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By Chukwuma Umeorah
Nigeria’s capital market raised over N753 billion through commercial paper issuances between April and October 2025, reflecting sustained investor confidence and resilience in the market, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has said.
Agama disclosed this in an interview, noting that the funds were deployed to meet short-term financing needs across key sectors of the economy. “Commercial paper issuance remained vibrant, with over N753 billion raised to support short-term funding needs across diverse sectors, from manufacturing to energy and agriculture,” he said.
He added that the debt market also recorded notable transactions within the period, including the N500 billion Climate Funding Special Purpose Vehicle and the N200 billion Elektron Finance bond issuance, pointing to growing investor interest in infrastructure and sustainable finance.
“These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” Agama stated.
According to him, the strong showing in the commercial paper segment formed part of broader capital-raising activities approved by the Commission across debt, equity and short-term instruments during the review period.
“Between April and October 2025, the Commission approved significant transactions across debt, equity and commercial paper segments, underscoring the market’s capacity to mobilise capital for growth,” he said.
Agama also cited recent macroeconomic improvements, including Nigeria’s sovereign credit rating upgrade and its removal from the Financial Action Task Force (FATF) grey list, as positive signals for investors.
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“These developments signal renewed confidence in our economy and will support higher investment flows into our financial markets,” he noted.
On inflation, Agama said easing price pressures provided room for innovation, urging market operators to move from policy formulation to implementation.
“Innovation cannot remain on paper. We must translate these frameworks into real products and accessible platforms that meet the needs of today’s investors,” he said.
Agama acknowledged the sharp market decline recorded in November, when about N6.54 trillion was wiped off market capitalisation, attributing it to profit-taking ahead of the proposed 30 per cent Capital Gains Tax, weak banking stock sentiment and global uncertainties.
However, he said the market recovered following policy reassurances, adding that the Exchange remained positive year-to-date.
He also highlighted the recent migration of the equities settlement cycle from T+3 to T+2, describing it as a key reform in line with global standards.
“By shortening the settlement period, we have enhanced liquidity, reduced counterparty risk and accelerated capital reinvestment,” Agama said, adding that plans were underway to move to T+1 and ultimately T+0.
