South West Tops Nigeria’s Geopolitical Zones in External Debt at $1.8bn

According to the Debt Management Office’s December 2025 data, the South West leads all geopolitical zones with an external debt of $1.80 billion, averaging about $300 million per state. Lagos accounts for a large share of this burden. The North West follows with $1.27 billion in external obligations, driven largely by Kaduna’s debt. The South South region holds $922 million, while the North East and North Central stand at $598 million and $562 million respectively. At the lower end, the South East reports $535 million in external liabilities, averaging under $110 million per state. This breakdown highlights regional disparities in borrowing and could inform future fiscal planning.

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