The Federal Government of Nigeria (FGN) and corporate issuers raised over ₦3.4 trillion from bond listings on the Nigerian Exchange (NGX) between January and August 2025, highlighting continued growth in the domestic debt market.

The FGN accounted for the bulk of the amount, listing 14 new bonds worth about ₦759.7 billion and securing another ₦2.6 trillion through supplementary issuances. Coupon rates ranged between 15.76% and 22.60%, reflecting high borrowing costs in a tight monetary environment.

Corporate issuers contributed around ₦84.5 billion, led by Dangote Cement (₦38.2 billion, 23.5%), Craneburg EKSG Motorway Company (₦32.5 billion, 22%), and TSL SPV Plc (₦5 billion, 21%).

Analysts say the strong activity mirrors investor confidence in Nigeria’s fixed-income market and the government’s strategy to rely more on local borrowing to fund the 2025 budget.