Leveraging Sukuk for Nigeria’s Federal Infrastructure Development

Leveraging Sukuk for Nigeria’s Federal Infrastructure Development

1. Introduction

A frequent challenge in developing nations is financing manufacturing assets and infrastructure because many of these economies lack developed financial markets that can meet the long-term capital requirements of these kinds of projects. This challenge is particularly noticeable in Sub-Saharan Africa, where deficiencies in the power, transportation, and security infrastructure still impede economic growth and productivity. The lack of infrastructure is one of the most pressing development concerns of the twenty-first century, especially for Nigeria, given its sizable population, wealth of natural resources, and strategic economic potential. Innovative funding sources that transcend standard governmental budgets and debt instruments are needed to close this financial gap. Considering the nation’s population and economic potential, transport, security and energy infra are critical to ensure an increase in the GDP for the country. According to the AFDB, Nigeria needs to invest between US$100 billion and US$150 billion a year in infrastructure over the next three decades, However, yearly budgetary allotments and traditional finance fall well short of this goal.[1]  The federal government and private sector project developers are forced to look to innovative project finance facilities and corporate finance facilities for more mature firms to fund their projects. This is further exacerbated by persistent budget deficits, high debt service-to-revenue ratios, and volatile foreign exchange rates.

Against this backdrop, financiers and project sponsors are increasingly embracing Sukuk as an alternative instrument for infrastructure funding. Rooted in Islamic finance principles, Sukuk have gained prominence as credible vehicles for mobilizing both domestic and international capital. Unlike conventional bonds, which represent debt obligations tied to interest payments, Sukuk signify proportional ownership in tangible assets, services, or projects. This ownership structure is what makes Sukuk attractive to investors who seek both financial returns and asset-backed security.[2] Nigeria’s adoption of Sukuk since 2017 is a result of a policy decision to expand the country’s non-interest capital market as well as a strategic effort to diversify the nation’s debt portfolio. Nigeria’s adoption of Sukuk since 2017 is a result of a policy decision to expand the country’s non-interest capital market as well as a strategic effort to diversify the nation’s debt portfolio. A major milestone was reached in September 2017 with the issue of Sukuk I, worth ₦100 billion, which directed funds towards the repair of important federal roadways in six geopolitical zones.[3]  Subsequent issuances; Sukuk II (2018), Sukuk III (2020), and Sukuk IV (2021), have expanded the scale and scope of projects financed, underscoring Sukuk’s growing relevance in Nigeria’s infrastructure finance landscape.

Several essential components usually come together in a Sukuk’s architecture to guarantee Shariah compliance and transparency. Every issuance needs to be based on recognisable assets that produce returns, usually those related to infrastructure or services. A Special Purpose Vehicle (SPV) receives these assets and then certifies investors. Instead of receiving regular interest payments, the certificates grant holders a portion of revenues, whether they come from rents, profits, or project earnings. A Shariah Supervisory Board examines and certifies each construction to ensure compliance with Islamic law. This asset-based framework blends financial discipline with risk-sharing, ensuring that investors participate in the performance of real economic activities. For governments and project sponsors in Nigeria, this offers not just a means of bridging infrastructure gaps, but also a pathway to diversify funding sources, attract a wider pool of investors, and build market confidence around transparency and project accountability.

Evidently, a wide variety of investors, such as pension funds, ethical investors, and Islamic institutions in Nigeria and around the world, are drawn to Sukuk because it offers an inclusive financing mechanism. Sukuk presents Nigeria with a chance to grow its investor base and further its infrastructure development program at the same time, given the growing demand for non-interest securities.

Consequently, in this article, we analyse Nigeria’s Sukuk finance schemes for federal infrastructure, emphasising its institutional frameworks, risk distribution, conceptual foundations, and potential future developments. It assesses Sukuk’s performance in project execution, places it within Nigeria’s larger infrastructure financing plans, and identifies regulatory changes that are required to expand its use.

