Nigeria’s Debt Management Office (DMO) on Thursday listed the 130 billion nairas ($166.7 million) sukuk it sold to investors in November 2022 on the Nigerian Exchange (NGX).

The federal sukuk will fund critical projects in the country’s six geo-political zones. Details of the project were not given.

The order book for the sukuk reached 165.25 billion, representing over 165 percent of the amount offered.

The 10-year, 15.64%, Ijara sukuk, is due 2032.

“The listing of the 130 billion nairas sovereign sukuk on the NGX will expand the range of financial offerings available to investors in the capital market. The opportunity to buy and sell the sovereign sukuk will provide liquidity to investors and promote price discovery,” the DMO said.

The total sovereign sukuk issued from 2017 to date currently stands at 742.557 billion nairas. 

The funds have facilitated the construction and rehabilitation of over 75 roads and bridges across the country. DMO stated.

(Editing by Seban Scaria seban.scaria@lseg.com)