The latest data from the National Bureau of Statistics reveals Lagos state borrowers obtained 77.7% of all banking sector loans by value given to states across the country.
Lagos State is the commercial capital in the country and has dominated economic activities in the country since the country’s independence.
According to the data about N15.1 trillion out of N19.4 trillion of the loans went to Lagos State in the third quarter of 2020, a 13.86% rise from the same period in 2019. Total loans given to beneficiaries in Lagos State was N13.9 trillion at the end of 2019.
About 32 states in the country got less than 1% of the loans and a combined 12.01% of the loans. Combined, businesses in 32 states borrowed N2.3 trillion compared to Lagos State alone, with N13.9 trillion. River State was next to Lagos with just 5% of the loan or N977 billion.
Among the states with the least loans were Yobe, Jigawa, and Ebonyi States with 0.1%, 0.13%, and 0.13% respectively.
