Nigeria has a GDP of $188B compared to $1.72T for Spain, ranking 58/197 and 14/197 by economy size, respectively.
Nigeria has $99.3B in government debt (52.5% of GDP), compared to $1.75T (100.6% of GDP) in Spain.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Nigeria
|
Spain
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $4,196,174,502 | $65,552,393,151 | $12,424,514,014 | $191,405,167,020 |
| 1961 | $4,467,287,893 | $65,678,119,685 | $14,238,126,760 | $214,065,001,135 |
| 1962 | $4,909,399,176 | $68,372,888,068 | $16,609,632,791 | $235,371,828,523 |
| 1963 | $5,165,590,254 | $74,238,337,576 | $19,631,714,760 | $257,959,283,398 |
| 1964 | $5,552,931,319 | $77,913,498,064 | $21,966,876,027 | $271,653,078,386 |
| 1965 | $5,874,537,650 | $81,719,554,395 | $25,479,619,607 | $288,639,911,835 |
| 1966 | $6,366,917,453 | $78,246,053,144 | $29,559,436,183 | $309,554,933,924 |
| 1967 | $5,203,237,919 | $65,927,285,450 | $32,570,905,397 | $322,990,665,643 |
| 1968 | $5,200,997,920 | $65,104,275,427 | $32,394,326,464 | $344,298,424,898 |
| 1969 | $6,634,317,346 | $80,857,806,917 | $37,090,689,288 | $374,965,139,160 |
| 1970 | $12,546,094,982 | $101,078,114,312 | $40,963,715,237 | $390,882,299,705 |
| 1971 | $9,181,769,912 | $115,469,142,733 | $46,586,119,760 | $409,056,269,215 |
| 1972 | $12,274,416,018 | $119,353,827,264 | $59,090,176,029 | $442,393,315,596 |
| 1973 | $15,162,871,287 | $125,790,293,297 | $78,583,355,226 | $476,848,965,658 |
| 1974 | $24,846,641,318 | $139,829,338,542 | $97,204,522,642 | $503,642,086,899 |
| 1975 | $27,778,934,625 | $132,519,413,715 | $114,695,060,870 | $506,372,851,132 |
| 1976 | $36,308,883,249 | $144,502,285,208 | $118,422,534,195 | $523,102,353,883 |
| 1977 | $36,035,407,725 | $153,207,273,165 | $132,354,665,936 | $537,951,003,183 |
| 1978 | $36,527,862,209 | $144,376,163,268 | $160,484,969,618 | $545,821,244,290 |
| 1979 | $47,259,911,894 | $154,135,170,311 | $214,448,666,336 | $546,048,014,004 |
| 1980 | $64,201,788,123 | $160,616,293,803 | $232,600,556,974 | $558,108,729,943 |
| 1981 | $164,475,209,516 | $139,530,778,713 | $202,663,023,968 | $557,369,411,138 |
| 1982 | $142,769,363,314 | $130,037,957,320 | $195,856,752,991 | $564,316,807,889 |
| 1983 | $97,094,911,792 | $115,832,500,286 | $170,829,074,246 | $574,305,868,927 |
| 1984 | $73,484,359,521 | $114,540,246,020 | $171,979,977,230 | $584,555,434,060 |
| 1985 | $73,745,821,158 | $121,313,042,219 | $180,664,322,896 | $598,125,512,979 |
| 1986 | $54,805,852,581 | $121,386,976,785 | $251,141,555,186 | $617,584,460,037 |
| 1987 | $52,676,041,931 | $125,271,512,343 | $318,520,253,335 | $651,842,628,032 |
| 1988 | $49,648,470,440 | $134,458,956,986 | $375,891,716,898 | $685,049,604,315 |
