FG’s N1 Trillion Sukuk: Transforming Nigeria’s Roads and Bridges

The Federal Government has successfully raised a total of N1.092 trillion through six series of Sukuk bonds, marking a major milestone in infrastructure financing.

Speaking at the All Parties Meeting for the Series VII Sovereign Sukuk in Lagos, the Director-General of the Debt Management Office (DMO), Patience Oniha, highlighted the impact of these funds on Nigeria’s road network.

She revealed that the proceeds have been used to construct and rehabilitate over 4,100 kilometers of roads and nine bridges across the six geopolitical zones and the Federal Capital Territory.

Recalling the first-ever Sovereign Sukuk issued in 2017, Oniha noted that it had a strong start, with an initial N100 billion offer receiving N105.87 billion in subscriptions.

Encouraged by this success, the government continued issuing Sukuk bonds, raising over N1 trillion by December 2023 to boost the country’s infrastructure.

Beyond road expansion, she emphasized that these projects have reduced travel time, improved road safety, created jobs, enhanced market access for farmers, and facilitated better access to education and healthcare services, contributing to overall economic development.

The Sukuk initiative, an ethical investment model, continues to attract diverse investors while playing a crucial role in Nigeria’s infrastructure growth.