2. Concept and Scope of Sukuk in Infrastructure Finance

Sukuk is fundamentally a financial certificate that denotes a proportionate stake in an underlying project, asset, or service. In contrast to traditional bonds, which establish a debtor-creditor relationship, holders of Sukuk share in the asset’s ownership and risk. The asset-backed or asset-based basis of Sukuk makes it especially appropriate for financing infrastructure, where the investment is based on physical assets like power plants, bridges, and highways.[4]

Sukuk is categorised into a number of structures by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The three most pertinent to infrastructure are Ijara (leasing Sukuk), Istisna (construction/manufacturing Sukuk), and Murabaha (cost-plus sale Sukuk).[5]  When infrastructure assets may be leased to the government or an operator, Ijara Sukuk are frequently utilised, and Sukuk holders are eligible to receive rental revenue. In contrast, Istisna Sukuk are intended to finance building projects in which investors contribute funds to build particular assets, and ownership is transferred after the project is finished. Despite being less prevalent in the infrastructure sector, murabaha sukuk can be used to finance the acquisition of equipment or raw materials.

Up until now, Nigeria’s Federal Government Sukuk (FGN Sukuk) issuances have followed an Ijara structure, in which the capital of investors is used to finance federal road projects and Sukuk holders get periodic rental income from the financed assets’ usufruct.[6] The Debt Management Office (DMO), acting as the issuing agency, ensures compliance with Shariah requirements, while also coordinating with the Federal Ministry of Works and Housing to allocate funds to selected projects. Importantly, the projects financed via Sukuk are ring-fenced, meaning funds are intended exclusively for identified infrastructure assets, improving transparency and investor confidence.

Sukuk’s role in financing infrastructure in Nigeria has been gradually growing. In the six geopolitical zones, Sukuk I (2017) funded 25 road projects, Sukuk II (2018) funded 28 projects, while Sukuk III (2020) and IV (2021) expanded the program with allocations reaching ₦162 billion and ₦250 billion, respectively.[7]  These issuances not only illustrate the government’s commitment to utilising Sukuk for statewide infrastructure delivery but also demonstrate increased investor interest, with each issuance recording oversubscription.

In addition to roads, Sukuk offers chances to finance other vital infrastructure areas in Nigeria, such as rail transit, housing, renewable energy, and electricity generation and transmission. Sukuk’s asset-backed structure fits very nicely with these industries, since projects produce observable and traceable assets. Furthermore, it can be designed to appeal to both foreign Islamic investors from the Gulf and Southeast Asia as well as domestic investors, such as pension funds looking for assets that comply with Shariah. Expanding the use of Sukuk for infrastructure financing can help close urgent development gaps and spur the growth of the capital market as Nigeria maintains its position as Africa’s leader in Islamic finance.

3. Sukuk Structures in Nigeria’s Federal Infrastructure Delivery

Nigeria has made a conscious effort to expand the country’s non-interest capital market and diversify its financing options by incorporating Sukuk into its debt management plan. Sukuk has been a regular component of the Federal Government’s borrowing program since its initial issuance in 2017, with each issuance improving the project’s scope and structure.

• FGN Sukuk I (2017): The Pilot Phase

In September 2017, the Debt Management Office (DMO) of the Federal Government of Nigeria (FGN) issued the nation’s first Sovereign Sukuk. The proceeds, which were valued at ₦100 billion and structured as a seven-year Ijara (lease) Sukuk, were designated for the construction and rehabilitation of 25 important road projects throughout the six geopolitical zones.[8]  For a number of reasons, the issuance was revolutionary. Nigeria distinguished itself as a leader in Islamic finance on the continent by issuing the first sovereign Sukuk in sub-Saharan Africa. Second, a major issue with Nigeria’s public finance system is transparency, which was improved by ring-fencing the proceeds for particular infrastructure projects. Lastly, the Sukuk was oversubscribed, indicating a high level of investor interest in Shariah-compliant securities.[9]

• FGN Sukuk II (2018): Scaling Up

In December 2018, the government released Sukuk II, which was once more worth 100 billion, building on the success of the pilot.[10]  This issue increased the scope and geographic coverage by funding 28 road projects across the country. Lessons learnt from the pilot phase were consolidated in Sukuk II, especially with regard to Shariah compliance and project monitoring. Crucially, it drew in a wider range of investors, including ordinary investors looking for non-interest financial products, insurance firms, and pension funds. The issuance strengthened Sukuk’s standing as a dependable way to direct savings towards the construction of useful infrastructure.

