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Economy of Nigeria vs Vietnam compared: GDP & Debt

Updated on by Georank team

Nigeria has a GDP of $252B compared to $476B for Vietnam, ranking 54/197 and 33/197 by economy size, respectively.

Nigeria has $99.2B in government debt (39.3% of GDP), compared to $149B (31.3% of GDP) in Vietnam.

Nigeria vs Vietnam GDP by year

Nigeria
Vietnam
1x
Year GDP, current $
Nigeria Vietnam
2024 $252,261,880,141 $476,388,230,307
2023 $487,387,801,881 $433,857,681,378
2022 $646,950,257,578 $413,445,230,669
2021 $609,147,716,973 $366,474,752,771
2020 $598,586,817,819 $346,615,738,538
2019 $668,219,992,691 $334,365,270,497
2018 $421,739,251,509 $310,106,478,395
2017 $375,745,731,053 $281,353,605,987
2016 $404,649,125,252 $257,096,001,178
2015 $493,026,682,801 $239,258,328,382
2014 $574,183,763,412 $233,451,469,643
2013 $520,117,180,314 $213,708,811,665
2012 $463,971,018,239 $195,590,661,129
2011 $414,466,676,831 $172,595,049,184
2010 $366,990,417,129 $147,201,173,197
2009 $295,008,835,381 $106,014,659,565
2008 $339,476,276,258 $99,130,304,099
2007 $278,260,846,800 $77,414,425,532
2006 $238,454,997,161 $66,371,664,817
2005 $175,670,569,969 $57,633,255,738
2004 $135,764,731,646 $45,427,854,693
2003 $104,738,954,264 $39,552,513,232
2002 $95,054,059,303 $35,064,105,501
2001 $73,557,840,064 $32,685,198,809
2000 $69,171,451,627 $31,172,518,403
1999 $59,145,077,039 $28,683,659,007
1998 $218,416,200,673 $27,209,602,050
1997 $200,850,397,618 $26,843,700,442
1996 $185,730,236,700 $24,657,470,575
1995 $140,919,776,986 $20,736,164,459
1994 $80,399,613,064 $16,286,433,533
1993 $56,721,051,402 $13,180,953,598
1992 $52,058,181,854 $9,866,990,236
1991 $59,526,833,412 $9,613,369,520
1990 $54,035,795,388 $6,471,740,806
1989 $44,003,061,108 $6,293,304,975
1988 $49,648,470,440 $25,423,812,649
1987 $52,676,041,931 $36,658,108,850
1986 $54,805,852,581 $26,336,616,250
1985 $73,745,821,158 $14,094,687,821
1984 $73,484,359,521 -
1983 $97,094,911,792 -
1982 $142,769,363,314 -
1981 $164,475,209,516 -
1980 $64,201,788,123 -
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/vietnam | CC BY

