Nigeria opens ₦300bn Sukuk bond offer to fund infrastructure shortfall

• Seven-year Islamic bond priced at 19.75% to fund road and bridge projects
• Sukuk programme has raised $675m since 2017, drawing strong investor demand

Abuja, Nigeria – Nigeria opened subscriptions on Monday for a ₦300 billion ($222 million) sovereign Sukuk bond with a seven-year tenor at a rental rate of 19.75%, the country’s Debt Management Office (DMO) announced. The offer will close on May 20, with settlement scheduled for May 23.