Total reserves in Nigeria
Nigeria: Total reserves was 37.2% in 2024. ◆ Volatile
Total reserves in Nigeria, 1971–2024
Source: International Debt Statistics, World Bank (WB). Measured in % of total external debt.
Analysis
In 2024, total reserves in Nigeria stood at 37.2%.
Compared with earlier readings it is up 13.8% on the previous year and down 50.6% over ten years.
Over the whole period, total reserves in Nigeria peaked at 392.9% in 1976 and was at its lowest, 3.1%, in 1988.
Nigeria ranks 55th of 111 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Total reserves in Nigeria, year by year
| Year | % of total external debt | Change |
|---|---|---|
| 1971 | 45.0% | — |
| 1972 | 36.1% | -19.7% |
| 1973 | 35.0% | -3.1% |
| 1974 | 303.6% | +767.0% |
| 1975 | 335.8% | +10.6% |
| 1976 | 392.9% | +17.0% |
| 1977 | 137.8% | -64.9% |
| 1978 | 39.8% | -71.1% |
| 1979 | 94.5% | +137.1% |
| 1980 | 119.0% | +26.0% |
| 1981 | 36.4% | -69.4% |
| 1982 | 16.1% | -55.9% |
| 1983 | 7.1% | -55.7% |
| 1984 | 9.4% | +32.2% |
| 1985 | 10.1% | +7.7% |
| 1986 | 6.1% | -40.1% |
| 1987 | 5.2% | -15.1% |
| 1988 | 3.1% | -39.0% |
| 1989 | 6.8% | +115.2% |
| 1990 | 12.3% | +82.1% |
| 1991 | 14.0% | +13.1% |
| 1992 | 4.1% | -70.5% |
| 1993 | 5.3% | +29.6% |
| 1994 | 5.0% | -6.7% |
| 1995 | 5.0% | +0.6% |
| 1996 | 13.8% | +174.9% |
| 1997 | 27.3% | +98.3% |
| 1998 | 24.1% | -11.9% |
| 1999 | 19.4% | -19.4% |
| 2000 | 30.1% | +55.2% |
| 2001 | 30.4% | +1.0% |
| 2002 | 20.6% | -32.4% |
| 2003 | 17.7% | -13.9% |
| 2004 | 37.6% | +112.2% |
| 2005 | 85.1% | +126.3% |
| 2006 | 244.3% | +187.2% |
| 2007 | 266.4% | +9.0% |
| 2008 | 262.5% | -1.5% |
| 2009 | 189.6% | -27.8% |
| 2010 | 114.3% | -39.7% |
| 2011 | 98.7% | -13.6% |
| 2012 | 114.5% | +16.0% |
| 2013 | 102.5% | -10.5% |
| 2014 | 75.1% | -26.7% |
| 2015 | 64.4% | -14.2% |
| 2016 | 64.1% | -0.6% |
| 2017 | 62.2% | -3.0% |
| 2018 | 63.0% | +1.3% |
| 2019 | 48.4% | -23.1% |
| 2020 | 43.4% | -10.3% |
| 2021 | 43.4% | -0.1% |
| 2022 | 35.7% | -17.6% |
| 2023 | 32.6% | -8.6% |
| 2024 | 37.2% | +13.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 157.8% | 35.0% | 392.9% | 9 |
| 1980s | 21.9% | 3.1% | 119.0% | 10 |
| 1990s | 13.0% | 4.1% | 27.3% | 10 |
| 2000s | 118.4% | 17.7% | 266.4% | 10 |
| 2010s | 80.7% | 48.4% | 114.5% | 10 |
| 2020s | 38.5% | 32.6% | 43.4% | 5 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Net domestic credit (current LCU), per capita 296,323 current LCU per person (2022)
- Net domestic credit (current LCU), per unit of GDP 102.21 current LCU per US$ of GDP (2022)
- Net domestic credit (current LCU), annual growth rate 35.83 % change on previous year (2022)
- Gold reserves at 35 SDRs per ounce 24.13 million SDR (2025)
- Gold reserves at market value 2.20 billion SDR (2025)
- Reserves excluding gold, foreign exchange 28.09 billion SDR (2025)
- Reserves excluding gold 31.41 billion SDR (2025)
- Total reserves (gold at market value) 33.61 billion SDR (2025)
- Total reserves (gold at national valuation) 33.58 billion SDR (2025)
- Total reserves (gold at national valuation) (SDR), per capita 141.38 SDR per person (2025)
Frequently asked questions
- What is total reserves in Nigeria?
- Total reserves in Nigeria was 37.2% in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest total reserves recorded in Nigeria?
- The highest recorded value was 392.9% in 1976.
- What is the lowest total reserves recorded in Nigeria?
- The lowest recorded value was 3.1% in 1988.
- How does Nigeria rank for total reserves?
- Nigeria ranks 55th out of 111 countries with data for 2024.
- Is total reserves rising or falling in Nigeria?
- Over the last ten years it is down 50.6%. 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 Total reserves (% of total external debt). Statizoid updates them automatically from the source API.
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About this data
Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a percentage of total external debt which are all liabilities that require payment(s) of interest and/or principal by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.