The Federal Government of Nigeria has successfully raised over N1 trillion through Sukuk bonds, marking a significant milestone in its commitment to ethical financing and infrastructure development. This achievement was announced by the Director-General of the Debt Management Office (DMO), Patience Oniha, during the All Parties Meeting for the Series VII Sovereign Sukuk in Lagos.
Since the issuance of the first Sovereign Sukuk in September 2017, the Federal Government has utilized this innovative financial instrument to attract a broader range of investors. The proceeds from the Sukuk bonds have been instrumental in financing critical infrastructure projects across the country. Specifically, funds have been allocated to the construction and rehabilitation of over 4,100 kilometers of roads and nine bridges, spanning all six geo-political zones of Nigeria and the Federal Capital Territory.
Ms. Oniha highlighted the transformative impact of these projects, which include reduced travel time, enhanced road safety, job creation, and improved access to markets for farmers in remote areas. Additionally, the upgraded infrastructure has facilitated better connectivity to essential public services such as education and healthcare, contributing to overall economic growth and development.