Nigeria vs the United Kingdom: Economic Indicators Comparison
The United Kingdom with a GDP of $2.9T ranked the 5th largest economy in the world, while Nigeria ranked 32nd with $397.3B. By GDP 5-years average growth and GDP per capita, the United Kingdom and Nigeria ranked 126th vs 132nd and 23rd vs 149th, respectively.
Gross Domestic Product & Income
| Stat |  Nigeria |  United Kingdom |
|---|---|---|
| GDP | $397.3B | $2.9T |
| GDP growth, 1 year | 1.9% | 1.4% |
| GDP growth, 5-years average | 2% | 2.1% |
| Population | 190.9M | 66M |
| GDP per capita | $2k | $43k |
| GDP per capita growth | -0.67% | 0.73% |
| Purchasing Power Parity conversion factor | 110.03 | 0.7 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.34 | 0.93 |
| GDP per capita, PPP adjusted | $6k | $46k |
| GNI, Atlas method | $384.8B | $2.8T |
| GNI per capita | $2k | $42k |
| GNI, PPP adjusted | $1.1T | $3T |
| GNI per capita, PPP adjusted | $5.7k | $45k |
Financial system and Human development
| Stat | Nigeria | United Kingdom |
|---|---|---|
| Income Tax Rate | 24% | 45% |
| Corporate Tax Rate | 30% | 20% |
| Inflation, consumer prices | 12.1% | 2.5% |
| Inflation, GDP deflator | 10.2% | 1.9% |
| Unemployment | 6% | 4% |
| Economic Freedom Index | 57.2 | 79.3 |
| Personal Freedom Index | 6.01 | 9.08 |
| Human Freedom Index | 6.1 | 8.55 |
| Property Rights Index | 38.1 | 92.2 |
| Judical Effectiveness Index | 32.2 | 82.7 |
| Business Freedom Index | 54.7 | 94.7 |
| Fiscal Health Index | 64.1 | 78.1 |
| Labor Freedom Index | 84 | 73.1 |
| Investment Freedom Index | 45 | 80 |
| Financial Freedom Index | 40 | 80 |
| Trade Freedom Index | 62.4 | 86.4 |
| Monetary Freedom Index | 61.7 | 80.3 |
| Government Spending Index | 96.2 | 49.5 |
| Tax Burden Index | 85.1 | 64.7 |
| Government Integrity Index | 22.3 | 89.9 |
| Corruption Perceptions Index | 27 | 80 |
| Life expectancy at birth, years | 54 | 81.2 |
| Suicide mortality rate, per 100,000 people | 9.5 | 8.9 |
| Mortality caused by road traffic injury, per 100,000 people | 21.4 | 3.1 |
| Intentional homicides, per 100,000 people | 9.9 | 1.2 |
| International tourism, number of arrivals | 5.3M | 36.3M |
Government debt & reserves
| Stat | Nigeria | United Kingdom |
|---|---|---|
| Central government debt, % of GDP | 28.4% | 86.9% |
| External debt stocks, % of GNI | 12.4% | N/A |
| External debt stocks | $47B | N/A |
| Short-term debt, % of total reserves | 0% | N/A |
| Total debt service, % of exports and primary income | 8.3% | N/A |
| Adjusted net savings including particulate emission damage, % of GNI | 1.4% | 5.5% |
| Gross savings, % of GDP | 19.3% | 13.4% |
| Gross capital formation, % of GDP | 19.8% | 17.3% |
| Total reserves including gold | $42.8B | $172.7B |
| Foreign direct investment net inflows | $2B | $35.1B |
Exports, imports and economic structure
| Stat | Nigeria | United Kingdom |
|---|---|---|
| Exports of goods and services, % of GDP | 15.5% | 30% |
| Imports of goods and services, % of GDP | 17.5% | 31.8% |
| Current account balance (balance of payments) | $5.3B | -$123.1B |
| Revenue excluding grants, % of GDP | N/A | 35.3% |
| Grants excluding technical cooperation, BoP | $2B | N/A |
| Personal remittances received | $24.3B | $4.4B |
| Industry including construction value added, % of GDP | 25.7% | 17.5% |
| Agriculture, forestry and fishing value added, % of GDP | 21.2% | 0.6% |
| Charges for the use of intellectual property, payments BoP | $252.8M | $13.5B |
| Charges for the use of intellectual property, receipts BoP | $7.8M | $21.7B |
| Expense, % of GDP | N/A | 36% |
| Government Expenditure, % of GDP | 11.2% | 41% |
