Commercial Paper Market Raises N1.51trn In 9 Months

Nigerian Exchange Limited (NGX) has released its third quarter (Q3) 2026 Commercial Paper Market Report, showing the market raised N1.51 trillion across 131 series by 60 issuers in the first nine months of 2026.

Of this, seven series valued at N216.1 billion have been listed on NGX, highlighting the potential to bring a greater share of CP activity onto the Exchange.

Market-wide, N506.4 billion was raised in the third quarter across 46 new series from 28 issuers. Agriculture accounted for the largest share of quarterly issuance at N226.2 billion (45 per cent 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.

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, the chief executive officer, Nigerian Exchange Limited, Jude Chiemeka 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.”

He added, “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.”

Market conditions also evolved during the quarter. The 364-day Treasury bill stop rate fell to 15.89 per cent from 17.34 per cent in Q2, while the Central Bank of Nigeria reduced the Monetary Policy Rate by 350 basis points to 23 per cent on 22 September 2026. Headline inflation declined to 14.63 per cent in September, although the average CP discount rate rose to 19.35 per cent in Q3 from 19.02 per cent in Q2. The report anticipates that lower benchmark yields could begin to feed through to CP pricing in Q4 as maturing obligations are refinanced.

With 27 CP series, according to the report, issued by 23 companies falling due in the fourth quarter, refinancing presents an opportunity for issuers to reassess their funding options and for NGX to attract additional listings.

The head of Trading and Products, Nigerian Exchange Limited, Mr. Abimbola Babalola added, “the N1.51 trillion raised in the first nine months of 2026 underscores the importance of commercial paper in meeting the short-term financing needs of Nigerian businesses. NGX is committed to working with issuers and financial advisers to make the Exchange an increasingly attractive platform for commercial paper listings.”