₦57tn in Government Bonds on NGX, but Just 9 Trades

Government debt accounts for more than a quarter of the Nigerian Exchange’s listed value, according to its market capitalisation report for 27 October 2026. Federal Government securities alone were valued at ₦57.22 trillion—more than MTN Nigeria, BUA Foods, BUA Cement and Seplat combined, based on the figures provided. Yet trading appears limited. The NGX daily summary for 30 October listed 154 debt securities, and the 142 conventional bonds on the main debt list recorded no trades. The headline reports just nine trades overall. The figures highlight the gap between the large value of bonds listed on the exchange and how rarely they are traded there. The post examines why that may be happening and what it could mean for investors seeking bond yields in Nigeria.

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