Lagos, Rivers, and four other states account for 52% of all Nigerian states' domestic debt and 40% of their external debt

  • Lagos dominates Nigeria’s subnational debt profile, accounting for 26.1% of domestic debt and 21.8% of external debt.
  • Six states account for 52% of domestic debt.
  • The same group contributes 40% of the external debt
  • Rivers ranks second in domestic debt (9.5%) but has a significantly lower external debt (3.8%).
  • Kaduna emerges as a major external borrower (13.7%) despite not appearing among the top domestic debt states.

Nigeria’s subnational debt is heavily concentrated. Lagos sits far ahead of other states in both domestic and external debt, accounting for over a quarter of domestic debt and more than a fifth of external debt. But Lagos is not alone in shaping the debt landscape.

A small cluster of states — Rivers, Delta, Enugu, Ogun, and a few others — collectively carry a disproportionate share of Nigeria’s subnational liabilities. Together, they account for over half of domestic debt and a significant portion of external obligations. This concentration suggests that borrowing is not just about need, but also about access to credit markets, revenue streams, and investor confidence.

Source:

National Bureau of Statistics

Period:

2025
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