• FGN Sukuk III (2020): Expanding Amid Fiscal Strain

Amidst the COVID-19 pandemic and a decline in oil earnings, Nigeria issued Sukuk III in June 2020, raising ₦162.557 billion.[11]  Despite macroeconomic difficulties, investor confidence was demonstrated by the issuance’s oversubscription. 44 road projects around the nation received the proceeds. The success of Sukuk III demonstrated how the instrument may be used as a counter-cyclical financing mechanism to mobilise domestic capital in unfavourable external borrowing conditions. Sukuk was now a crucial component of the FGN’s yearly borrowing strategy.

• FGN Sukuk IV (2021): Consolidation and Oversubscription

The largest issue to date, Sukuk IV, was introduced by the DMO in December 2021 and raised ₦250 billion.[12] The proceeds was used to finance 71 bridges and road projects, increasing Sukuk’s presence in Nigeria’s infrastructure. Sukuk IV was oversubscribed, similar to previous offerings, demonstrating ongoing investor confidence and the increasing acceptance of Sukuk as a common financing vehicle. Sukuk had raised a total of more than ₦612 billion for infrastructure projects by this point.[13]

 

4. Institutional Roles in Sukuk Delivery

The success of Nigeria’s Sukuk program has been underpinned by the coordinated efforts of multiple institutions:

1. Debt Management Office (DMO): Serves as the issuing agency, structuring Sukuk in line with Shariah requirements and ensuring compliance with Nigeria’s borrowing framework.
2. Federal Ministry of Works and Housing: Identifies and executes the road projects financed by Sukuk, ensuring alignment with federal infrastructure priorities.

• Central Bank of Nigeria (CBN): Provides settlement services and liquidity support to enhance investor confidence.

1. Securities and Exchange Commission (SEC): Regulates Sukuk issuance in the capital market, ensuring investor protection.
2. Shariah Advisory Council: Certifies that Sukuk structures comply with Islamic finance principles.

As a funding instrument, Sukuk has gained legitimacy and sustainability thanks in part to this institutional structure. In sovereign Sukuk issuance, ring-fencing of proceeds and periodic updates on project implementation are regarded as best practices, which improve accountability and draw in repeat investors.

 

Nigeria’s Sukuk program has attracted involvement from Islamic institutions, pension funds, retail investors, and ethical investors, expanding the nation’s investment base.[14]  Due in part to the limited supply of Shariah-compliant assets in Nigeria’s capital market, each issuance has been oversubscribed. Additionally, by expanding the non-interest yield curve and offering standards for corporate Sukuk issuance, the Sukuk program has helped to deepen the capital market.[15]

5. Proceed, Risk Allocation, and Investor Confidence

In addition to adhering to Shariah, Sukuk’s legitimacy as a funding vehicle for Nigerian federal infrastructure depends on how profits are made, risks are distributed, and investor trust is preserved. Sukuk is based on asset-based or asset-backed contracts that give investors the right to returns from the underlying assets, as opposed to traditional bonds, which pay out fixed interest.[16] In Nigeria’s federal infrastructure initiative, this structural difference affects risk allocation as well as revenue flows.

• Revenue Structure of FGN Sukuk

The Ijara (lease) mechanism that underpins Nigeria’s sovereign Sukuk gives its holders the right to receive rental income on a regular basis. In reality, investors receive Sukuk certificates from the Federal Government via the DMO. A special purpose vehicle (SPV) receives the proceeds and uses them to finance certain road and bridge projects carried out by the Ministry of Works and Housing.[17] The government, in its capacity as lessee, pays rental income to the SPV, which subsequently disburses returns to Sukuk investors. Sukuk holders are considered to possess beneficial interests in these assets.

