Lagos, March 26, 2025 (Naija247news) – The Debt Management Office (DMO) has revealed that the Federal Government has raised a staggering N1.09 trillion through the Sovereign Sukuk since its inception in 2017, channeling funds into critical infrastructure projects across Nigeria.
Thank you for reading this post, don't forget to subscribe!Speaking at an all-parties meeting in Lagos on Wednesday, the Director-General of the DMO, Patience Oniha, announced plans for a fresh N300 billion Sukuk issuance aimed at financing more capital projects.
“We recall that the first Sukuk was issued in September 2017. Despite initial skepticism, the N100 billion offer attracted a total subscription of N105.878 billion,” Oniha stated. “Building on that success, the DMO has since raised a total of N1.09 trillion, leading to the construction or rehabilitation of over 4,100 km of roads and nine major bridges spanning Nigeria’s six geopolitical zones and the Federal Capital Territory.”
The impact of these projects, she noted, has been profound, reducing travel time, enhancing road safety, and fostering economic growth. “Farmers in remote areas now have better access to markets, while improved road networks have facilitated greater access to essential services like healthcare and education,” she added.
Beyond infrastructure, the Sukuk model itself has been praised for deepening Nigeria’s financial markets and promoting financial inclusion. “Sukuk is unique in that it is tied directly to projects, ensuring transparency and accountability. Investors are not only contributing to national development but also receiving bi-annual income returns,” Oniha explained.
Financial powerhouses such as Lotus Financial Services Limited, Buraq Capital Limited, Stanbic IBTC Capital Limited, Greenwich Merchant Bank Limited, and Vetiva Capital Management Limited were present at the meeting, reinforcing their commitment to structuring and managing the offering process.
As the DMO sets sights on the next N300 billion Sukuk, analysts suggest that sustained investor confidence and government commitment to infrastructure development will be key to ensuring the success of future issuances.
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