Lagos State Considering Sukuk Issuance to Raise Finance to Fund Infrastructural Projects

Lagos State is considering issuing Sukuk to raise suitable finance for infrastructural projects as part of its efforts to diversify its funding base and fulfill its goals of financial inclusion and leveraging opportunities in the alternative ethical financing sector.

Why it Matters?

Although Lagos State is already the most active sub-national issuer on the Nigerian capital market, the upcoming Sukuk would be it's first in the alternative ethical finance space, behind only Osun State, which had previously issued Nigeria's first sub-national Sukuk. Lagos State stated in August 2021 that it had finalised plans to raise NGN 185 billion from the Nigerian capital market through new debt issuance.

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