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GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%
Credit profile

Lagos State Government

Proshare Rating
A1.ng
1Y PD
0.90%
LGD
25%
Spread
180 bps
Outstanding
₦1.10T
Watchlist
Stable

Thesis

Largest sub-national IGR base in Nigeria, diversified revenue mix, strong debt service coverage even under stressed oil scenarios.

Strengths
  • • IGR > NGN 1.2tn run-rate
  • • Diversified economy
  • • Strong DSCR
  • • Sound fiscal governance
Risks
  • • High capex pipeline
  • • Concentration of corporate taxes
  • • Federation account exposure

External ratings

  • AgustoAa-Stable
  • GCRAA(NG)Stable
Last reviewed 2026-04-30