| 1989 | $44,003,061,108 | $137,039,737,058 | $414,460,794,097 | $718,117,156,374 |
| 1990 | $54,035,795,388 | $153,178,750,575 | $536,175,326,477 | $745,271,992,216 |
| 1991 | $59,526,833,412 | $153,727,670,613 | $576,753,902,322 | $764,246,620,838 |
| 1992 | $52,058,181,854 | $160,847,095,651 | $630,465,353,486 | $771,348,118,767 |
| 1993 | $56,721,051,402 | $157,573,666,210 | $524,700,572,624 | $763,391,725,887 |
| 1994 | $80,399,613,064 | $154,713,823,159 | $530,183,651,720 | $781,584,842,223 |
| 1995 | $140,919,776,986 | $154,601,400,725 | $614,170,002,669 | $803,136,997,375 |
| 1996 | $185,730,236,700 | $161,088,358,074 | $642,251,412,058 | $824,078,081,164 |
| 1997 | $200,850,397,618 | $165,819,683,304 | $589,739,772,727 | $853,640,231,891 |
| 1998 | $218,416,200,673 | $170,099,910,681 | $618,731,484,575 | $890,363,642,200 |
| 1999 | $59,145,077,039 | $171,093,510,004 | $634,394,904,387 | $929,618,577,228 |
| 2000 | $69,171,451,627 | $179,675,448,843 | $598,102,854,756 | $977,964,704,474 |
| 2001 | $73,557,840,064 | $190,308,075,298 | $627,798,682,379 | $1,016,292,009,754 |
| 2002 | $95,054,059,303 | $219,480,696,548 | $708,938,227,244 | $1,044,295,490,090 |
| 2003 | $104,738,954,264 | $235,606,371,241 | $907,963,217,058 | $1,074,990,358,774 |
| 2004 | $135,764,731,646 | $257,401,275,804 | $1,069,829,382,515 | $1,108,471,271,904 |
| 2005 | $175,670,569,969 | $273,974,099,483 | $1,154,667,551,776 | $1,147,835,587,310 |
| 2006 | $238,454,997,161 | $290,575,362,868 | $1,261,846,683,275 | $1,194,247,574,981 |
| 2007 | $278,260,846,800 | $309,727,563,830 | $1,476,746,276,855 | $1,236,446,314,615 |
| 2008 | $339,476,276,258 | $330,679,000,571 | $1,636,115,447,613 | $1,245,931,907,237 |
| 2009 | $295,008,835,381 | $357,255,424,171 | $1,496,587,590,848 | $1,198,983,535,018 |
| 2010 | $366,990,417,129 | $385,856,064,173 | $1,427,989,078,917 | $1,200,112,046,038 |
| 2011 | $414,466,676,831 | $406,337,011,591 | $1,487,568,659,241 | $1,192,432,281,394 |
| 2012 | $463,971,018,239 | $423,525,315,758 | $1,330,994,811,670 | $1,158,267,740,899 |
| 2013 | $520,117,180,314 | $451,780,110,047 | $1,362,186,923,158 | $1,141,735,527,746 |
| 2014 | $574,183,763,412 | $480,286,163,931 | $1,380,244,561,362 | $1,159,095,455,877 |
| 2015 | $493,026,682,801 | $493,026,682,801 | $1,206,164,777,553 | $1,206,164,777,553 |
| 2016 | $404,649,125,252 | $485,055,087,456 | $1,243,015,667,917 | $1,241,326,362,266 |
| 2017 | $375,745,731,053 | $488,964,081,501 | $1,321,754,088,819 | $1,277,275,696,051 |
| 2018 | $421,739,251,509 | $498,365,674,278 | $1,431,642,809,327 | $1,307,871,701,701 |
| 2019 | $474,517,490,844 | $509,371,727,736 | $1,403,496,387,686 | $1,333,521,400,433 |
| 2020 | $432,198,898,468 | $500,232,309,808 | $1,289,783,836,971 | $1,187,633,217,292 |
