Nigeria’s Debt Management Office Offers Sukuk Al Ijarah Worth USD 604 Million

Nigeria is offering NGN 250 billion (USD 604 million) worth of Sukuk Al Ijarah from the 16th to 22nd of December 2021 as per a circular issued by the Debt Management Office (DMO) of Nigeria, which is the government agency undertaking the exercise.

Why it Matters?

In September 2017, the Sukuk issuance programme was initiated by the DMO to support and fund the development of infrastructure, promote financial inclusion as well as strengthen the domestic securities market. The latest Sukuk issuance is the fourth in the series with a 10-year tenure at a coupon rate of 12.8% per annum payable twice a year. The previous exercise was in June 2020. Proceeds of the latest Sukuk issuance will be used to fund the rehabilitation and construction of road projects earma...