Nigeria Industry Research

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Nigeria’s Capital Markets: Robust Corporate Debt Issuance Expected Over 2021
  • Nigeria Industry Research
  • Year : May 2021
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Summary

GCR expects corporate debt issuance in Nigeria to remain robust throughout 2021. Debt capital market activity in Nigeria has increased significantly in recent years. As shown in figure 1 and 2, below, Nigerian corporates issued a record N1.02 Trillion (USD 2.69 Billion) of local currency debt instruments in 2020, N762 Billion (USD 2.01 Billion) of which was short-dated commercial paper (CP) (75% of total); N259 Billion (USD 0.68 Billion) being longer-term bonds (25% of total).

Additional Information

Yields on short and long-term debt instruments dropped to record lows last year due to excess liquidity in the market after the Central Bank of Nigeria (CBN) imposed restrictions on its Open Market Operations (OMOs) and eased monetary policy to aid economic recovery; cutting its Monetary Policy Rate to 11.5% from 13.5% over 2020.

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