| 2021 | $440,833,635,874 | $518,476,715,284 | $1,461,244,901,853 | $1,267,004,457,827 |
| 2022 | $477,403,400,101 | $535,335,926,241 | $1,446,498,147,749 | $1,345,296,618,860 |
| 2023 | $363,846,332,835 | $550,647,684,656 | $1,620,090,734,957 | $1,381,292,228,958 |
| 2024 | $187,759,703,100 | $569,515,294,271 | $1,722,745,978,335 | $1,424,805,636,602 |
Economic indicators
|
Nigeria
|
Spain
|
|
|---|---|---|
| Gross domestic product |
$188B
2024 |
$1.72T
2024 |
| GDP rank |
58/197
2024 |
14/197
2024 |
| GDP growth |
-48.4%
2023-2024 |
6.34%
2023-2024 |
| GDP per capita |
$807
2024 |
$35,297
2024 |
| GDP per capita rank |
186/197
2024 |
31/197
2024 |
| GDP per capita, PPP |
$6,440
2024 |
$56,926
2024 |
| Government debt |
$99.3B
2024 |
$1.75T
2024 |
| Debt-to-GDP ratio |
52.5%
2025 |
100.6%
2025 |
| Government debt per person |
$427
2024 |
$35,940
2024 |
| Government debt per person rank |
170/185
2024 |
19/185
2024 |
| Average annual personal income after taxes |
$1,020
2025 |
$24,195
2025 |
| Market capitalization of domestic companies |
$54.4B
2024 |
$754B
2024 |
| Number of millionaires | n/a |
1,180,703
2024 |
| Number of billionaires |
4
2025 |
34
2025 |
| Income share by richest 10% |
26.3%
2022 |
24.5%
2023 |
| Income share by poorest 10% |
3%
2022 |
2.2%
2023 |
| Government expenditure, % of GDP |
18.5%
2025 |
45.1%
2025 |
| Consumer prices inflation |
33.2%
2023-2024 |
2.77%
2023-2024 |
| Central bank interest rate |
27.5%
2024 |
n/a |
| Unemployment rate |
3.45%
2024 |
11.3%
2024 |
| Population |
241467099
|
48786181
|
GDP per capita in Nigeria vs Spain
Nigeria's GDP per capita is $807, ranking 186/197, compared to $35,297 in Spain, ranking 31/197. Adjusted for purchasing power (GDP per capita PPP), Nigeria ranks 149th at $6,440, while Spain ranks 33rd at $56,926.
| Year | Current $ | |||
|---|---|---|---|---|
|
Nigeria
|
Spain
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $93.1 | - | $408 | - |
| 1961 | $97.1 | - | $463 | - |
| 1962 | $104.5 | - | $535 | - |
| 1963 | $107.7 | - | $627 | - |
| 1964 | $113.3 | - | $695 | - |
| 1965 | $117.3 | - | $797 | - |
| 1966 | $124.4 | - | $916 | - |
| 1967 | $99.5 | - | $997 | - |
| 1968 | $97.3 | - | $978 | - |
| 1969 | $121.4 | - | $1,109 | - |
| 1970 | $224.5 | - | $1,211 | - |
| 1971 | $160.5 | - | $1,361 | - |
| 1972 | $209.5 | - | $1,708 | - |
| 1973 | $252.4 | - | $2,246 | - |
| 1974 | $403 | - | $2,748 | - |
| 1975 | $438 | - | $3,208 | - |
| 1976 | $556 | - | $3,277 | - |
| 1977 | $536 | - | $3,625 | - |
| 1978 | $527 | - | $4,353 | - |
| 1979 | $661 | - | $5,766 | - |
| 1980 | $870 | - | $6,204 | - |
| 1981 | $2,162 | - | $5,367 | - |
| 1982 | $1,822 | - | $5,156 | - |
| 1983 | $1,207 | - | $4,475 | - |
| 1984 | $890 | - | $4,487 | - |
| 1985 | $869 | - | $4,696 | - |
