The Kogi State Government has announced plans to raise ₦50 billion through a sukuk issuance to finance the construction of an international airport and a modern international market, with project execution expected to begin by March 2026. The disclosure was made by Governor Ahmed at an investor engagement forum in Abuja. The sukuk is positioned as the administration’s flagship infrastructure financing tool, designed to accelerate economic transformation and boost internally generated revenue.
State officials described the sukuk as a fully asset-backed, infrastructure-focused instrument aligned with Islamic finance principles. The Commissioner for Finance, Budget and Economic Planning, Asiru Idris, stressed that the issuance is strictly for revenue-generating infrastructure rather than recurrent spending. Transaction advisers echoed this view, noting that the airport and Lokoja International Market are structured to support repayment through future cash flows.
Kogi State has secured approvals from the State Executive Council and House of Assembly, and has applied for an Irrevocable Standing Payment Order to strengthen investor confidence. Governance structures, including a Sharia Advisory Board and independent project oversight, are planned to ensure transparency and compliance.