GDP per capita in Nigeria vs Vietnam by year

Nigeria
GDP per capita

GDP per capita, PPP
Vietnam
GDP per capita

GDP per capita, PPP
1x
Year Current $
Nigeria Vietnam
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,084 $9,087 $4,717 $16,386
2023 $2,139 $8,705 $4,323 $15,034
2022 $2,899 $8,305 $4,148 $13,905
2021 $2,787 $7,588 $3,704 $12,049
2020 $2,797 $7,415 $3,534 $11,609
2019 $3,190 $7,551 $3,441 $11,029
2018 $2,058 $7,158 $3,222 $10,010
2017 $1,876 $7,037 $2,956 $9,170
2016 $2,070 $7,072 $2,735 $8,375
2015 $2,586 $7,308 $2,578 $7,672
2014 $3,089 $7,396 $2,546 $7,297
2013 $2,873 $7,004 $2,360 $6,758
2012 $2,633 $6,671 $2,185 $6,377
2011 $2,418 $6,585 $1,951 $5,786
2010 $2,202 $6,301 $1,683 $5,389
2009 $1,820 $5,927 $1,226 $5,061
2008 $2,154 $5,607 $1,164 $4,844
2007 $1,816 $5,298 $926 $4,581
2006 $1,600 $4,975 $808 $4,237
2005 $1,211 $4,678 $711 $3,894
2004 $962 $4,381 $565 $3,543
2003 $763 $4,015 $497 $3,240
2002 $712 $3,770 $445 $3,002
2001 $566 $3,309 $419 $2,809
2000 $547 $3,139 $404 $2,614
1999 $481 $3,002 $376 $2,421
1998 $1,822 $3,022 $361 $2,308
1997 $1,720 $2,990 $362 $2,189
1996 $1,633 $2,931 $337 $2,019
1995 $1,272 $2,835 $287.8 $1,841
1994 $745 $2,853 $229.9 $1,674
1993 $540 $2,921 $189.4 $1,534
1992 $509 $2,991 $144.5 $1,413
1991 $597 $2,870 $143.7 $1,298
1990 $556 $2,840 $98.8 $1,210
1989 $465 - $98.1 -
1988 $540 - $405 -
1987 $588 - $595 -
1986 $628 - $436 -
1985 $869 - $238.6 -
1984 $890 - - -
1983 $1,207 - - -
1982 $1,822 - - -
1981 $2,162 - - -
1980 $870 - - -
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/vietnam | CC BY

Nigeria's GDP per capita is $1,084, ranking 174/197, compared to $4,717 in Vietnam, ranking 122/197. Adjusted for purchasing power (GDP per capita PPP), Nigeria ranks 136th at $9,087, while Vietnam ranks 108th at $16,386.

Economic indicators

Nigeria Vietnam
Gross domestic product
$252B
2024
$476B
2024
GDP rank
54/197
2024
33/197
2024
GDP growth
4.06%
2023-2024
7.09%
2023-2024
GDP per capita
$1,084
2024
$4,717
2024
GDP per capita rank
174/197
2024
122/197
2024
GDP per capita, PPP
$9,087
2024
$16,386
2024
GDP per capita PPP rank
136/197
2024
108/197
2024
Government debt
$99.2B
2024
$149B
2024
Debt-to-GDP ratio
39.3%
2024
31.3%
2024
Government debt per person
$426
2024
$1,475
2024
Government debt per person rank
170/185
2024
132/185
2024
Average annual personal income after taxes
$1,104
2026
$4,020
2026
Market capitalization of domestic companies
$54.4B
2024
$205B
2024
Number of billionaires
4
2025
5
2025
Income share by richest 10%
26.3%
2022
28.1%
2022
Income share by poorest 10%
3%
2022
2.6%
2022
Government expenditure, % of GDP
12.3%
2024
19.1%
2024
Consumer prices inflation
33.2%
2023-2024
3.6%
2023-2024
Central bank interest rate
27%
2025
4.5%
2023
Unemployment rate
3.45%
2024
1.53%
2024
Population
243824469
102365351

Spending and national debt comparison by year

Nigeria
Spending

Debt
Vietnam
Spending

Debt
1x
Year % of GDP
Nigeria Vietnam
Government spending Government debt Government spending Government debt
2024 12.3% 39.3% 19.1% 31.3%
2023 10.4% 36.3% 18.8% 34.3%
2022 10.6% 29.8% 18.2% 34.9%
2021 9.09% 26.6% 20.1% 39.2%
2020 8.73% 25.7% 21.3% 41.3%
2019 8.87% 21.4% 19.8% 41%
2018 9.1% 20.4% 20.5% 43.8%
2017 8.51% 18% 21.5% 46.6%
2016 6.93% 17.4% 22.2% 47.9%
2015 7.85% 14.9% 24.2% 46.1%
2014 9.49% 12.9% 22.8% 43.6%
2013 10% 13% 24.5% 41.4%
2012 10.5% 12.5% 23.5% 38.3%
2011 12.3% 12.4% 21.2% 36.2%
2010 11.8% 6.67% 23.7% 37.3%
2009 11% 6.12% 25% 36.2%
2008 10.2% 5.17% 21.4% 31%
2007 12.9% 5.76% 22.3% 32.2%
2006 8.75% 6.68% 20.5% 30.2%
2005 12.6% 13.4% 20.6% 28.7%
2004 13% 25.2% 19.4% 29.4%
2003 16.5% 29.9% 22.2% 29.8%
2002 13.8% 30.7% 19.7% 27.7%
2001 21.9% 37.7% 19.2% 25.4%
2000 17.6% 40.9% 17.8% 24.8%
1999 14.9% 46.1% 16.7% -
1998 11.2% 15.8% 16% -
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/nigeria/vietnam | CC BY