| 1986 | $628 | - | $6,509 | - |
| 1987 | $588 | - | $8,234 | - |
| 1988 | $540 | - | $9,696 | - |
| 1989 | $465 | - | $10,674 | - |
| 1990 | $556 | $2,017 | $13,795 | $13,667 |
| 1991 | $597 | $2,038 | $14,801 | $14,452 |
| 1992 | $509 | $2,124 | $16,101 | $14,845 |
| 1993 | $540 | $2,075 | $13,330 | $14,963 |
| 1994 | $745 | $2,026 | $13,406 | $15,572 |
| 1995 | $1,272 | $2,013 | $15,461 | $16,265 |
| 1996 | $1,633 | $2,081 | $16,101 | $16,965 |
| 1997 | $1,720 | $2,123 | $14,722 | $17,899 |
| 1998 | $1,822 | $2,146 | $15,382 | $19,082 |
| 1999 | $481 | $2,132 | $15,708 | $19,938 |
| 2000 | $547 | $2,229 | $14,743 | $21,578 |
| 2001 | $566 | $2,349 | $15,368 | $22,955 |
| 2002 | $712 | $2,677 | $17,111 | $24,378 |
| 2003 | $763 | $2,851 | $21,522 | $25,061 |
| 2004 | $962 | $3,111 | $24,925 | $26,163 |
| 2005 | $1,211 | $3,322 | $26,451 | $27,630 |
| 2006 | $1,600 | $3,533 | $28,422 | $30,755 |
| 2007 | $1,816 | $3,762 | $32,652 | $32,537 |
| 2008 | $2,154 | $3,982 | $35,603 | $33,350 |
| 2009 | $1,820 | $4,209 | $32,280 | $32,201 |
| 2010 | $2,202 | $4,475 | $30,659 | $31,808 |
| 2011 | $2,418 | $4,676 | $31,825 | $32,016 |
| 2012 | $2,633 | $4,737 | $28,456 | $31,870 |
| 2013 | $2,873 | $4,974 | $29,229 | $32,614 |
| 2014 | $3,089 | $5,252 | $29,708 | $33,761 |
| 2015 | $2,586 | $5,189 | $25,982 | $35,238 |
| 2016 | $2,070 | $5,022 | $26,756 | $37,613 |
| 2017 | $1,876 | $4,997 | $28,381 | $39,825 |
| 2018 | $2,058 | $5,083 | $30,602 | $41,015 |
| 2019 | $2,265 | $5,362 | $29,787 | $44,043 |
| 2020 | $2,020 | $5,354 | $27,234 | $39,328 |
| 2021 | $2,017 | $5,492 | $30,799 | $44,252 |
| 2022 | $2,139 | $5,949 | $30,270 | $50,468 |
| 2023 | $1,597 | $6,207 | $33,509 | $53,230 |
| 2024 | $807 | $6,440 | $35,297 | $56,926 |
Spending and national debt comparison
In 2024, Nigeria's government spending was $33.4B, accounting for 18.5% of its GDP, while Spain's spent $782B, or 45.1% of GDP.
Debt-to-GDP ratio is 52.5% in Nigeria and 100.6% in Spain, ranking 104/185 and 22/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Nigeria
|
Spain
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | - | - | 11% | 29.4% |
| 1961 | - | - | 9.97% | 26.7% |
| 1962 | - | - | 10.6% | 24.4% |
| 1963 | - | - | 12.4% | 21% |
| 1964 | - | - | 12.7% | 19.5% |
| 1965 | - | - | 14% | 18.1% |
| 1966 | - | - | 11.8% | 17.7% |
| 1967 | - | - | 12.5% | 17.6% |
| 1968 | - | - | 12.8% | 18.3% |
| 1969 | - | - | 12.3% | 18.8% |
| 1970 | - | - | 12.3% | 19.2% |
| 1971 | - | - | 14% | 17.9% |
| 1972 | - | - | 12.5% | 17.6% |
| 1973 | - | - | 9.88% | 16.3% |
| 1974 | - | - | 11.4% | 13.6% |
| 1975 | - | - | 11.4% | 11.9% |
| 1976 | - | - | 11.5% | 8.21% |
| 1977 | - | - | 12.8% | 8.75% |
| 1978 | - | - | 14.3% | 9.93% |
| 1979 | - | - | 14.3% | 9.88% |
