Lagos to issue Sub-Saharan Africa’s largest sub national Sukuk

Lagos to issue Sub-Saharan Africa’s largest sub national Sukuk

Published 13 Sep,2021 via The Nation - Lagos State is considering issuance of Sukuk to raise amenable finance to fund infrastructural projects as the state seeks to diversify its funding base to achieve dual objectives of financial inclusion and harnessing opportunities in the alternative ethical financing market.

Officials at the Lagos State Debt Management Office, which oversees debt issuance and management for Nigeria’s most economically viable state, indicated that the state is considering launching a Sukuk, which may set a record as Sub-Saharan Africa (SSA)’s largest sub-national Sukuk issuance.

Lagos State is already the most active sub-national issuer at the Nigerian capital market, but the planned Sukuk will be its first in the alternative ethical finance segment, trailing Osun State, which had issued Nigeria’s first sub-national Sukuk.