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How Nigeria compares
Across 11 ranked indicators against 7 African peers, Nigeria places 5.2 on average — top-two on 3, bottom-two on 5. It ranks strongest on Import Cover (1st of 8) and weakest on Governance Score (8th of 8).
Real GDP Growth4.3%
peer median 6% · −1.6% worse
Government Revenue9.3%
peer median 18.6% · −9.3% worse
Public Debt42%
peer median 68.3% · −26.3% better
Debt Service / Revenue40.5%
peer median 19.7% · +20.8% worse
Current Account4.8%
peer median -2.5% · +7.4% better
FDI Inflows1.4%
peer median 2.7% · −1.3% worse
Headline Inflation16%
peer median 5.9% · +10.1% worse
Unemployment3.1%
peer median 5.5% · −2.4% better
Bar is Nigeria; the vertical rule is the median of the 7 peers. Each row is scaled to its own measure, so bar lengths are comparable within a row but not between rows. Direction of "better" follows each indicator's own polarity.
Growth & Scale
Nigeria is the largest economy in Africa by nominal GDP yet ranks near the bottom of this peer set on per-capita income. GDP growth at 3.89% (Q1 2026) signals stabilisation above the historical median -- but it is stabilisation, not transformation. Watch sectoral composition: oil-sector recovery is masking subdued non-oil performance in manufacturing.
Real GDP Growth
Annual real GDP growth rate.
NG #7 / 8
🇳🇬
4.3%--
7
🇬🇭
6.0%--
4
🇰🇪
4.6%--
5
🇪🇬
4.4%▲
6
🇿🇦
1.1%▲
8
🇪🇹
9.8%▲
1
🇷🇼
9.4%▲
2
🇨🇮
6.5%▲
3
Nigeria trend (ONYX)
| Period | % (latest) |
|---|---|
| 2024 | 4.06 |
| Q1 2024 | 2.98 |
| Q2 2024 | 3.19 |
| Q3 2024 | 3.46 |
| Q4 2024 | 4.26 |
| 2025 | 3.87 |
| 2025 | 4 |
| 2025 | 3.9 |
| 2025 | 4 |
| 2025 | 3.5 |
| 2025 | 4 |
| 2025 | 4 |
| Q1 2025 | 3.13 |
| Q2 2025 | 4.23 |
| Q3 2025 | 3.98 |
| Q4 2025 | 4.07 |
| 2026 | 5.5 |
| 2026 | 3.8 |
| 2026 | 4.1 |
| Q1 2026 | 3.89 |
GDP per Capita
Nominal GDP per capita in current USD.
NG #6 / 8
🇳🇬
$1,224▲
6
🇬🇭
$3,257▲
2
🇰🇪
$2,363▲
5
🇪🇬
$3,086▼
3
🇿🇦
$6,598▲
1
🇪🇹
$933▼
8
🇷🇼
$1,124▲
7
🇨🇮
$3,050▲
4
Fiscal Position
Revenue collection at approximately 9% of GDP is Nigeria's most binding structural constraint -- among the lowest ratios globally and the root cause of the debt service squeeze. Public debt at 42% of GDP looks manageable against Egypt (93%) and Kenya (73%), but debt service consuming roughly 40% of retained federal revenue means the burden is already acute. Fiscal normalisation depends on the FIRS revenue reform trajectory, not further borrowing.
Government Revenue
Government revenue excluding grants as % of GDP. Reflects fiscal capacity.
NG #7 / 8
🇳🇬
9.3%--
7
🇬🇭
15.0%▼
5
🇰🇪
18.6%▲
4
🇪🇬
20.5%--
2
🇿🇦
29.4%--
1
🇪🇹
4.1%▼
8
🇷🇼
18.7%▼
3
🇨🇮
13.4%▲
6
Public Debt
Central government gross debt as % of GDP.
NG #2 / 8
🇳🇬
42.0%--
2
🇬🇭
68.3%--
5
🇰🇪
72.8%--
6
🇪🇬
92.7%--
8
🇿🇦
82.8%▲
7
🇪🇹
27.1%--
1
🇷🇼
68.2%--
4
🇨🇮
59.1%--
3
Debt Service / Revenue
Debt service (interest + principal) as % of government revenue. More revealing than debt stock.
NG #7 / 8
🇳🇬
40.5%--
7
🇬🇭
47.2%--
8
🇰🇪
36.8%--
5
🇪🇬
38.1%--
6
🇿🇦
18.4%--
3
🇪🇹
14.2%--
2
🇷🇼
11.8%--
1
🇨🇮
19.7%--
4
External Position
External reserves at $51.04bn (Jun 2026, 7-year high) and Q1 2026 capital importation of $10.37bn give Nigeria the strongest external position in years. The risk is composition: 95.1% of inflows are portfolio capital responding to the 26.5% MPR. A rate compression or risk-off event reverses the inflow without touching the FDI line. FDI inflows as a share of GDP remain below most peers -- productive capital has not yet validated the macro stabilisation story.
