Short-term debt (% of total external debt) in Nigeria
Nigeria: Short-term debt (% of total external debt) was 20.4% in 2024. ◆ Volatile
Short-term debt in Nigeria, 1970–2024
Source: International Debt Statistics, World Bank (WB). Measured in % of total external debt.
Analysis
The most recent figure for short-term debt in Nigeria is 20.4%, measured in 2024.
The figure is up 14.5% on the previous year and down 24.5% over ten years.
Over the whole period, short-term debt in Nigeria peaked at 68.7% in 1977 and was at its lowest, 1.5%, in 1989.
That places Nigeria 27th out of 122 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Short-term debt (% of total external debt) in Nigeria, year by year
| Year | % of total external debt | Change |
|---|---|---|
| 1970 | 32.2% | — |
| 1971 | 32.2% | -0.1% |
| 1972 | 32.3% | +0.5% |
| 1973 | 32.3% | -0.2% |
| 1974 | 32.3% | -0.0% |
| 1975 | 32.2% | -0.1% |
| 1976 | 32.3% | +0.1% |
| 1977 | 68.7% | +112.9% |
| 1978 | 48.1% | -30.0% |
| 1979 | 36.6% | -23.9% |
| 1980 | 39.8% | +8.7% |
| 1981 | 38.7% | -2.7% |
| 1982 | 21.1% | -45.4% |
| 1983 | 28.8% | +36.2% |
| 1984 | 32.3% | +12.2% |
| 1985 | 26.8% | -17.1% |
| 1986 | 16.6% | -38.1% |
| 1987 | 5.4% | -67.4% |
| 1988 | 5.2% | -3.3% |
| 1989 | 1.5% | -70.5% |
| 1990 | 4.5% | +191.3% |
| 1991 | 2.6% | -43.0% |
| 1992 | 7.6% | +197.3% |
| 1993 | 12.9% | +69.3% |
| 1994 | 14.6% | +13.1% |
| 1995 | 16.6% | +13.6% |
| 1996 | 18.1% | +9.0% |
| 1997 | 19.4% | +7.5% |
| 1998 | 21.7% | +11.5% |
| 1999 | 21.5% | -0.8% |
| 2000 | 3.3% | -84.4% |
| 2001 | 4.7% | +40.6% |
| 2002 | 6.2% | +31.4% |
| 2003 | 8.0% | +29.7% |
| 2004 | 11.4% | +42.8% |
| 2005 | 16.4% | +43.3% |
| 2006 | 32.1% | +96.0% |
| 2007 | 33.2% | +3.4% |
| 2008 | 30.3% | -8.6% |
| 2009 | 25.4% | -16.2% |
| 2010 | 32.4% | +27.5% |
| 2011 | 33.3% | +2.9% |
| 2012 | 39.5% | +18.5% |
| 2013 | 36.0% | -8.8% |
| 2014 | 27.1% | -24.8% |
| 2015 | 19.6% | -27.5% |
| 2016 | 14.9% | -24.0% |
| 2017 | 26.8% | +79.7% |
| 2018 | 19.9% | -25.9% |
| 2019 | 25.6% | +29.0% |
| 2020 | 21.0% | -18.0% |
| 2021 | 19.3% | -8.3% |
| 2022 | 20.9% | +8.1% |
| 2023 | 17.9% | -14.4% |
| 2024 | 20.4% | +14.5% |
Nigeria compared with similar countries
- Nigeria's 20.4% is above the median for lower middle income countries, which is 9.0%, 2.3× the median. (43 countries reporting)
- Nigeria's 20.4% is above the median for Sub-Saharan Africa, which is 5.2%, 3.9× the median. (44 countries reporting)
Biggest year-on-year movements
Years where Short-term debt (% of total external debt) in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1992 | +197.3% | 2.6% | 7.6% |
| 1990 | +191.3% | 1.5% | 4.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 37.9% | 32.2% | 68.7% | 10 |
| 1980s | 21.6% | 1.5% | 39.8% | 10 |
| 1990s | 13.9% | 2.6% | 21.7% | 10 |
| 2000s | 17.1% | 3.3% | 33.2% | 10 |
| 2010s | 27.5% | 14.9% | 39.5% | 10 |
| 2020s | 19.9% | 17.9% | 21.0% | 5 |
Countries ranked near Nigeria
More external debt data for Nigeria
- IFC, private nonguaranteed 102.35 million NFL, US$ (2024)
- IFC, private nonguaranteed (NFL, US$), per capita 0.4399 NFL, US$ per person (2024)
- IFC, private nonguaranteed (NFL, US$), per unit of GDP 0.0004 NFL, US$ per US$ of GDP (2024)
- IFC, private nonguaranteed (NFL, US$), per square kilometre 56.33 NFL, US$ per square kilometre (2023)
- Public and publicly guaranteed debt service 1.6% (2024)
- Net financial flows, IDA 1.92 billion NFL, current US$ (2024)
- Net financial flows, IDA (NFL, current US$), per capita 8.24 NFL, current US$ per person (2024)
- Net financial flows, IDA (NFL, current US$), per unit of GDP 0.0076 NFL, current US$ per US$ of GDP (2024)
- Net financial flows, IBRD 758.21 million NFL, current US$ (2024)
- Public and publicly guaranteed debt service 6.3% (2024)
Frequently asked questions
- What is short-term debt in Nigeria?
- Short-term debt in Nigeria was 20.4% in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest short-term debt recorded in Nigeria?
- The highest recorded value was 68.7% in 1977.
- What is the lowest short-term debt recorded in Nigeria?
- The lowest recorded value was 1.5% in 1989.
- How does Nigeria rank for short-term debt?
- Nigeria ranks 27th out of 122 countries with data for 2024.
- Is short-term debt rising or falling in Nigeria?
- Over the last ten years it is down 24.5%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Debt Statistics, World Bank (WB), published as part of Short-term debt (% of total external debt). Statizoid updates them automatically from the source API.
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About this data
Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Total external debt is debt owed to nonresidents repayable in currency, goods, or services. Total external debt is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, use of IMF credit, and short-term debt.