| 1980 | - | - | 16.3% | 10.2% |
| 1981 | - | - | 18.1% | 10.9% |
| 1982 | - | - | 21.5% | 12% |
| 1983 | - | - | 26% | 13.4% |
| 1984 | - | - | 27% | 18.3% |
| 1985 | - | - | 27.6% | 31.5% |
| 1986 | - | - | 28.4% | 36.5% |
| 1987 | - | - | 31.1% | 42.1% |
| 1988 | - | - | 28.6% | 38.2% |
| 1989 | - | - | 32.1% | 39.2% |
| 1990 | 20% | 71.7% | 41.1% | 41.3% |
| 1991 | 19.2% | 75% | 42.6% | 41.9% |
| 1992 | 22.5% | 70.2% | 43.9% | 44.1% |
| 1993 | 28.2% | 71% | 46.3% | 54.6% |
| 1994 | 17% | 55.9% | 44.8% | 57% |
| 1995 | 12.5% | 34% | 44.1% | 61.6% |
| 1996 | 11.1% | 25.2% | 42.9% | 65.4% |
| 1997 | 13.6% | 24.1% | 41.5% | 64.3% |
| 1998 | 15.7% | 22.3% | 41% | 62.4% |
| 1999 | 21% | 64.9% | 40% | 60.9% |
| 2000 | 24.7% | 57.6% | 39.1% | 57.8% |
| 2001 | 30.9% | 53.1% | 38.4% | 54.1% |
| 2002 | 19.4% | 43.3% | 38.6% | 51.2% |
| 2003 | 23.2% | 42.1% | 38.4% | 47.7% |
| 2004 | 18.3% | 35.5% | 38.8% | 45.3% |
| 2005 | 17.8% | 18.9% | 38.4% | 42.4% |
| 2006 | 12.3% | 9.4% | 38.4% | 39% |
| 2007 | 18.1% | 8.12% | 39.2% | 35.7% |
| 2008 | 14.4% | 7.28% | 41.3% | 39.6% |
| 2009 | 15.4% | 8.62% | 46.1% | 53.1% |
| 2010 | 16.6% | 9.39% | 45.8% | 60.3% |
| 2011 | 17.3% | 17.4% | 45.9% | 69.5% |
| 2012 | 14.8% | 17.6% | 49.2% | 89.6% |
| 2013 | 14.1% | 18.3% | 46.2% | 100% |
| 2014 | 13.4% | 18.2% | 45.1% | 104.4% |
| 2015 | 11% | 21% | 43.7% | 102.4% |
| 2016 | 9.76% | 24.5% | 42.1% | 102% |
| 2017 | 12% | 25.4% | 41% | 101.1% |
| 2018 | 12.8% | 28.7% | 41.5% | 99.7% |
| 2019 | 12.5% | 30.2% | 42% | 97.6% |
| 2020 | 12.1% | 35.6% | 51.4% | 119.2% |
| 2021 | 12.6% | 36.8% | 49.5% | 115.6% |
| 2022 | 14.4% | 40.4% | 46.4% | 109.4% |
| 2023 | 13.9% | 48.7% | 45.4% | 105% |
| 2024 | 17.8% | 52.9% | 45.4% | 101.8% |
| 2025 | 18.5% | 52.5% | 45.1% | 100.6% |
Government deficit by year
In 2024, Nigeria's government deficit, the difference between spending and revenue, was -$6.32B, equivalent to -3.37% of GDP. This compares to Spain's deficit of -$54.3B, or -3.15% of GDP.
Over the past 35 years, Nigeria recorded a fiscal deficit in 24 of those years, while Spain ran a deficit in 32 years. On average, Nigeria posted an annual deficit equal to -1.37% of GDP, compared to deficit of -4.28% of GDP for Spain.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Nigeria
|
Spain
|
|
| 1850 | - | 0.31% |
| 1851 | - | -0.25% |
| 1852 | - | -0.11% |
| 1853 | - | -0.02% |
| 1854 | - | -0.32% |
| 1855 | - | -0.76% |
| 1856 | - | -0.46% |
| 1857 | - | -0.41% |
| 1858 | - | -0.44% |
| 1859 | - | 0.39% |
| 1860 | - | -0.94% |
| 1861 | - | -1.77% |
| 1862 | - | -1.76% |
| 1863 | - | -1.55% |
| 1864 | - | -2.48% |
| 1865 | - | -1.84% |
| 1866 | - | -0.83% |
| 1867 | - | -0.79% |
| 1868 | - | -1.46% |
| 1869 | - | -2.64% |
| 1870 | - | -3.42% |
