Nigeria’s Sukuk Financing Sees 305% Increase in Second Quarter of 2022

Sukuk financing in Nigeria saw a 305.51% increase in the second quarter of 2022 (2Q 2022), rising from NGN 8.17 billion (USD 18.71 million) in the first quarter of 2022 (1Q 2022) ended March to NGN 33.13 billion (USD 75.87 million).

Why it Matters?

The Nigerian federal government issues a certificate of ownership to an investor when they purchase Sukuk with the promise to buy back the Sukuk at a particular future date in a legally-binding pledge. The funds are invested in assets all throughout Nigeria and investors earn rental income on their investments which is deposited directly to their bank accounts as and when due, according to Patience Oniha, Director General of the Debt Management Office (DMO). At maturity, the investment's principle is also di...