Nigeria’s commercial paper market adds N1.5 trn in 9 months

By Peter Egwuatu Nigerian Exchange Limited (NGX), yesterday, announced that N1.51 trillion was raised across 131 Commercial Paper (CP) series by 60 issuers in the first nine months of 2026. It further disclosed that, seven series valued at N216.1 billion were listed on NGX, highlighting the potential to bring a greater share of CP activity onto the Exchange.

A statement made available to Vanguard, NGX stated: “Market-wide, N506.4 billion was raised in the third quarter, Q3 across 46 new series from 28 issuers. Agriculture accounted for the largest share of quarterly issuance at N226.2 billion (45% of the total), followed by Oil & Gas at N106.0 billion and Financial Services at N65.0 billion. ‘‘Year to date, Agriculture led issuance with N512.7 billion raised between January and September 2026.

“The seven series listed on NGX in 2026 include three originally offered in late 2025, with issuances by Dangote Cement Plc, NGN Gram Limited, MeCure Industries Plc, Coleman Technical Industries Limited and Advans La Fayette Microfinance Bank Limited, led by Dangote Cement Plc (N119.9 billion) and Coleman Technical Industries Limited (N66.0 billion).” Commenting on the report, Jude Chiemeka, Chief Executive Officer, Nigerian Exchange Limited, said: “Nigeria’s commercial paper market presents a significant opportunity to expand short-term financing for businesses and deepen the role of the capital market in corporate funding.

At NGX, we are focused on building our position as a venue for commercial paper listings by enhancing market visibility, promoting transparency and working closely with issuers, financial advisers and institutional investors. As issuance activity grows, our priority is to attract more commercial paper listings to the Exchange, broaden investor access and strengthen the contribution of the listed market to Nigeria’s capital formation.” The NGX stated that market conditions also evolved during the quarter, adding “The 364-day Treasury bill stop rate fell to 15.89% from 17.34% in Q2, while the Central Bank of Nigeria reduced the Monetary Policy Rate by 350 basis points to 23% on 22 September 2026.”