The Federal Government’s complete faith and credit ultimately support repayment. Asset-linked rentals provide investors with recurring income, but government funds are used to pay for Sukuk redemptions at maturity.[18] Nigeria’s Sukuk differs from strictly project-financed Islamic securities, whose returns are directly linked to project-generated revenues, due to its sovereign backing. Rather than exposing investors to the operational and market risks of particular projects, Nigeria’s Sukuk provide them with exposure to infrastructure development.

6. Risk Allocation and Mitigation

Risk allocation is central to the sustainability of Sukuk structures. The primary risks associated with Sukuk financing for federal infrastructure in Nigeria include:

1. Project Execution Risk. Timely project completion may be impacted by political meddling, inadequate contract management, or procurement delays. Even if Sukuk earnings are ring-fenced, the program’s credibility is damaged by subpar project performance. Through careful observation and progress reporting, the Federal Ministry of Works and Housing, together with the DMO, reduces this risk.[19]
2. Shariah Compliance Risk. Investors in sukuk anticipate rigorous adherence to the rules of Islamic financing. Investor trust could be lost and reputational harm could result from noncompliance. In order to remedy this, the DMO appoints a Shariah Advisory Board to oversee compliance continuously and certify each issuance.[20]

• Macroeconomic and Inflation Risk. The real value of Sukuk returns is challenged by Nigeria’s erratic inflation and exchange rate movements. Although nominal rental payments are made to investors, real revenue may be undermined by rising inflation. Although the oversubscription indicates that investors still value the diversity and ethical investment opportunities, Sukuk’s fixed structure does not offer inflation hedges.[21]

1. Political and Legal Risk. The Sukuk framework may be disrupted by shifts in governmental priorities or lax enforcement of contracts. This risk is lessened by Nigeria’s sovereign guarantee and legislative support under the DMO Act, while political instability is still a worry.

By allocating operational and delivery risks to the government while ensuring Shariah compliance and sovereign backing, Nigeria has created a Sukuk structure that balances investor protection with project execution responsibilities.

Consistent oversubscription has been a notable aspect of Nigeria’s Sukuk program, indicating strong investor confidence. Similar patterns were observed for Sukuk I (2017), Sukuk II (2018), Sukuk III (2020), and Sukuk IV (2021), which were all oversubscribed by 30%, 100%, and 100%, respectively.[22]  Investor demand is influenced by several factors, notable among which includes scarcity of Shariah-Compliant Assets, sovereign backing, transparency and Ring-Fencing, and Market Benchmarking.

The broadening of the investor base has also been significant. While initial issuances attracted mainly institutional investors, retail participation has increased, aided by growing awareness of non-interest financial products. Pension funds, in particular, have played a pivotal role, aligning Sukuk with long-term infrastructure financing needs.

• Broader Implications for Infrastructure Finance

Nigeria’s Sukuk structure has established itself as a cross between conventional sovereign bonds and pure project finance by fusing asset-based contracts with sovereign guarantees. It exhibits devotion to Islamic financial principles while maintaining the stability and safety of government debt instruments. The high level of market confidence suggests to policymakers that Sukuk can be expanded as a regular tool in the federal borrowing plan. Sukuk offers investors competitive returns with a social impact, making it a morally and financially sound investment.

• Financial Metrics and Comparative Viability of Sukuk and Conventional Bonds

Sukuk’s sustainability as a funding source for Nigeria’s federal infrastructure cannot be evaluated based only on the projects it funds.  Examining Sukuk’s financial performance in comparison to other borrowing options, such as Eurobonds and traditional FGN bonds, is also necessary.  Crucial indicators of Sukuk’s competitiveness are its pricing, subscription trends, and role in the growth of the domestic capital market.