| 1871 | - | -2.64% |
| 1872 | - | -2.27% |
| 1873 | - | 2.22% |
| 1874 | - | -0.1% |
| 1875 | - | -1.42% |
| 1876 | - | 0.1% |
| 1877 | - | 0.11% |
| 1878 | - | -0.08% |
| 1879 | - | -0.52% |
| 1880 | - | -0.02% |
| 1881 | - | 0.08% |
| 1882 | - | 0.38% |
| 1883 | - | -0.38% |
| 1884 | - | -0.23% |
| 1885 | - | -0.78% |
| 1886 | - | -0.08% |
| 1887 | - | -0.73% |
| 1888 | - | -0.97% |
| 1889 | - | -0.38% |
| 1890 | - | -0.4% |
| 1891 | - | -0.41% |
| 1892 | - | -0.67% |
| 1893 | - | 0.87% |
| 1894 | - | -0.08% |
| 1895 | - | 0.83% |
| 1896 | - | 0.46% |
| 1897 | - | -0.64% |
| 1898 | - | 0.13% |
| 1899 | - | 2.75% |
| 1900 | - | 1.04% |
| 1901 | - | 0.69% |
| 1902 | - | 0.74% |
| 1903 | - | 0.28% |
| 1904 | - | 0.52% |
| 1905 | - | 0.71% |
| 1906 | - | 0.91% |
| 1907 | - | 0.66% |
| 1908 | - | 0.59% |
| 1909 | - | -0.29% |
| 1910 | - | 0.09% |
| 1911 | - | 0.19% |
| 1912 | - | -0.33% |
| 1913 | - | -0.09% |
| 1914 | - | -1.04% |
| 1915 | - | -2.97% |
| 1916 | - | -1.15% |
| 1917 | - | -1.49% |
| 1918 | - | -1.8% |
| 1919 | - | -1.82% |
| 1920 | - | -2.4% |
| 1921 | - | -3.33% |
| 1922 | - | -2.26% |
| 1923 | - | -1.89% |
| 1924 | - | -1.76% |
| 1925 | - | -1.19% |
| 1926 | - | -0.65% |
| 1927 | - | -0.54% |
| 1928 | - | -0.31% |
| 1929 | - | -0.07% |
| 1930 | - | 0.3% |
| 1931 | - | 0.1% |
| 1932 | - | -0.3% |
| 1933 | - | -0.72% |
| 1934 | - | -1.17% |
| 1935 | - | -0.49% |
| 1936 | - | -0.49% |
| 1937 | - | -0.49% |
| 1938 | - | -0.49% |
| 1939 | - | -0.49% |
| 1940 | - | -3.54% |
| 1941 | - | -4.34% |
| 1942 | - | -2.48% |
| 1943 | - | -7.73% |
| 1944 | - | -5.44% |
| 1945 | - | -4.56% |
| 1946 | - | -2.24% |
| 1947 | - | -1.09% |
| 1948 | - | -1.21% |
| 1949 | - | -0.35% |
| 1950 | - | -0.44% |
| 1951 | - | -0.24% |
| 1952 | - | 0.81% |
| 1953 | - | 1.02% |
| 1954 | - | 0.7% |
| 1955 | - | 0.6% |
| 1956 | - | -0.05% |
| 1957 | - | 1.13% |
| 1958 | - | 0.23% |
| 1959 | - | 0.54% |
| 1960 | - | 0.69% |
| 1961 | - | 1.9% |
| 1962 | - | 1.27% |
| 1963 | - | -0.54% |
| 1964 | - | 0.18% |
| 1965 | - | -0.04% |
| 1966 | - | 0.07% |
| 1967 | - | -0.32% |
| 1968 | - | -0.55% |
| 1969 | - | -0.06% |
| 1970 | - | 0.09% |
| 1971 | - | -0.96% |
| 1972 | - | 0.24% |
| 1973 | - | 1.09% |
| 1974 | - | 0.11% |
| 1975 | - | 0.26% |
| 1976 | - | 0.43% |
| 1977 | - | -0.24% |
| 1978 | - | -1.63% |
| 1979 | - | -1.51% |
| 1980 | - | -2.55% |
| 1981 | - | -2.88% |
| 1982 | - | -5.76% |
| 1983 | - | -4.77% |
| 1984 | - | -5.25% |
| 1985 | - | -6.04% |
| 1986 | - | -5.18% |
| 1987 | - | -3.52% |
| 1988 | - | -2.95% |
| 1989 | - | -3.24% |
| 1990 | -0.67% | -3.9% |
| 1991 | -1.66% | -4.58% |
| 1992 | 1.33% | -4.26% |
| 1993 | -8.55% | -6.89% |
| 1994 | -4.17% | -6.31% |
| 1995 | 3.55% | -6.79% |
| 1996 | 4.75% | -5.87% |
| 1997 | 1.6% | -3.86% |
