First sovereign sukuk attracts over n5bn in 2017 says committee

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In 2017, the Nigerian government issued its first sovereign sukuk, which was a 5-year, N100 billion (approximately $267 million USD) bond. The sukuk was issued to raise funds for infrastructure development and was oversubscribed, attracting investments from local and international investors. The success of the sukuk issuance was seen as a significant milestone for the Nigerian capital market and a testament to the growing demand for Islamic finance products in the country.