Nigeria’s Investors Express Faith in Sovereign Debts Amidst Concerns over the Country’s Debt Profile
June 23, 2020
Email Given the market and economic instability as a result of the COVID-19 pandemic, together with declining oil prices, investors have shown a great deal of faith in Nigeria 's debt market. The country’s Debt Management Office (DMO) recently announced an oversubscription of the third sovereign Sukuk, which was offered at NGN 150 billion to investors.
According to the DMO, the third sovereign Sukuk attracted a high level of subscription from investors, with total subscriptions of NGN 669.124 billion, resulting in a subscription level of 446%. According to the DMO, the overwhelming demand for the Sukuk came from a wide range of investors including Ethical Funds, Insurance Companies, Fund Managers and Retail Investors.
