Nigeria’s Debt Management Office Looking to Diversify Sukuk Projects to Increase Revenue Generation 

Speaking at the third Islamic Finance News Nigeria Road Show held on the 26th of May 2021, Director-General at the Debt Management Office (DMO), Mrs Patience Oniha, stated that Nigeria plans to scale up its Sukuk issuances to include projects other than road development, in the future.

Why it Matters?

The Sukuk issuances initiated by the DMO is to raise local borrowing to fund domestic projects. Whilst this has proven successful since the first issuance in 2017, Sukuk raised needs to be upscaled to include other projects. These Sukuk may even be issued in foreign currency, with the main goal being for the issuance to support new revenue-generating projects that can be used to service the Sukuk itself. However, it may be a while before such issuances...