The Debt Management Office (DMO) has announced that it is set to issue another sovereign sukuk of N200bn to N250bn this year for the finance of critical road projects in the country.
This was disclosed in a statement titled ‘Towards financing infrastructure: Debt Management Office to issue another sovereign sukuk’ on its website on Tuesday.
The DMO said it had already appointed transaction parties through the open competitive bidding process for the issuance of this fourth sovereign sukuk.
It also stated that it began the issuance of sukuk in September 2017 in which N100bn was raised to finance the rehabilitation and construction of 25 road projects across the six geopolitical zones, as a strategic initiative to support the development of infrastructure, promote financial inclusion and strengthen the domestic securities market.
Following the debut sovereign sukuk in 2017, the DMO stated that it issued a sukuk for N100bn in 2018 and another one for N162.557bn in 2020.
It also stated that the two sukuk issuances were deployed to 28 and 44 road projects, also in the six geopolitical zones.