How Nigeria’s states are borrowing their way into crisis

    Oluwatobi Ojabello | Top Stories | Nov 06, 2025    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
3222
times

Across Nigeria, many state governments are taking on record levels of debt to finance growth. Lagos leads that charge, but its rapid expansion is raising concerns about sustainability.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
Markets
Nigerian corporates crowd Commercial Paper as IPO market freezes
With the primary equities market experiencing a prolonged chill, Nigerian corporate issuers are aggressively shifting their gaze toward the short-term debt capital market.
Iheanyi Nwachukwu | Jun 13, 2026
Markets
From Lagos to New York: Inside Segun Agbaje’s N8.5bn multi-currency stock portfolio
Few African corporate titans have managed to anchor themselves as firmly in the local financial ecosystem while simultaneously projecting their influence into the ultra-competitive arenas of global Western commerce. 
Iheanyi Nwachukwu | Jun 12, 2026
Economy
The nineties class of Democracy: Where Nigeria stands among peers
In the closing decade of the twentieth century, Africa began dismantling old certainties. Military juntas that had ruled by decree packed away their fatigues. One-party states loosened their grip and rewrote constitutions.
Taofeek Oyedokun and Faith Omoboye | Jun 12, 2026
Technology
Gas-rich Nigeria missing out on big tech AI boom
For decades, Nigeria has flared billions of dollars' worth of natural gas into the atmosphere, a symbol of misaligned incentives, underdeveloped infrastructure, and chronic underinvestment.
Folake Balogun | Jun 09, 2026
support_agent
phone
mail_outline
language
help_outline
Conference Ad Conference Ad