SEC Reports Nigeria's Commercial Paper Market Exceeds N1.9 Trillion

The Securities and Exchange Commission (SEC) has reported that Nigeria's commercial paper market has surpassed N1.9 trillion. SEC Director-General Emomotimi Agama made this announcement during an appearance on the Duke in Business podcast, emphasizing the market's rapid growth as companies increasingly turn to commercial paper for short-term financing needs.

In the third quarter of 2026, 23 companies issued commercial paper offers in the Nigerian money market, aiming to raise a total of N446.1 billion across 43 series, under programmes with a registered size of N1.98 trillion. Agama described the market's expansion as "unbelievable," noting its role in preparing companies for broader participation in Nigeria's capital market.

He stated that participation in the commercial paper market could help companies become familiar with capital-raising requirements and investor expectations, potentially leading to future initial public offerings (IPOs). Agama also highlighted the SEC's focus on encouraging compliance and improving corporate governance among participating companies.