In 2024, Nigeria's government spending was $31.1B, accounting for 12.3% of its GDP, while Vietnam spent $91.1B, or 19.1% of GDP.

Debt-to-GDP ratio is 39.3% in Nigeria and 31.3% in Vietnam, ranking 135/185 and 156/185, respectively.

Government deficit by year

Deficit/surplus
Nigeria

Vietnam
1x
Year Deficit/surplus, % of GDP
Nigeria Vietnam
2024 -1.57% -1.54%
2023 -3.12% -1.72%
2022 -4% 0.67%
2021 -3.97% -1.43%
2020 -4.03% -2.86%
2019 -3.31% -0.4%
2018 -3.06% -1.02%
2017 -3.85% -1.96%
2016 -3.3% -3.16%
2015 -2.7% -4.98%
2014 -1.72% -5.02%
2013 -1.89% -5.96%
2012 -0.09% -5.46%
2011 0.31% -0.9%
2010 -2.96% -2.25%
2009 -3.78% -4.82%
2008 4.05% -0.45%
2007 -0.79% -1.74%
2006 6.22% 0.2%
2005 3.49% -0.95%
2004 3.9% -0.15%
2003 -1.56% -2.56%
2002 0.95% -1.85%
2001 -2.29% -2.19%
2000 2.89% -1.61%
1999 -1.39% -1.25%
1998 -3.47% -0.1%
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/nigeria/vietnam | 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 Vietnam's deficit of $7.32B, or 1.54% of GDP.

Over the past 27 years, Nigeria recorded a fiscal deficit in 20 of those years, while Vietnam ran a deficit in 25 years. On average, Nigeria posted an annual deficit equal to 1.15% of GDP, compared to deficit of 2.05% of GDP for Vietnam.

Inflation comparison by year

Inflation
Nigeria

Vietnam
1x
Year Consumer prices inflation
Nigeria Vietnam
2024 33.2% 3.6%
2023 24.7% 3.3%
2022 18.8% 3.2%
2021 17% 1.8%
2020 13.2% 3.2%
2019 11.4% 2.8%
2018 12.1% 3.5%
2017 16.5% 3.5%
2016 15.7% 2.7%
2015 9.01% 0.6%
2014 8.05% 4.1%
2013 8.5% 6.6%
2012 12.2% 9.1%
2011 10.8% 18.7%
2010 13.7% 9.1%
2009 12.5% 6.7%
2008 11.6% 23.3%
2007 5.39% 8.4%
2006 8.23% 7.7%
2005 17.9% 8.3%
2004 15% 7.8%
2003 14% 3.1%
2002 12.9% 3.8%
2001 18.9% -0.4%
2000 6.93% -1.8%
1999 6.62% 4.1%
1998 10% 8.1%
1997 8.53% 3.1%

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/nigeria/vietnam | CC BY

Over the past 28 years, Nigeria has recorded an average annual inflation rate of 13.3%, compared with 5.64% in Vietnam. In 2024, inflation was 33.2% in Nigeria and 3.6% in Vietnam.