Similar to coupon payments on traditional bonds, Nigeria’s Sukuk are structured with set rental payments that are disbursed to investors semi-annually. Historically, the price of sovereign Sukuk has been in line with similar Federal Government Bond (FGN) maturities.[23]  For instance, the rental rate on Sukuk I (2017) was 16.47 percent, which was about in line with yields on seven-year FGN bonds that were issued at the same time. The rate at which Sukuk II (2018) was issued was 15.74 percent, which was in line with the current state of the market.[24]

According to this pricing parity, Sukuk may not always provide the federal government with less expensive funding than traditional debt. Diversification, expanding the investor base to include non-interest-seeking investors like Islamic institutions, Shariah-mandated pension funds, and individual investors barred from interest-bearing products, is the strategic benefit instead. As a result, the government can access more funds without having to pay more than it would for traditional borrowing.

• Contribution to Market Deepening

The issue of Sukuk has contributed significantly to the expansion of Nigeria’s domestic yield curve for non-interest securities. The absence of long-term Shariah-compliant assets on the Nigerian capital market prior to Sukuk limited the ability of Islamic banks, takaful insurers, and pension funds to diversify their holdings. By offering a benchmark instrument, Sukuk allowed corporate issuers to think about comparable arrangements.[25] Retail participation is another indicator of the market-deepening effect. The DMO has promoted the involvement of non-institutional investors, such as individuals and cooperatives, in infrastructure financing through Sukuk. Even if they are still small in comparison to institutional investors, retail subscription levels show a growing trend towards financial inclusion.

• Comparison with Eurobonds

Nigeria’s external borrowing strategy has relied heavily on Eurobonds, however these instruments subject the nation to foreign exchange risk and volatility in international markets. For example, yields on Eurobonds issued in 2018 were between 7.5 and 8 percent in USD.[26]  Even while these nominal rates seem lower than the double-digit yields on local Sukuk, the actual cost of servicing Eurobonds is greatly increased by the naira’s foreign exchange depreciation. Sukuk, on the other hand, promote the domestic financial system and remove foreign exchange risk because they are denominated in local currency.

Additionally, because Sukuk adheres to the principles of Islamic banking, it opens up access to global Islamic capital pools, especially in the Middle East and Southeast Asia. Although Nigeria has not yet issued an international sovereign Sukuk, doing so might increase Nigeria’s visibility in the global Islamic finance market and give it access to cheaper funding from investors looking for Shariah-compliant securities.

• Sukuk Viability in Federal Borrowing Strategy

Sukuk I–IV has mobilised about ₦612 billion in total, demonstrating its feasibility as a recurring borrowing vehicle.[27]  The competitive pricing, oversubscription, and market-deepening implications of Sukuk are financial measures that bolster its incorporation into Nigeria’s medium-term debt strategy. The benefits of Sukuk include risk diversification, investor inclusion, and project financing transparency, even if they might not lower borrowing costs in comparison to traditional bonds.

Sukuk should be seen as an additional tool, not a replacement, for external loans, PPPs, and budgetary allocations in the larger framework of debt sustainability. Sukuk plays a special position in Nigeria’s infrastructure financing mix because of its capacity to raise domestic capital in local currency while ring-fencing proceeds for the delivery of infrastructure.

7. Challenges and Limitations

Although Sukuk has shown itself to be a useful instrument in Nigeria’s federal infrastructure finance mix, its scalability is constrained by a number of issues and restrictions. These challenges, which reflect both internal structural flaws and the particular needs of Islamic finance, cover legal, regulatory, institutional, and market aspects.

Legal and Regulatory Constraints: Nigeria’s Sukuk legal system is still in its infancy. Existing provisions under the Investments and Securities Act, the Debt Management Office Act, and Securities and Exchange Commission (SEC) guidelines have made it possible to issue sovereign Sukuk.[28]  Nevertheless, there is not a specific Sukuk law that would offer all-encompassing control over trading, issuance, and dispute settlement. Both domestic and foreign investors face legal ambiguity as a result of this absence, especially when it comes to the validity of contracts and the protection of the rights of Sukuk holders.  Furthermore, harmonising regulations is still difficult. The Central Bank of Nigeria (CBN), SEC, and DMO all have overlapping functions, which occasionally leaves monitoring duties unclear.[29] Clearer delineation of roles and standardized procedures for approval, monitoring, and reporting are needed to strengthen investor confidence and facilitate innovation in Sukuk structures.

