Nigeria’s corporate short-term debt market is booming, humming with trillions of naira as companies race to optimise their working capital and navigate shifting macroeconomic tides.
Yet, beneath the impressive headline figures lies a glaring paradox: while corporate issuers raised a staggering N1.51 trillion across 131 commercial paper (CP) series in a single nine-month (9M) of 2026 tracking window, a meager 14 percent of that liquidity actually found its way onto the Nigerian Exchange Limited (NGX).
Despite the formal rollout of the NGX’s dedicated Commercial Paper Listing Framework – backed by the Securities and Exchange Commission (SEC) to deepen exchange-traded debt – the overwhelming majority of issuers continue to give the public board a wide berth.
This quiet divergence raises a pressing question: why are top-tier issuers deliberately keeping their short-term debt off the exchange, and what does this reluctance mean for the future of structured public debt trading in the country
For instance, the NGX third quarter (Q3) 2026 commercial paper market report provides insights into issuance trends, pricing, and opportunities to deepen Nigeria’s listed commercial paper market.
Abimbola Babalola, head of trading and products, Nigerian Exchange Limited said, “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”.
“The next phase of market development should focus not only on sustaining issuance but also on expanding listings, improving market visibility and encouraging broader investor participation. NGX is committed to working with issuers and financial advisers to make the Exchange an increasingly attractive platform for commercial paper listings,” he said.
Behold the largest issuances of the quarter …
Pivot Integrated Energy Services Limited N100.1billion Series 1 (Tranches A–D), arranged by Pathway Advisors Limited, was the largest Commercial Paper of the review quarter. Together the five largest issues raised N269.7billion,
53 percent of Q3 value. The five largest issues are: Pivot Integrated
Energy Services Limited Series 1, Tranches A–D (N100.1billion); Sunny Owo
Ventures Nigeria Limited Series 1–2 (N50 billion); Payaza Africa
Limited Series 3–4 (N50 billion); Johnvents Industries Limited Series 25–27 (N39.6billion); and Carlodin Limited Series 1–2 (N30billion).
Financial adviser league…
Pathway Advisors led the third quarter (Q3) by value, arranging N161.1billion, just ahead of Ava Capital at N160billion. Ava Capital remains the year-to-date (YtD) leader with 33.7 percent of value arranged. Seventeen advisers were active in Q3 and 25 so far in 2026, according to the report. YtD leaders are: Ava Capital (N510.5billion), Pathway Advisors (N195.7 billion), United Capital (N166.1billion), Coronation Merchant Bank (N102.3 billion), and Planet Capital (N100 billion). The Q3 leaders are: Pathway Advisors (N 161.1 billion), Ava Capital (N160 billion), United Capital (N39.6 billion), UCML Capital (N35billion), and Anchoria Advisory (N25billion).
The report shows that Nigeria’s commercial paper market raised N1.51trillion across 131 series from 60 issuers in the first nine months of 2026, with seven CP series valued at N216.1billion listed on NGX.
Seven CP series worth N216.1billion have listed on NGX in 2026, including three series offered in late 2025. The CPs issuers, value, and listing date are: Dangote Cement Plc Series 1 – 2 (N119.9billion/February 19, 2026); NGN Gram Limited Series 1, Tranches A–C (N10billion/ March 17, 2026); MeCure Industries Plc Series 6 (N13.5 billion/April 22, 2026); Coleman Technical Industries Limited Series 5 – 6 (N66 billion/April 22, 2026); and Advans La Fayette Microfinance Bank Limited Series 1, Tranches A–B (N6.8billion/September 25, 2026).
The Q3 report figures cover Commercial Paper series offered in Nigeria from January 1 to September 30, 2026, listed or unlisted, and assign each series to the quarter in which its offer opened, the NGX noted, adding that “values are issued face values per series, taken from pricing supplements where available and otherwise from offer announcements; programme sizes are excluded. A series issued in several tranches counts once”.
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 percent of the total), followed by Oil & Gas at N106.0 billion and Financial Services at N65 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 billion).
NGX expects Commercial Paper issuance to remain robust in this fourth quarter (Q4) as maturing paper is refinanced and lower benchmark yields begin to reduce funding costs. The Exchange believes that moderating money-market and T-bill yields could support lower CP pricing, subject to issuer credit quality, tenor and liquidity conditions. “Paper from 27 CP series, issued by 23 companies, falls due in Q4 2026, creating rollover demand. Lower Treasury bill yields may support demand for high-quality corporate paper offering incremental yield”, the NGX noted.
Jude Chiemeka, chief executive officer, Nigerian Exchange Limited 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. 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,” Chiemeka said.
Market conditions also evolved during the quarter. The 364-day Treasury bill stop rate fell to 15.89 percent from 17.34 percent in Q2, while the Central Bank of Nigeria reduced the Monetary Policy Rate by 350 basis points to 23 percent on September 22, 2026. Headline inflation declined to 14.63 percent in September, although the average Commercial Paper (CP) discount rate rose to 19.35 percent in Q3 from 19.02 percent in Q2. The report anticipates that lower benchmark yields could begin to feed through to Commercial Paper pricing in this fourth quarter 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.
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Iheanyi Nwachukwu, is a creative content writer with over two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Deputy Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).
Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
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