4% 14.7% 38.5%
2004 13% 25.2% 12.5% 49.4%
2003 16.5% 29.9% 12.6% 51.8%
2002 13.8% 30.7% 14.1% 55.5%
2001 21.9% 37.7% 15.3% 44.6%
2000 17.6% 40.9% 15.8% 37.4%
1999 14.9% 46.1% 15.8% 35.4%
1998 11.2% 15.8% 13.1% 33.3%
1997 9.68% 17.1% 16.3% 21.9%
1996 7.87% 17.9% 20.4% -
1995 8.87% 24.2% 20.8% -
1994 12.1% 39.7% 25.5% -
1993 20% 50.4% 28.1% -
1992 15.9% 49.8% 29.6% -
1991 13.6% 53.2% 33.2% -
1990 14.2% 50.9% 25.4% -

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

GeoRank.org/economy/nigeria/solomon-islands | CC BY

In 2025, Nigeria's government spending was $34.1B, accounting for 11.7% of its GDP, while the Solomon Islands spent $711M, or 40.6% of GDP.

Debt-to-GDP ratio is 35.5% in Nigeria and 28.7% in the Solomon Islands, ranking 143/185 and 158/185, respectively.

Government deficit by year

Deficit/surplus
Nigeria

Solomon Islands
1x
Year Deficit/surplus, % of GDP
Nigeria Solomon Islands
2025 -1.76% -3.24%
2024 -1.27% -2.09%
2023 -3.12% -4.13%
2022 -4% -2.7%
2021 -3.97% -1.82%
2020 -4.03% -2.44%
2019 -3.31% -1.52%
2018 -3.06% 1.49%
2017 -3.85% -2.27%
2016 -3.3% -3.56%
2015 -2.7% 0.81%
2014 -1.72% 2.13%
2013 -1.89% 3.57%
2012 -0.09% 4.63%
2011 0.31% 6.14%
2010 -2.96% 5.67%
2009 -3.78% 2.15%
2008 4.05% 1.75%
2007 -0.79% 13.7%
2006 6.22% 11.3%
2005 3.49% 11.5%
2004 3.9% 14.5%
2003 -1.56% 8.91%
2002 0.95% -3.67%
2001 -2.29% -2.02%
2000 2.89% -2.47%
1999 -1.39% -0.27%
1998 -3.47% 4.25%
1997 1.14% 1.8%
1996 3.37% 3.15%
1995 2.52% 2.69%
1994 -2.96% 3.65%
1993 -6.07% 2.07%
1992 0.94% 3.48%
1991 -1.18% 0.12%
1990 -0.48% 0.49%

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

GeoRank.org/economy/nigeria/solomon-islands | CC BY

In 2025, Nigeria's government deficit, the difference between spending and revenue, was $5.12B, equivalent to 1.76% of GDP. This compares to the Solomon Islands' deficit of $56.6M, or 3.24% of GDP.

Over the past 36 years, Nigeria recorded a fiscal deficit in 25 of those years, while the Solomon Islands ran a deficit in 13 years. On average, Nigeria posted an annual deficit equal to 0.98% of GDP, compared to surplus of 2.16% of GDP for the Solomon Islands.

Inflation comparison by year

Inflation
Nigeria

Solomon Islands
1x
Year Consumer prices inflation
Nigeria Solomon Islands
2025 23% 3.36%
2024 33.2% 4.32%
2023 24.7% 5.89%
2022 18.8% 5.52%
2021 17% -0.12%
2020 13.2% 2.96%
2019 11.4% 1.63%
2018 12.1% 3.46%
2017 16.5% 0.49%
2016 15.7% 0.51%
2015 9.01% -0.57%
2014 8.05% 5.17%
2013 8.5% 5.39%
2012 12.2% 5.91%
2011 10.8% 7.34%
2010 13.7% 1.05%
2009 12.5% 7.09%
2008 11.6% 17.3%
2007 5.39% 7.67%
2006 8.23% 11.2%
2005 17.9% 7.33%
2004 15% 6.99%
2003 14% 8.27%
2002 12.9% 10.9%
2001 18.9% 6.93%
2000 6.93% 7.89%
1999 6.62% 8.02%
1998 10% 12.4%
1997 8.53% 8.08%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/nigeria/solomon-islands | CC BY

Over the past 29 years, Nigeria has recorded an average annual inflation rate of 13.7%, compared with 5.95% in the Solomon Islands. In 2025, inflation was 23% in Nigeria and 3.36% in the Solomon Islands.

Balance of trade

Nigeria Solomon Islands
Current account balance
$14B
2025
-$66.2M
2024
Current account balance ranking
21/190
2025
78/190
2024
Current account balance, % of GDP
+4.83%
2025
-4.18%
2024
Goods imports
$43B
2025
$609M
2024
Goods exports
$57.5B
2025
$510M
2024
Service imports
$19.6B
2025
$248M
2024
Service exports
$5.06B
2025
$133M
2024
Imports of goods and services, % of GDP
16.9%
1960
70.8%
2024
Exports of goods and services, % of GDP
9.24%
1960
40.6%
2024

Economic freedom indices

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

Nigeria Solomon Islands
Economic freedom 54.8 53.7
Economic freedom ranking 132/197 137/197
Property rights 29.7 55.8
Government integrity 23.5 42.7
Judicial effectiveness 34.4 59.1
Tax burden 84.6 71.3
Government spending 96.3 54.6
Fiscal health 83.5 83.3
Business freedom 50.3 52.3
Labor freedom 75.4 60.4
Monetary freedom 56.1 76.5
Trade freedom 64.4 43.6
Investment freedom 30 15
Financial freedom 30 30

Economic freedom comparison by year

Nigeria
Solomon Islands
1x
Year Economic freedom index
Nigeria Solomon Islands
2026 54.8 53.7
2025 53.4 56.3
2024 53.1 55
2023 53.9 56.9
2022 54.4 56.5
2021 58.7 56.5
2020 57.2 52.9
2019 57.3 54.6
2018 58.5 57.5
2017 57.1 55
2016 57.5 47
2015 55.6 47
2014 54.3 46.2
2013 55.1 45
2012 56.3 46.2
2011 56.7 45.9
2010 56.8 42.9
2009 55.1 46
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/nigeria/solomon-islands | CC BY

The Economic Freedom Index for Nigeria is 54.8, ranking 132/197, compared to 53.7 for the Solomon Islands, ranking 137/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Nigeria Solomon Islands
Services, % of GDP
58.2%
2025
46.9%
2024
Industry, % of GDP
16.4%
2025
23.4%
2024
Agriculture, forestry, and fishing, % of GDP
23%
2025
29.7%
2024
GNI, Atlas method
$324B
2025
$1.7B
2025
GNI per capita, PPP
$9,230
2025
$2,790
2025
Total reserves including gold
$46B
2025
$686M
2024
Total reserves ranking
52/177
2025
148/177
2024
Net foreign direct investment
-$2.82B
2025
$19.9M
2024
Net inflows of foreign direct investment
$1.61B
2024
$33M
2024
Net outflows of foreign direct investment
$408M
2024
$52.9M
2024
Servicing debt to the IMF, % of GNI
5.46%
2024
1.64%
2024
Poverty at national poverty lines
56.2%
2023
12.7%
2012
Gross capital formation, % of GDP n/a
19.5%
2024

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/nigeria/solomon-islands | 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. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  6. LivingCost (2026, 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.