The Securities and Exchange Commission (SEC) in Nigeria has approved commercial paper programmes totalling N1.37 trillion as of October 23, 2025.
Corporates raised approximately N753 billion through actual issuances, achieving a utilisation rate of about 54 per cent.
The gap reflects cautious, phased drawdowns by issuers amid elevated bank lending rates.
Dangote Sugar Refinery Plc dominated activity, raising over N300 billion under its N300 billion programme across multiple series.
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Johnvents Industries Limited issued N52.6 billion, UAC Nigeria Plc drew N45 billion, and Payaza Africa Limited raised nearly N43 billion.
Citibank Nigeria Limited utilised N26.7 billion from its N300 billion approval.
Other issuers included Golden Fertilizer Company Limited, Skymark Partners Limited, and Champion Breweries Plc.
Maturities clustered between December 2025 and mid-2026, underscoring commercial papers as short-term liquidity tools.
High bank lending costs, driven by the 27 per cent Monetary Policy Rate plus margins, pushed corporates toward cheaper alternatives.
This trend supports working capital management and refinancing, sustaining elevated issuance into 2026 amid constrained long-term credit access.
