The Federal Government of Nigeria has issued six Sovereign Sukuk bonds worth ₦1.1 trillion ($657.6 million) to fund 124 federal road projects spanning over 5,820 kilometres across the country’s six geopolitical zones. This was disclosed by the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, during the 2nd International Islamic Capital Market Conference in Karachi, Pakistan.
Dr. Agama highlighted the impressive success of Nigeria’s Islamic Capital Market (ICM), noting that since the first issuance in 2017, Sovereign Sukuk bonds have consistently been oversubscribed, with subscription rates reaching as high as 441%. He described the Sukuk programme as a major driver of ICM growth in Nigeria.
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He also mentioned the rising trend of sub-national and corporate Sukuk issuances in Nigeria. Notable issuers include Osun and Lagos states, Family Homes Ltd, and TAJ Bank Plc. Additionally, three other sub-national entities have issued private Sukuk bonds.
These instruments have supported critical infrastructure projects such as school construction, housing development, and even tier 1 capital funding for a bank—an unprecedented achievement in Nigeria. The SEC reaffirmed its commitment to fostering more innovations in the Islamic financial sector.
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