Nigeria’s commercial paper market raises 1.51 trillion naira
By the AFREEQUE newsroom, based on Leadership
Nigeria’s commercial paper market raised 1.51 trillion naira through 131 issues by 60 companies between January and September 2026. Agriculture accounted for 512.7 billion naira, the largest share of financing, according to Nigerian Exchange Limited’s quarterly report.
Nigeria’s commercial paper market raised 1.51 trillion naira (about 1,510 billion) in the first nine months of 2026, through 131 issues by 60 companies. The figure appears in the third-quarter report of Nigerian Exchange Limited (NGX), operator of the Nigerian Exchange.
In the third quarter, 28 issuers raised 506.4 billion naira through 46 issues. The agricultural sector accounted for the largest share, with 226.2 billion naira, or 45% of the quarterly total. Oil and gas raised 106 billion, while financial services raised 65 billion. Over the first nine months, agriculture also ranked first, with 512.7 billion naira.
Seven issues, with a combined value of 216.1 billion naira, were listed on the NGX. Dangote Cement, a Nigerian cement producer, accounted for 119.9 billion naira, and cable manufacturer Coleman Technical Industries for 66 billion. NGX chief executive Jude Chiemeka said the exchange was seeking to attract more issues to broaden investor access and strengthen corporate financing.
The average discount rate on commercial paper rose to 19.35% in the third quarter, from 19.02% in the second. Meanwhile, the auction rate for 364-day Treasury bills fell to 15.89%, from 17.34%. The Central Bank of Nigeria cut its policy rate by 350 basis points to 23% on 22 September. The report forecasts that lower benchmark yields could affect commercial paper conditions in the fourth quarter, as 27 issues from 23 companies mature.
