The Securities and Change Fee (SEC) accredited business paper (CP) programmes price N1.37 trillion as of October 23, 2025, reflecting rising recourse to short-term debt in company funding methods.
Nonetheless, precise drawdowns from these approvals remained considerably decrease, based on information from the Fee.
SEC-approved issuances present that Corporates raised roughly N753 billion throughout a number of sequence and tranches, translating to a utilisation price of about 54%.
The broad hole between accredited limits and funds highlights a cautious strategy by issuers, who’re more and more tapping the CP market in phases quite than absolutely utilising programme sizes directly.
What the information is saying:
The SEC accredited business paper (CP) programmes price N1.37 trillion as of October 23, 2025 however corporates raised about N753 billion.
Issuance exercise was closely concentrated amongst a number of massive corporates, led overwhelmingly by Dangote Sugar Refinery Plc. Working underneath a N300 billion programme, Dangote Sugar accounted for over 45% of complete CP issuance, elevating greater than N300 billion throughout a number of sequence.
Its dominance highlights how massive, cash-intensive corporations are leaning on the CP market to handle working capital and refinancing wants.
Past Dangote Sugar, issuance was extra fragmented throughout monetary companies, agribusiness, and shopper sectors. Johnvents Industries Restricted raised about N52.6 billion, UAC Nigeria Plc issued N45 billion, whereas Citibank Nigeria Restricted drew simply N26.7 billion regardless of a big approval measurement.
Fintechs and mid-sized corporations, notably Payaza Africa Restricted, additionally deepened participation.
Dangote Sugar leads issuers by broad margin
Dangote Sugar Refinery Plc emerged because the dominant issuer through the interval, accounting for over 45% of complete business paper issuance.
Working underneath a N300 billion programme, the corporate issued a number of tranches starting from Sequence 10 to Sequence 16, with particular person issuances spanning N4.7 billion to N96.7 billion. Collectively, Dangote Sugar raised over N300 billion, making it the only largest contributor to CP market liquidity in 2025.
Its repeated market entry displays each its scale and the rising reliance of enormous corporates on short-term funding to handle working capital and refinancing wants.
Monetary companies and agribusiness observe
Behind Dangote Sugar, issuance exercise was unfold throughout monetary companies, agribusiness, and consumer-facing sectors.
Johnvents Industries Restricted raised about N52.6 billion from its N100 billion programme, whereas UAC Nigeria Plc issued N45 billion underneath its N65 billion programme.
Within the monetary sector, Citibank Nigeria Restricted, working a N300 billion CP programme, issued N26.7 billion throughout two sequence, reflecting comparatively modest utilisation regardless of a big approval measurement.
Fintechs and mid-sized corporates deepen market participation
The information additionally present elevated participation from fintechs and mid-sized issuers.
Payaza Africa Restricted raised almost N43 billion throughout three sequence underneath its N50 billion programme, making it one of the vital energetic non-industrial issuers available in the market.
Golden Fertilizer Firm Restricted issued N20.0 billion from a N40 billion programme, whereas Skymark Companions Restricted raised simply over N11 billion regardless of holding an identical programme measurement, reflecting shorter-term, working-capital-focused issuance.
Different notable issuers included Champion Breweries Plc, Valency Agro Nigeria Restricted, Neveah United Capital Plc, and a number of other special-purpose autos, all contributing smaller however constant volumes to general issuance.
What it’s best to know
Corporates together with these but to be listed on the Nigerian Change (NGX), are more and more exploring cheaper funding choices in response to elevated rates of interest of business banks as a consequence of excessive benchmark coverage charges (MPR at 27%); banks usually add margins on high of that for danger and price, which push precise mortgage pricing increased.
Company debtors with sturdy credit score histories might negotiate prime lending charges considerably nearer to the bottom lending price or barely under, whereas smaller or riskier corporations pay increased charges. It’s in opposition to this background that Industrial Paper issuances rose sharply through the evaluation interval.
Throughout issuers, maturities had been largely clustered between December 2025 and mid-2026, reinforcing using business papers as short-term liquidity instruments quite than long-term financing devices of business banks that include premium value.
Analysts notice that the sturdy pipeline of accredited however undrawn programmes suggests issuance exercise may stay elevated into 2026, significantly if borrowing prices keep excessive and entry to long-term credit score stays constrained.
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