Project Ring-Fencing and Transparency: Nigeria’s Sukuk program ensures transparency by ring-fencing proceeds for specific road projects, but this rigidity limits application to other sectors like power, housing, or renewable energy.[30] Expanding Sukuk requires sector-sensitive mechanisms to prevent diversion and misallocation. However, challenges such as procurement delays, weak contract enforcement, and cost overruns persist, undermining credibility.[31] Strengthening monitoring frameworks and timely disclosure are crucial to preserve Sukuk’s accountability advantage and sustain investor confidence.

Market Depth and Investor Diversification: Despite strong demand and oversubscription, Nigeria’s Sukuk investor base is concentrated among pension funds, insurers, and Islamic banks, with modest retail participation, creating concentration risk and limiting liquidity. Expanding retail education, streamlining processes, and using fintech could broaden access. Moreover, Nigeria has yet to issue global Sukuk. Attracting Middle Eastern and Southeast Asian investors requires stronger legal frameworks, sovereign credit enhancements, and recognized Shariah standards to tap substantial international Islamic capital pools.

8. Conclusion and Policy Recommendations

A significant turning point in Nigeria’s quest for creative financing options to overcome its ongoing infrastructure deficit has been the country’s adoption of Sukuk. More than ₦600 billion has been raised by Sukuk since its first issuance in 2017, funding more than 150 road and bridge projects around the federation.[32] Ring-fenced project financing’s robust investor appetite, steady oversubscription, and transparency benefits highlight Sukuk’s potential as an additional tool in Nigeria’s debt management plan.

However, Sukuk’s actual potential is still not being fully utilised. Up until now, the program has mostly focused on federal road infrastructure, with little diversification into other critical sectors including transportation, power, housing, and renewable energy, these are areas where bankability can be established and rental income can be paid out of the projects revenues. Furthermore, issues with institutional capability, legal frameworks, and project monitoring still limit growth. Sukuk is a potent instrument that can be expanded with the correct reforms and strategic alignment, but it is not a solution to Nigeria’s infrastructure shortage.

Sukuk affords Nigeria with more than just a different kind of funding; it is a revolutionary way to raise money for sustainable, moral, and equitable infrastructure development. Sukuk has already started to change Nigeria’s debt situation by expanding the investor base, strengthening non-interest capital markets, and integrating transparency. Scaling its reach, incorporating it with PPPs and climate funding, and enclosing it in a strong institutional and legal framework are the next steps. Nigeria may be able to construct durable roads, electricity networks, housing, and renewable energy systems that will support its development trajectory for many years to come if these changes are implemented. Sukuk might then become a key component of the nation’s infrastructure finance strategy.

  

References

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Shariah Standards for Islamic Financial Institutions, 2017.

African Development Bank (AfDB), Nigeria Economic Outlook, 2022.

African Development Bank, Nigeria’s Infrastructure Plan: Financing the Gap, 2021.

Central Bank of Nigeria (CBN), External Debt Statistics Report, 2018.

Central Bank of Nigeria (CBN), Financial Stability Report, 2021.

Central Bank of Nigeria (CBN), Inflation Reports, 2021–2022.

Climate Bonds Initiative (CBI), Green Sukuk State of the Market Report, 2021.

Debt Management Office (DMO), Cumulative Sukuk Issuance Report (2017–2021), 2022.

Debt Management Office (DMO), FGN Sukuk Framework Document, 2018.

Debt Management Office (DMO), FGN Sukuk II Framework, 2018.

Debt Management Office (DMO), FGN Sukuk IV Issuance Report, December 2021.

Debt Management Office (DMO), Press Release on FGN Sukuk I Issuance, September 2017.

Debt Management Office (DMO), Press Release on FGN Sukuk III Issuance, June 2020.

Debt Management Office (DMO), Press Release on Sukuk I Issuance, 2017.

