In a significant move to bolster infrastructure development across the nation, Vice President Kashim Shettima announced yesterday that the federal government had successfully accessed over N625 billion during its sixth Sovereign Sukuk issuance. This substantial amount is earmarked for financing the construction of roads and bridges, marking a remarkable435 per cent increase compared to the N150 billion bonds previously offered.
The announcement was made during the opening of the6th Africa International Conference on Islamic Finance (AICIF)2023 in Abuja, under the theme "Towards a Just Transition." Vice President Shettima emphasized the government's unwavering commitment to formulating policies aimed at enhancing financial deepening and diversification to unlock private sector financing.
Highlighting the global trend of assets under management surpassing $2 trillion and the escalating demand for alternative sources of financing, the vice president underscored the pivotal role of Islamic finance in driving financial deepening and diversification within the country.
The Vice President's address, delivered by the Special Adviser to the President, underscored the government's dedication to leveraging Islamic finance as a catalyst for sustainable economic growth and development.
The substantial increase in funds accessed through the Sovereign Sukuk issuance signals a promising trajectory for infrastructure development, reflecting the government's proactive approach to addressing critical infrastructure needs across the nation.
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