Nigeria’s new yield trade is driving investors into commercial paper - Businessday NG

For years, commercial paper occupied an unusual position in Nigeria’s fixed-income market: large enough to fund some of the country’s biggest corporates, but largely invisible to most investors.

That is beginning to change.

The listing of the first commercial paper (CP) instrument on the Nigerian Exchange (NGX) in February 2026 may appear like a technical market development. In reality, it signals a shift in how short-term corporate debt is priced, accessed, and traded. Combined with yields that continue to exceed Treasury bills, commerci

For years, commercial paper occupied an unusual position in Nigeria’s fixed-income market: large enough to fund some of the country’s biggest corporates, but largely invisible to most investors.

That is beginning to change.