Top exports between countries

Nigeria
Export category Export value
Raw agricultural goods $262M
Raw materials & minerals $222M
Metals $15M
Wood & paper products $2.45M
Textiles & consumer goods $2.39M
Processed food, beverages & tobacco $697K
Animal & marine products $512K
Chemicals & pharma $298K
Precious metals & jewellery $54K
Machinery & equipment $38K
Vietnam
Export category Export value
Machinery & equipment $49.1M
Chemicals & pharma $42.8M
Processed food, beverages & tobacco $29.1M
Textiles & consumer goods $27.7M
Raw agricultural goods $1.96M
Raw materials & minerals $1.7M
Animal & marine products $1.15M
Metals $1.04M
Wood & paper products $162K
Miscellaneous $134K

Balance of trade

Nigeria Vietnam
Current account balance
$17.2B
2024
$28B
2024
Current account balance ranking
20/190
2024
18/190
2024
Current account balance, % of GDP
+6.82%
2024
+5.89%
2024
Goods imports
$39.8B
2024
$362B
2024
Goods exports
$53B
2024
$406B
2024
Service imports
$17.9B
2024
$36.2B
2024
Service exports
$4.57B
2024
$23.9B
2024
Imports of goods and services, % of GDP
16.9%
1960
83.7%
2024
Exports of goods and services, % of GDP
9.24%
1960
90.2%
2024

Economic freedom indices

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

Nigeria Vietnam
Economic freedom 54.8 64.4
Economic freedom ranking 132/197 73/197
Property rights 29.7 47.3
Government integrity 23.5 39.2
Judicial effectiveness 34.4 31.3
Tax burden 84.6 80.9
Government spending 96.3 89.5
Fiscal health 83.5 96.9
Business freedom 50.3 70
Labor freedom 75.4 54.7
Monetary freedom 56.1 73.2
Trade freedom 64.4 79.8
Investment freedom 30 60
Financial freedom 30 50

Economic freedom comparison by year

Nigeria
Vietnam
1x
Year Economic freedom index
Nigeria Vietnam
2026 54.8 64.4
2025 53.4 65.2
2024 53.1 62.8
2023 53.9 61.8
2022 54.4 60.6
2021 58.7 61.7
2020 57.2 58.8
2019 57.3 55.3
2018 58.5 53.1
2017 57.1 52.4
2016 57.5 54
2015 55.6 51.7
2014 54.3 50.8
2013 55.1 51
2012 56.3 51.3
2011 56.7 51.6
2010 56.8 49.8
2009 55.1 51
2008 55.1 50.4
2007 55.6 49.8
2006 48.7 50.5
2005 48.4 48.1
2004 49.2 46.1
2003 49.5 46.2
2002 50.9 45.6
2001 49.6 44.3
2000 53.1 43.7
1999 55.7 42.7
1998 52.3 40.4
1997 52.8 38.6
1996 47.4 40.2
1995 47.3 41.7

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

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

The Economic Freedom Index for Nigeria is 54.8, ranking 132/197, compared to 64.4 for Vietnam, ranking 73/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Nigeria Vietnam
Services, % of GDP
53.7%
2024
42.4%
2024
Industry, % of GDP
18.2%
2024
37.6%
2024
Agriculture, forestry, and fishing, % of GDP
25.9%
2024
11.9%
2024
GNI, Atlas method
$396B
2024
$454B
2024
GNI per capita, PPP
$8,850
2024
$15,850
2024
Total reserves including gold
$38.6B
2024
$83.1B
2024
Total reserves ranking
51/177
2024
30/177
2024
Net foreign direct investment
-$672M
2024
-$19.6B
2024
Net inflows of foreign direct investment
$1.08B
2024
$20.2B
2024
Net outflows of foreign direct investment
$408M
2024
$600M
2024
Servicing debt to the IMF, % of GNI
5.48%
2024
7.29%
2024
Poverty at national poverty lines
56.2%
2023
4.2%
2022
Gross capital formation, % of GDP n/a
30.6%
2024

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/vietnam | 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.