By: Tijani Salako.
Nigeria’s commercial paper market raised ₦1.51 trillion across 131 series issued by 60 issuers in the first nine months of 2026, reflecting the continued use of the short-term debt instrument by businesses to access funding.
Of the total amount raised during the period, seven commercial paper series valued at ₦216.1 billion were listed on Nigerian Exchange Limited (NGX), expanding investment opportunities and supporting the development of the country’s debt capital market.
The figures were contained in the NGX Q3 2026 Commercial Papers Report, which provides insights into issuance trends, pricing and opportunities for deepening Nigeria’s listed commercial paper market.
According to the report, the market recorded ₦506.4 billion in new commercial paper issuances in the third quarter of 2026, spread across 43 new series from 28 issuers.
The third-quarter performance accounted for a significant portion of the total funds raised in the first nine months of the year, highlighting the role of commercial papers in providing businesses with access to short-term financing.
A breakdown of issuances by sector showed that agriculture attracted the largest share, with ₦226.2 billion, representing 45 per cent of the total amount raised during the quarter.
The oil and gas sector followed with ₦106 billion, accounting for 21 per cent, while financial services raised ₦65 billion, representing 13 per cent of total issuances.
The information and communications technology (ICT) sector recorded ₦58.5 billion, equivalent to 12 per cent, while other sectors accounted for ₦50.7 billion, representing 10 per cent of the total.
The figures underscore the participation of businesses across different sectors of the economy in the commercial paper market, with agriculture accounting for the largest share of funds raised during the quarter.
Commercial papers are short-term debt instruments issued by companies to meet working capital requirements and other short-term financing needs. They provide businesses with an alternative to traditional bank borrowing while offering investors opportunities to earn returns over relatively short periods.
The NGX report provides market participants with information on issuance activity and pricing trends, while highlighting opportunities to increase participation in the listed commercial paper market.
The listing of commercial paper series on the Exchange also gives investors access to the instruments through the formal capital market, while improving visibility and supporting transparency in the trading and investment process.
The continued issuance of commercial papers reflects the importance of short-term debt financing to corporate funding, particularly for businesses seeking to manage cash flow, finance operations and meet immediate financial obligations.