Current Account
Current account balance as % of GDP.
NG #2 / 8
🇳🇬
4.8%▼
2
🇬🇭
8.2%▲
1
🇰🇪
-1.3%▲
4
🇪🇬
-3.8%▲
6
🇿🇦
-0.4%▲
3
🇪🇹
-2.5%▲
5
🇷🇼
-12.0%▼
8
🇨🇮
-4.5%▲
7
FDI Inflows
Net foreign direct investment inflows as % of GDP. Measures productive capital attraction.
NG #6 / 8
🇳🇬
1.4%▲
6
🇬🇭
1.7%▼
5
🇰🇪
0.4%▼
7
🇪🇬
4.2%▼
1
🇿🇦
-0.5%▼
8
🇪🇹
2.7%▲
4
🇷🇼
3.8%▲
2
🇨🇮
3.6%▲
3
Import Cover
Foreign exchange reserves in months of imports.
NG #1 / 8
🇳🇬
7.1--
1
🇬🇭
1.6▲
7
🇰🇪
4.0▲
5
🇪🇬
4.4▼
3
🇿🇦
6.2▲
2
🇪🇹
1.8▲
6
🇷🇼
4.2▲
4
🇨🇮
----
Monetary
Disinflation from 34.8% (Dec 2024 peak) to 15.93% (May 2026) is the fastest rate of improvement in the rebased series and outpaces all peers in pace if not yet level. MPR at 26.5% sustains a real policy rate of approximately +10.6% -- highly competitive globally and the mechanism pulling portfolio capital inflows. The CBN has signalled a hold; watch whether May CPI prints sustain the downward trajectory into H2 2026.
Headline Inflation
CPI annual average inflation. Lower = more price stability.
NG #8 / 8
🇳🇬
16.0%--
8
🇬🇭
14.2%▼
7
🇰🇪
4.1%▼
3
🇪🇬
14.1%▼
6
🇿🇦
3.2%▼
2
🇪🇹
13.2%▼
5
🇷🇼
5.9%▲
4
🇨🇮
0.1%▼
1
Nigeria trend (ONYX)
| Period | % avg (latest) |
|---|---|
| May 2025 | 26.06 |
| June 2025 | 26.06 |
| July 2025 | 24.94 |
| August 2025 | 23.14 |
| September 2025 | 20.98 |
| October 2025 | 18.97 |
| November 2025 | 17.33 |
| November 2025 | 14.45 |
| December 2025 | 15.15 |
| December 2025 | 15.15 |
| 2026 | 16 |
| 2026 | 20 |
| 2026 | 16 |
| January 2026 | 15.1 |
| January 2026 | 15.1 |
| February 2026 | 15.06 |
| March 2026 | 15.38 |
| April 2026 | 15.69 |
| May 2026 | 15.93 |
| June 2026 | 15.91 |
Structural & Governance
Unemployment and governance are where Nigeria falls furthest behind reformer peers. Rwanda's governance score reflects sustained institutional investment and explains why it commands a premium on FDI per capita despite small market size. Nigeria's youth unemployment rate above 30% represents both a stability risk and an unrealised consumer market. These indicators do not respond to monetary policy -- they determine whether macro stabilisation eventually attracts productive capital.
Unemployment
Total unemployment as % of total labor force (ILO modelled estimate).
NG #3 / 8
🇳🇬
3.1%--
3
🇬🇭
3.0%▲
2
🇰🇪
5.4%--
5
🇪🇬
6.8%--
6
🇿🇦
32.4%--
8
🇪🇹
3.3%--
4
🇷🇼
11.4%--
7
🇨🇮
2.3%▲
1
Governance Score
World Bank WGI Control of Corruption estimate. Scale: -2.5 (worst) to +2.5 (best).
