Nigeria to Issue Sukuk Worth USD 610 Million to Finance Road Projects

Nigeria’s Debt Management Office (DMO) said on the 2nd of November 2021 that the country is to issue sovereign Sukuk on its domestic market for up to NGN 250 billion (USD 610 million) in order to finance road projects.

Why it Matters?

Muhammadu Buhari, President of Nigeria, has made improving transportation networks and investing in outdated power grids a priority of his administration, with the goal of further developing agricultural and other non-oil businesses in order to reduce reliance on diminishing crude earnings. However, funding has been a significant stumbling block.

Details

At the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, President Buhari noted that Nigeria, Africa’s largest economy, n...