The Debt Management Office (DMO) has announced that since the inception of the Sovereign Sukuk in 2017, the Nigerian government has successfully raised a total of ₦1.09 trillion. These funds have been instrumental in financing critical infrastructure projects, including the construction and rehabilitation of over 4,100 kilometers of roads and nine bridges across Nigeria’s six geopolitical zones and the Federal Capital Territory.
Speaking at an “all-parties meeting” in Lagos on Wednesday, DMO Director-General Patience Oniha revealed plans for the seventh series of the Sovereign Sukuk, aiming to raise approximately ₦300 billion to finance additional capital projects. Oniha highlighted the sustained success of the Sukuk initiative, noting that the inaugural issuance in September 2017 attracted a total subscription of ₦105.878 billion, surpassing the initial offer of ₦100 billion.
The infrastructure projects funded by the Sukuk have yielded significant benefits, including reduced travel times, enhanced road safety, job creation, and improved market access for farmers in remote areas. Additionally, these developments have facilitated better access to public services such as education and healthcare, contributing to broader economic growth.
The upcoming Sukuk issuance will be supported by financial advisers including Lotus Financial Services Limited, Buraq Capital Limited, Stanbic IBTC Capital Limited, Greenwich Merchant Bank Limited, and Vetiva Capital Management Limited. These firms play a crucial role in structuring the Sukuk, managing the offering process, and facilitating investor participation.
The DMO’s continued commitment to leveraging Sukuk financing underscores its dedication to addressing Nigeria’s infrastructure needs and promoting sustainable economic development.
