Dangote Cement Leads Nigeria’s First Commercial Paper Listing on NGX

Nigeria’s capital market marked a new milestone as the Nigerian Exchange Limited (NGX) admitted its first commercial paper listings, with Dangote Cement Plc raising a combined ₦119.87 billion under its commercial paper programme. This follows the launch of a formal framework to allow corporate short‑term debt instruments to trade on the exchange.

The issuance includes two tranches: a ₦19.95 billion note maturing in May and a larger ₦99.92 billion note due in August, offering attractive yields for investors seeking short‑dated corporate instruments.

Market experts say the move broadens the NGX’s fixed income segment, adding transparency to a market segment that previously operated mainly over‑the‑counter and diversifying investment options beyond equities and bonds.

The commercial papers are unsecured, short‑term debt used by companies to cover working capital and near‑term funding needs. Their listing on NGX is expected to deepen Nigeria’s short‑term debt market and attract institutional investors.

Analysts believe this inaugural commercial paper listing could encourage more corporates to access the NGX platform for efficient, transparent short‑term financing, supporting broader growth and diversification of Nigeria’s debt capital markets.