Egypt vs Nigeria
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Egypt | Nigeria | |
|---|---|---|
| BT-SFS score | 33.5 | 42.5 |
| Composite rating | B− | B− |
| Fiscal pillar | 34.0 | 42.4 |
| External pillar | 30.9 | 83.8 |
| Macro pillar | 54.8 | 44.2 |
| Institutions pillar | 18.8 | 0.0 |
| Benchmark bond | EGYPT 9.45 33 | NGERIA 7.375 33 |
| Spread over Treasuries | 323 bps | 307 bps |
| Yield to worst | 7.38% | 7.22% |
| Duration | 4.8y | 5.5y |
Metric by metric
| Metric | Egypt | Nigeria |
|---|---|---|
| Current account / GDP | -4.2% (18.8) | 5.8% (91.7) |
| International reserves, months of imports | 4.5 mo (40.0) | 7.1 mo (77.8) |
| General government debt / GDP | 87.0% (16.7) | 32.3% (83.3) |
| Interest expense / revenue | 88.4% (0.0) | 25.9% (14.6) |
| Primary balance / GDP | 2.6% (93.8) | -1.6% (27.1) |
| WGI institutional composite | -0.56 (18.8) | -1.04 (0.0) |
| Real GDP growth | 4.2% (78.1) | 4.1% (74.0) |
| GDP per capita, USD | $3,904 (18.8) | $1,556 (0.0) |
| Inflation stress | 13.2% (64.3) | 16.0% (55.0) |
Frequently asked questions
Who has stronger fundamentals, Egypt or Nigeria?
Nigeria scores higher on the BT Sovereign Fundamentals Score: 33.5 (Egypt) vs 42.5 (Nigeria), a gap of 8.9 points.
Whose USD bonds trade wider, Egypt or Nigeria?
Egypt trades wider: 323 bps (Egypt) vs 307 bps (Nigeria) over US Treasuries — a 16 bps gap on near-5-year USD benchmarks.
Related
- Egypt — full Egypt profile: pillars, metrics, history.
- Nigeria — full Nigeria profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.