| 1998 | -4.89% | -2.63% |
| 1999 | -1.96% | -1.24% |
| 2000 | 4.07% | -1.16% |
| 2001 | -3.22% | -0.45% |
| 2002 | 1.34% | -0.32% |
| 2003 | -2.2% | -0.37% |
| 2004 | 5.49% | -0.1% |
| 2005 | 4.91% | 1.23% |
| 2006 | 8.76% | 2.12% |
| 2007 | -1.12% | 1.88% |
| 2008 | 5.7% | -4.56% |
| 2009 | -5.33% | -11.2% |
| 2010 | -4.17% | -9.49% |
| 2011 | 0.43% | -9.69% |
| 2012 | -0.13% | -11.5% |
| 2013 | -2.66% | -7.49% |
| 2014 | -2.43% | -6.07% |
| 2015 | -3.8% | -5.26% |
| 2016 | -4.64% | -4.26% |
| 2017 | -5.41% | -3.1% |
| 2018 | -4.31% | -2.58% |
| 2019 | -4.66% | -3.04% |
| 2020 | -5.58% | -10% |
| 2021 | -5.48% | -6.66% |
| 2022 | -5.42% | -4.64% |
| 2023 | -4.19% | -3.52% |
| 2024 | -3.37% | -3.15% |
| 2025 | -4.48% | -2.69% |
Inflation comparison by year
Over the past 29 years, Nigeria has recorded an average annual inflation rate of 13.9%, compared with 2.38% in Spain. In 2024, inflation was 33.2% in Nigeria and 2.77% in Spain.
| Year | Inflation | ||
|---|---|---|---|
|
Nigeria
|
Spain
|
Nigeria
|
Spain
|
| 1996 | 29.3% | 3.56% | |
| 1997 | 8.53% | 1.97% | |
| 1998 | 10% | 1.83% | |
| 1999 | 6.62% | 2.31% | |
| 2000 | 6.93% | 3.43% | |
| 2001 | 18.9% | 3.59% | |
| 2002 | 12.9% | 3.07% | |
| 2003 | 14% | 3.04% | |
| 2004 | 15% | 3.04% | |
| 2005 | 17.9% | 3.37% | |
| 2006 | 8.23% | 3.52% | |
| 2007 | 5.39% | 2.79% | |
| 2008 | 11.6% | 4.08% | |
| 2009 | 12.5% | -0.29% | |
| 2010 | 13.7% | 1.8% | |
| 2011 | 10.8% | 3.2% | |
| 2012 | 12.2% | 2.45% | |
| 2013 | 8.5% | 1.41% | |
| 2014 | 8.05% | -0.15% | |
| 2015 | 9.01% | -0.5% | |
| 2016 | 15.7% | -0.2% | |
| 2017 | 16.5% | 1.96% | |
| 2018 | 12.1% | 1.67% | |
| 2019 | 11.4% | 0.7% | |
| 2020 | 13.2% | -0.32% | |
| 2021 | 17% | 3.09% | |
| 2022 | 18.8% | 8.39% | |
| 2023 | 24.7% | 3.53% | |
| 2024 | 33.2% | 2.77% | |
Top exports between countries
|
Nigeria
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $5.63B |
| Animal & marine products | $42.1M |
| Machinery & equipment | $23.5M |
| Processed food, beverages & tobacco | $9.89M |
| Metals | $4.07M |
| Raw agricultural goods | $3.84M |
| Chemicals & pharma | $583K |
| Wood & paper products | $119K |
| Textiles & consumer goods | $40K |
| Precious metals & jewellery | $23K |
|
Spain
|
|
|---|---|
| Export category | Export value |
| Miscellaneous | $80M |
| Raw materials & minerals | $78M |
| Chemicals & pharma | $51M |
| Machinery & equipment | $45.7M |
| Textiles & consumer goods | $35.4M |
| Processed food, beverages & tobacco | $33.7M |
| Metals | $12.2M |
| Wood & paper products | $10.4M |
| Raw agricultural goods | $3.31M |
| Animal & marine products | $2.41M |
Balance of trade
|
Nigeria
|
Spain
|
|
|---|---|---|
Current account balance
|
$17.2B
2024 |
$52.8B
2024 |
| Current account balance ranking |