Debt Management Office (DMO), Press Release on the Issuance of FGN Sukuk I, 2017.

Debt Management Office (DMO), Press Releases on FGN Sukuk I–IV Issuances, 2017–2021.

Federal Ministry of Works and Housing, Cumulative Report on Sukuk-Financed Projects (2017–2021), 2022.

Federal Ministry of Works and Housing, Monitoring Report on Sukuk Projects, 2020.

Federal Ministry of Works and Housing, Project Monitoring Report on Sukuk-Financed Roads, 2020.

Federal Ministry of Works and Housing, Report on Federal Road Projects Financed by Sukuk I–IV, 2022.

Infrastructure Concession Regulatory Commission (ICRC), PPP Disclosure Framework, 2020.

Islamic Development Bank (IsDB), Sukuk and Infrastructure Finance Report, 2020.

Islamic Financial Services Board (IFSB), Capacity Development in Islamic Finance Report, 2019.

Islamic Financial Services Board (IFSB), Sukuk Development Report: Nigeria Case Study, 2022.

150. Ayub, Understanding Islamic Finance (Chichester: Wiley, 2007), 145–150.

National Pension Commission (PenCom), Pension Fund Assets Report, 2022.

210. Iqbal and P. Mirakhor, An Introduction to Islamic Finance: Theory and Practice (Singapore: Wiley, 2011), 210.

Securities and Exchange Commission (SEC), Capital Market Annual Report, 2021.

Securities and Exchange Commission (SEC), Rules on Sukuk Issuance in Nigeria, 2020.

 

 

[1] African Development Bank, Nigeria’s Infrastructure Plan: Financing the Gap, 2021.

[2] M. Ayub, Understanding Islamic Finance (Chichester: Wiley, 2007), 145–150.

[3] Debt Management Office (DMO), Press Release on FGN Sukuk I Issuance, September 2017.

[4] S. Iqbal and P. Mirakhor, An Introduction to Islamic Finance: Theory and Practice (Singapore: Wiley, 2011), 210.

[5] Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Shariah Standards for Islamic Financial Institutions, 2017.

[6] Debt Management Office (DMO), FGN Sukuk Framework Document, 2018.

[7] Federal Ministry of Works and Housing, Report on Federal Road Projects Financed by Sukuk I–IV, 2022.

[8] Debt Management Office (DMO), Press Release on the Issuance of FGN Sukuk I, 2017.

[9] Ibid

[10] Debt Management Office (DMO), FGN Sukuk II Framework, 2018.

[11] Debt Management Office (DMO), Press Release on FGN Sukuk III Issuance, June 2020.

[12] Debt Management Office (DMO), FGN Sukuk IV Issuance Report, December 2021.

[13] Federal Ministry of Works and Housing, Cumulative Report on Sukuk-Financed Projects (2017–2021), 2022.

 

[14] Securities and Exchange Commission (SEC, 2021).

[15] Federal Ministry of Works and Housing, Report on Federal Road Projects Financed by Sukuk I–IV, 2022.

[16] S. Iqbal and P. Mirakhor, (2011)

[17] Debt Management Office (DMO, 2018).

[18] Ibid

[19] Federal Ministry of Works and Housing, 2020.

[20] (AAOIFI, 2017)

[21] Central Bank of Nigeria (CBN), Inflation Reports, 2021–2022.

[22] (DMO, 2017–2021).

[23] DMO, FGN Sukuk Framework Document, 2018.

[24] DMO, 2017.

[25] Central Bank of Nigeria (CBN, 2018).

[26] Central Bank of Nigeria (CBN), 2018.

[27] Federal Ministry of Works and Housing, 2022.

[28] Securities and Exchange Commission (SEC), 2020.

[29] Central Bank of Nigeria (CBN), Financial Stability Report, 2021.

[30] Debt Management Office (DMO), FGN Sukuk Framework Document, 2018.

[31] Federal Ministry of Works and Housing, Monitoring Report on Sukuk Projects, 2020.

[32] Debt Management Office (DMO), 2022.