Scale: -2.5 to +2.5
NG #8 / 8
🇳🇬
-1.11--
8
🇬🇭
-0.19▼
3
🇰🇪
-0.80▼
6
🇪🇬
-0.83--
7
🇿🇦
-0.19▲
2
🇪🇹
-0.44▲
5
🇷🇼
0.63▼
1
🇨🇮
-0.29▲
4
Full Comparison Table
| Indicator | 🇳🇬 Nigeria | 🇬🇭 Ghana | 🇰🇪 Kenya | 🇪🇬 Egypt | 🇿🇦 South Africa | 🇪🇹 Ethiopia | 🇷🇼 Rwanda | 🇨🇮 Cote d'Ivoire | NG Rank |
|---|---|---|---|---|---|---|---|---|---|
| Growth & Scale | |||||||||
| Real GDP Growth % (latest) | 4.3%◆ ONYX 2026 | 6.0%-- WB 2025 | 4.6%-- WB 2025 | 4.4%▲ WB 2025 | 1.1%▲ WB 2025 | 9.8%▲ WB 2025 | 9.4%▲ WB 2025 | 6.5%▲ WB 2025 | #7 / 8 |
| GDP per Capita USD (latest) | $1,224▲ WB 2025 | $3,257▲ WB 2025 | $2,363▲ WB 2025 | $3,086▼ WB 2025 | $6,598▲ WB 2025 | $933▼ WB 2025 | $1,124▲ WB 2025 | $3,050▲ WB 2025 | #6 / 8 |
| Fiscal Position | |||||||||
| Government Revenue % of GDP (latest) | 9.3% WB 2024 | 15.0%▼ WB 2023 | 18.6%▲ WB 2023 | 20.5% WB 2024 | 29.4%-- WB 2024 | 4.1%▼ WB 2024 | 18.7%▼ WB 2023 | 13.4%▲ WB 2023 | #7 / 8 |
| Public Debt % of GDP (latest) | 42.0% WB 2024 | 68.3% WB 2024 | 72.8% WB 2024 | 92.7% WB 2024 | 82.8%▲ WB 2024 | 27.1% WB 2024 | 68.2% WB 2024 | 59.1% WB 2024 | #2 / 8 |
| Debt Service / Revenue % (2024, IMF) | 40.5% IMF 2024 | 47.2% IMF 2024 | 36.8% IMF 2024 | 38.1% IMF 2024 | 18.4% IMF 2024 | 14.2% IMF 2024 | 11.8% IMF 2024 | 19.7% IMF 2024 | #7 / 8 |
| External Position | |||||||||
| Current Account % of GDP (latest) | 4.8%▼ WB 2025 | 8.2%▲ WB 2025 | -1.3%▲ WB 2024 | -3.8%▲ WB 2025 | -0.4%▲ WB 2025 | -2.5%▲ WB 2024 | -12.0%▼ WB 2024 | -4.5%▲ WB 2024 | #2 / 8 |
| FDI Inflows % of GDP (latest) | 1.4%▲ WB 2025 | 1.7%▼ WB 2025 | 0.4%▼ WB 2024 | 4.2%▼ WB 2025 | -0.5%▼ WB 2025 | 2.7%▲ WB 2024 | 3.8%▲ WB 2024 | 3.6%▲ WB 2024 | #6 / 8 |
| Import Cover months (latest) | 7.1-- WB 2025 | 1.6▲ WB 2024 | 4.0▲ WB 2024 | 4.4▼ WB 2025 | 6.2▲ WB 2025 | 1.8▲ WB 2024 | 4.2▲ WB 2024 | -- | #1 / 8 |
| Monetary | |||||||||
| Headline Inflation % avg (latest) | 16.0%◆ ONYX 2026 | 14.2%▼ WB 2025 | 4.1%▼ WB 2025 | 14.1%▼ WB 2025 | 3.2%▼ WB 2025 | 13.2%▼ WB 2025 | 5.9%▲ WB 2025 | 0.1%▼ WB 2025 | #8 / 8 |
| Structural & Governance | |||||||||
| Unemployment % labor force (latest) | 3.1%-- WB 2025 | 3.0%▲ WB 2025 | 5.4%-- WB 2025 | 6.8%-- WB 2025 | 32.4%-- WB 2025 | 3.3%-- WB 2025 | 11.4%-- WB 2025 | 2.3%▲ WB 2025 | #3 / 8 |
| Governance Score WGI Control of Corruption | -1.11-- WB 2024 | -0.19▼ WB 2024 | -0.80▼ WB 2024 | -0.83-- WB 2024 | -0.19▲ WB 2024 | -0.44▲ WB 2024 | 0.63▼ WB 2024 | -0.29▲ WB 2024 | #8 / 8 |
Population Context (2024)
🇳🇬 224M Nigeria
🇪🇹 129M Ethiopia
🇪🇬 106M Egypt
🇿🇦 60M South Africa
🇰🇪 55M Kenya
🇨🇮 28M Cote d'Ivoire
🇬🇭 33M Ghana
🇷🇼 14M Rwanda
Sources: World Bank Open Data (WB); IMF World Economic Outlook Apr 2025 (IMF); ONYX reconciled data (ONYX). Source and vintage shown per cell in table above. Nigeria ONYX values override World Bank where more current. Governance score = WGI Control of Corruption Estimate (World Bank). Debt service/revenue from IMF Article IV consultations. Trend arrows reflect direction vs prior year available data point.