NGX Captures Just 14% Of N1.51trn Commercial Paper Market As Issuers Stay Off Exchange

Only N216.1 billion of the N1.51 trillion raised through commercial papers in Nigeria between January and September 2026 was listed on the Nigerian Exchange Limited (NGX), about 14 per cent of the market, with most issuers choosing to stay off the Exchange.

The N216.1 billion listed on NGX represents a fraction of the N1.51 trillion raised across 131 commercial paper series by 60 issuers during the nine-month period, according to the Q3 2026 Nigerian Commercial Paper Market Report released by the Exchange.

The report showed that the market raised N506.4 billion in the third quarter alone, underscoring the growing role of commercial papers in meeting companies’ short-term financing needs.

The disparity between total market issuance and the volume listed on NGX presents an opportunity for the Exchange to deepen its market participation by attracting more issuers and broadening investor access to listed commercial papers.

NGX formally entered the commercial paper market on December 3, 2025, following approval by the Securities and Exchange Commission (SEC), with the introduction of its Commercial Paper Listing Framework.

The framework recorded its first major transaction in February 2026, when Dangote Cement Plc listed its Series 1 and Series 2 commercial papers, valued at N119.87 billion, under its N500 billion programme, marking the first commercial paper listing on the Exchange.

Other issuers that have subsequently listed commercial papers on NGX include Coleman Technical Industries Limited, MeCure Industries Plc and NGN Gram Limited.

Speaking on the development, the Chief Executive Officer of NGX, Jude Chiemeka, said Nigeria’s commercial paper market offered significant opportunities to expand short-term business financing and strengthen the capital market’s role in corporate funding.

He said the Exchange was working to improve market visibility, promote transparency and collaborate with issuers, financial advisers and institutional investors to attract more commercial paper listings.

“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,” Chiemeka said.

He added that the Exchange’s priority was to attract more listings, broaden investor access, and strengthen the listed market’s contribution to Nigeria’s capital formation as issuance activity increased.

Also speaking, NGX’s Head of Trading and Products, Abimbola Babalola, said the N1.51 trillion raised during the nine-month period demonstrated the importance of commercial papers in meeting businesses’ short-term financing requirements.

According to him, the next phase of market development should focus not only on sustaining issuance but also on expanding listings, improving market visibility and encouraging wider investor participation.

The Exchange said the fourth quarter of 2026 could provide another opportunity to attract issuers, as 27 commercial paper series issued by 23 companies mature during the period.

The maturities could trigger refinancing activities that may create fresh opportunities for NGX to secure additional listings, particularly as benchmark yields ease.

Commercial papers are short-term debt instruments issued by companies to raise funds for working capital and other immediate financing needs. Their listing on an organised exchange can improve visibility and provide investors with access to the instruments through a regulated market platform.