NGX Lists Only 14% of Nigeria’s Commercial Paper Market in 2026

NGX captures a small share of the commercial paper market

Between January and September 2026, Nigerian companies raised N1.51 trillion through commercial papers. Of that total, only N216.1 billion was listed on the Nigerian Exchange Limited (NGX), representing roughly 14 percent of the market. The remaining N1.29 trillion was issued off‑exchange, showing that most issuers prefer to stay outside the formal listing venue. According to the Q3 2026 Nigerian Commercial Paper Market Report published by NGX, this statistic was derived. The report recorded 131 commercial paper series issued by 60 companies during the nine‑month period, with a third‑quarter haul of N506.4 billion.

Background

NGX entered the commercial paper market on 3 December 2025 after receiving approval from the Securities and Exchange Commission. The exchange introduced a Commercial Paper Listing Framework that enabled the first major listing in February 2026 when Dangote Cement Plc placed its Series 1 and Series 2 papers, worth N119.87 billion, under its N500 billion programme. Following that initial move, entities including Coleman Technical Industries Limited, MeCure Industries Plc, and NGN Gram Limited have also registered their instruments on the exchange.

Why it matters

Commercial papers are a key source of short‑term financing for Nigerian businesses. The Q3 2026 report indicated that the sector generated N506.billion during the third quarter specifically, which highlights the increasing significance of these financial tools. However, the low listing rate on NGX limits investor access to a broad range of short‑term securities and reduces the exchange’s contribution to capital formation.

Jude Chiemeka, the Chief Executive Officer of NGX, stated that the sector provides substantial potential for broadening short-term corporate financing and reinforcing the capital market’s function in funding businesses. He observed that the exchange is actively seeking to enhance market clarity, foster openness, and partner with issuers, financial advisors, and institutional investors to draw in additional listings.

Abimbola Babalola, who leads Trading and Products, shared this perspective, pointing out that the N1.51 trillion collected over the nine-month span illustrates the critical role commercial papers play in satisfying companies' immediate funding requirements. He added that future development should focus on sustaining issuance, expanding listings, improving market visibility and encouraging wider investor participation.

What happens next

NGX has established a goal to secure additional listings, widen investor reach, and bolster the listed market's impact on Nigeria's capital development as issuance volumes rise. While the report does not specify a timetable, the exchange’s leadership has indicated that it will continue to work closely with issuers, advisers and investors to enhance the commercial paper market.

The gap between overall market issuance and the amount traded on NGX offers the exchange a chance to increase its level of market involvement. Through enhancing clarity and openness, NGX intends to onboard more issuers to its system and grant investors broader access to listed commercial paper instruments.