Nigeria’s capital market raised over ₦753 billion through commercial paper (CP) issuances between April and October 2025, underscoring strong investor confidence and the resilience of the market, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said.

Agama disclosed this in an interview, noting that the funds supported short-term financing needs across key sectors of the economy.

“Commercial paper issuance remained vibrant, with over ₦753 billion raised to support short-term funding needs across diverse sectors, from manufacturing to energy and agriculture,” the SEC boss said.
He added that the debt market also recorded landmark transactions, including the ₦500 billion Climate Funding Special Purpose Vehicle and the ₦200 billion Elektron Finance bond issuance, reflecting increasing investor appetite for infrastructure and sustainable finance investments.

“These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” Agama explained.

According to him, the strong performance of 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.

“Since our last meeting, the Nigerian capital market has demonstrated remarkable depth and adaptability. 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.
“These achievements are essential as we work to position the Nigerian capital market as a catalyst for sustainable economic growth.”

Agama also pointed to recent macroeconomic improvements, including Nigeria’s sovereign credit rating upgrade and its removal from the Financial Action Task Force (FATF) grey list, describing them as signals of renewed investor confidence.

“These achievements are not mere milestones; they signal renewed confidence in our economy. They will attract greater investment and enhance capital inflows, reinforcing the stability and growth prospects of our financial markets,” he said.

On inflation, the SEC Director-General said easing price pressures had created opportunities for market innovation, urging operators to move from policy formulation to execution.

“This is a call to action for market operators. 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 stressed.

“The time for passive observation is over. Our collective responsibility is to activate these opportunities and position the Nigerian capital market as a true engine of inclusive growth.”

Agama acknowledged the sharp market downturn recorded in November, when the Nigerian Exchange lost about ₦6.54 trillion in 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 rebounded following policy reassurances.

“Importantly, despite November’s volatility, the Exchange remains significantly positive year-to-date, with strong gains that reflect the underlying robustness of our market,” he noted.

He further highlighted the recent migration of the equities settlement cycle from T+3 to T+2, describing it as a major reform aligned with global best practices.

“By shortening the settlement period, we have enhanced liquidity, reduced counterparty risk, and accelerated the reinvestment of capital,” Agama said, adding that the SEC plans to move to T+1 and ultimately T+0.

“These changes, combined with ongoing efforts to deepen commodity trading and expand bond market participation, will position Nigeria as a leading investment destination in Africa,” he added.