20/189
2024 |
10/189
2024 |
| Current account balance, % of GDP |
+9.17%
2024 |
+3.07%
2024 |
| Goods imports |
$39.8B
2024 |
$457B
2024 |
| Goods exports |
$53B
2024 |
$422B
2024 |
| Service imports |
$17.9B
2024 |
$111B
2024 |
| Service exports |
$4.57B
2024 |
$221B
2024 |
| Imports of goods and services, % of GDP |
16.9%
1960 |
33%
2024 |
| Exports of goods and services, % of GDP |
9.24%
1960 |
37.3%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Nigeria
|
Spain
|
|
|---|---|---|
| Economic freedom | 53.4 | 66.3 |
| Economic freedom ranking | 141/197 | 59/197 |
| Property rights | 25.4 | 87.2 |
| Government integrity | 22.4 | 64.7 |
| Judicial effectiveness | 34.1 | 74 |
| Tax burden | 85.1 | 57.7 |
| Government spending | 94.5 | 33.5 |
| Fiscal health | 55.4 | 40.8 |
| Business freedom | 38.5 | 83.6 |
| Labor freedom | 72.8 | 63.1 |
| Monetary freedom | 59.9 | 76.5 |
| Trade freedom | 67.6 | 84.6 |
| Investment freedom | 45 | 70 |
| Financial freedom | 40 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Nigeria is 53.4, ranking 141/197, compared to 66.3 for Spain, ranking 59/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Nigeria
|
Spain
|
|
| 1995 | 47.3 | 62.8 |
| 1996 | 47.4 | 59.6 |
| 1997 | 52.8 | 59.6 |
| 1998 | 52.3 | 62.6 |
| 1999 | 55.7 | 65.1 |
| 2000 | 53.1 | 65.9 |
| 2001 | 49.6 | 68.1 |
| 2002 | 50.9 | 68.8 |
| 2003 | 49.5 | 68.8 |
| 2004 | 49.2 | 68.9 |
| 2005 | 48.4 | 67 |
| 2006 | 48.7 | 68.2 |
| 2007 | 55.6 | 69.2 |
| 2008 | 55.1 | 69.1 |
| 2009 | 55.1 | 70.1 |
| 2010 | 56.8 | 69.6 |
| 2011 | 56.7 | 70.2 |
| 2012 | 56.3 | 69.1 |
| 2013 | 55.1 | 68 |
| 2014 | 54.3 | 67.2 |
| 2015 | 55.6 | 67.6 |
| 2016 | 57.5 | 68.5 |
| 2017 | 57.1 | 63.6 |
| 2018 | 58.5 | 65.1 |
| 2019 | 57.3 | 65.7 |
| 2020 | 57.2 | 66.9 |
| 2021 | 58.7 | 69.9 |
| 2022 | 54.4 | 68.2 |
| 2023 | 53.9 | 65 |
| 2024 | 53.1 | 63.3 |
| 2025 | 53.4 | 66.3 |
More economic indicators
|
Nigeria
|
Spain
|
|
|---|---|---|
| Services, % of GDP |
47%
2024 |
69.1%
2024 |
| Industry, % of GDP |
29.6%
2024 |
19.5%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
20.4%
2024 |
2.54%
2024 |
|
GNI, Atlas method
|
$291B
2024 |
$1.63T
2024 |
| GNI per capita, PPP |
$6,210
2024 |
$56,630
2024 |
| Total reserves including gold |
$38.6B
2024 |
$108B
2024 |
| Total reserves ranking |
51/177
2024 |
26/177
2024 |
|
Net foreign direct investment
|
-$672M
2024 |
$22.6B
2024 |
|
Net inflows of foreign direct investment
|
$1.08B
2024 |
$34.1B
2024 |
|
Net outflows of foreign direct investment
|
$408M
2024 |
$56.7B
2024 |
|
Servicing debt to the IMF, % of GNI
|
2.61%
2023 |
n/a |
| Poverty at national poverty lines |
56.2%
2023 |
20.2%
2022 |
|
Gross capital formation, % of GDP
|
n/a |
20.5%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.