…Funds to finance critical road projects nationwide
The Debt Management Office (DMO) has announced a record-breaking N2.205 trillion subscription for its N300 billion Series VII Sovereign Sukuk, reflecting a staggering 735% oversubscription.
According to a statement by Debt Management Office, the overwhelming demand shows growing investor confidence in Nigeria’s ethical finance instrument, first introduced in 2017 to diversify the nation’s funding sources.
The offering attracted bids from retail investors, banks, pension funds, asset managers, and non-interest financial institutions, demonstrating broad-based market appeal.
DMO attributed the milestone to Sukuk’s sharia-compliant structure and its track record of financing tangible infrastructure projects.
Proceeds from the issuance will fund new road constructions, rehabilitation of existing highways, and bridge projects across all six geopolitical zones and the Federal Capital Territory. This aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises infrastructure as a catalyst for economic growth.
“The Sukuk has become a vital tool for national development,” the DMO stated, reaffirming its commitment to creating safe investment opportunities while supporting the federal government’s infrastructure goals. The Series VII issuance follows six previous successful Sukuk bonds that have collectively financed over 7,000km of roads since 2017.
Discussion about this post