Government debt instruments accounted for roughly 80% of new and supplementary listings on the Nigerian Exchange (NGX) in the first nine months of 2026, underscoring the weight of sovereign borrowing in domestic capital-market activity.
Data from the Nigerian Exchange Regulation (NGX RegCo) X-Compliance Report, published last weekend, show that government-related securities reached approximately N11.08 trillion of the N13.86 trillion in identifiable listing value recorded during the period. Federal Government instruments alone represented about N10.535 trillion.
Schedule 10 of the report captured around 109 transactions spanning government securities, corporate debt, rights issues, public offers, private placements and other instruments, with Federal Government securities the largest single category by listing value.
Key components of the government-linked listings included:
- Additions to existing FGN bond lines, notably the 15.45% FGN June 2038, 16.2499% FGN April 2037 and 22.60% FGN January 2035 bonds. - A N300 billion contribution from FGN Roads Sukuk Company 1 Plc through its seven-year 19.75% Ijarah Sukuk, lifting the Federal Government-related total to N10.835 trillion. - Lagos State Government bonds worth N244.815 billion, made up of a N230 billion Series 4 10-year 16.25% bond and a N14.815 billion Series 3 five-year 16% green bond. - Multiple listings of the 15.45% FGN June 2038 bond, including additions valued at N710.01 billion, N1.373 trillion and N354.63 billion.
Combined, the Federal Government securities, the Sukuk and the Lagos State bonds totalled about N11.08 trillion, leaving roughly N2.78 trillion attributable to corporate and other non-government transactions.
The concentration reflects continued reliance on existing FGN bond lines to raise financing through the domestic market. Several instruments in the NGX RegCo report also featured in recent Debt Management Office (DMO) auctions. In August, the DMO allotted N1.56 trillion across three FGN bonds after receiving subscriptions of N1.73 trillion, again involving the January 2035, April 2037 and June 2038 instruments. In July, the DMO allotted N929.32 billion across three FGN bonds following N1.74 trillion in investor bids, with the auction featuring the 22.60% FGN January 2035, 16.2499% FGN April 2037 and 15.45% FGN June 2038 bonds.
