The figures are contained in NGX’s third-quarter 2026 Nigerian Commercial Paper Market Report, which recorded 131 commercial paper series issued by 60 companies during the first nine months of the year. Of these, seven series valued at ₦216.1 billion were listed on NGX, representing about 14.3 per cent of total issuance.

Commercial paper activity remained strong in the third quarter, when companies raised ₦506.4 billion through 46 new series issued by 28 firms. The figures underscore the importance of the short-term debt market to businesses seeking funds for working capital and other immediate financing needs.

The gap between total issuance and the amount listed on NGX presents an opportunity for the Exchange to attract more companies to its platform, improve the visibility of commercial paper transactions and expand investor access to listed instruments.

NGX introduced its commercial paper listing framework in 2025 after securing regulatory approval. The Exchange recorded its first commercial paper listing in February 2026, when Dangote Cement Plc listed two series worth a combined ₦119.87 billion under its ₦500 billion commercial paper issuance programme.

Other companies that have listed commercial papers on the Exchange include Coleman Technical Industries Limited, MeCure Industries Plc, NGN Gram Limited and Advans La Fayette Microfinance Bank Limited.

NGX Chief Executive Officer Jude Chiemeka said the commercial paper market offered considerable scope for expanding short-term business financing and strengthening the capital market’s role in funding corporate activities.

He said the Exchange was working with issuers, financial advisers and institutional investors to improve market visibility, promote transparency and make NGX a more attractive platform for commercial paper listings.

Chiemeka added that the Exchange intended to increase the number of listed instruments, widen investor access and strengthen the contribution of listed commercial papers to Nigeria’s capital formation.

NGX Head of Trading and Products Abimbola Babalola also noted that the ₦1.51 trillion raised during the nine-month period demonstrated the instrument’s growing importance to companies managing short-term financing requirements.

He said further market development would require efforts to sustain issuance while encouraging more companies to list their commercial papers and improving awareness among investors.

The report also points to potential opportunities in the final quarter of the year, with 27 commercial paper series issued by 23 companies due to mature during the period. Companies approaching maturity may need to refinance their obligations, creating an opportunity for NGX to attract new listings.

The report noted that changes in benchmark yields could also influence refinancing decisions and the pricing of new commercial paper issuances.

Commercial papers are short-term debt instruments companies use to raise money for working capital and other near-term obligations. Listing them on an exchange can improve visibility and transparency, while giving eligible investors another channel through which to access corporate debt instruments.

However, the relatively low proportion of commercial paper issuance listed on NGX indicates that much of the market’s activity remains outside the Exchange’s platform. Attracting more issuers will be important if NGX is to expand its presence in Nigeria’s short-term corporate debt market.

Reporting by TalkNaijaMedia