NASD Records N34.3bn Commercial Paper Listings In 2025

The NASD Securities Exchange in 2025 recorded N34.32bn in Commercial Paper listings as growing issuer and investor participation underscored rising confidence in Nigeria’s alternative capital market platforms.

The Exchange said in report seen by THE WHISTLER that the robust Commercial Paper activity reflected increased demand for flexible, short-term funding instruments by corporates, even as broader diversification efforts translated into higher listings, improved market depth and stronger overall market metrics during the year.

Market capitalisation on the NASD Exchange more than doubled in 2025, rising by 106 per cent to N2.12trn from N1.03trn in the previous year.

The increase was driven by a combination of new admissions and price appreciation across listed securities, reinforcing the Exchange’s role as a key platform for capital formation outside the traditional stock exchange framework.

Performance on the NASD Pension Index (NPI) was particularly strong, with the index surging by 215 per cent to 3,002.68 points at the close of 2025, compared with 954.33 points in 2024.

The sharp rise reflected improved valuations and renewed interest in pension-eligible securities listed on the Exchange.

Listing activity remained a major growth driver during the year. NASD admitted Infrastructure Credit Guarantee Company Plc (InfraCredit), Paintcom Investment Nigeria Plc and MRS Plc, alongside the listing of Access Bank Plc’s Rights Issue.

Together, these transactions added approximately N1.12trn in new listings to the Exchange in 2025.

Beyond conventional equity listings, NASD recorded growing traction in alternative funding instruments, underscoring its diversification strategy.

In addition to the N34.32bn Commercial Paper admissions, the Exchange announced plans to launch a N5bn maiden tokenised Commercial Paper issuance on its Digital Securities Platform, a move aimed at broadening access to structured financing and deepening participation in the digital capital market.

NASD said 2025 marked a transition from strategy formulation to execution, with diversification initiatives delivering measurable results across equities, fixed-income instruments and digital securities.

While trading activity on the flagship Over-the-Counter (OTC) market remained moderate, it was supported by new company admissions and improved stability among existing securities.

Commenting on the performance, the Managing Director and Chief Executive Officer of NASD, Eguarekhide Longe, said the results reinforced the Exchange’s positioning as Nigeria’s leading alternative securities exchange, offering flexible capital-raising and investment platforms beyond the traditional exchange model.

Looking ahead, Longe expressed optimism about the macroeconomic outlook for 2026, citing anticipated gains from ongoing structural reforms, including the implementation of Nigeria’s new tax law.

He said NASD would continue to work with stakeholders across the capital market to expand economic opportunities, support entrepreneurship and promote inclusive growth through innovation, market diversification and improved access to capital.