RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Sukuk bonds aid in building infrastructure, financial market – DMO

Rate Captain by Rate Captain
November 25, 2022
in Business
Reading Time: 2 mins read
A A
0
Nigeria’s Total Public Debt Stock Surges to N42.84 Trillion – DMO
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Debt Management Office (DMO) stated that the goals of its Sukuk bond offerings are to advance financial inclusion, expand the financial market, and upgrade road infrastructure.

The Director-General of the DMO, Patience Oniha, said this while addressing journalists in Abuja.

AlsoRead

What CBN’s Interest Rates Hikes Means for Nigerians

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

She spoke against the backdrop of the recently announced N100 billion Ijarah Sukuk bonds offered by the DMO.

She stated that the Sukuk bond is significant because it allows raising that quantum of funds just for roads and bridges.

She said, “The Sukuk has become a product that sells itself, but we will be happy to have many more people invest in it. We have several other products that local and foreign investors can invest in. Still, the Sukuk has an added advantage in financing infrastructure, driving retail investors and promoting financial inclusion.”

“We are developing the financial market and giving Nigerians more investment opportunities, ” she said.

She added that the Sukuk is a product that Nigerians are demanding.
“Even the contractors are interested because they want to work, and once they are assured of payment, they go to the site and begin to work, ” she said.

Sukuk is an Islamic liquidity management instrument used by many governments and corporations to finance big projects.
Since the establishment of the initiative in Nigeria in September 2017, the DMO has issued three Sovereign Sukuk in 2017, 2018 and 2020.

For the Record

The Debt Management Office (DMO), on behalf of the Federal Government, announced the offering of N100 billion Ijarah Sukuk bonds for subscriptions; the bonds are offered at 15.64% per annum will be due in 2032.

The Ijarah Sukuk, like the FGN bonds and FGN savings bonds, constitutes part of the domestic component of government borrowings. Since it was introduced in 2017, it has provided N612,557 billion for the Federal Government, which has helped in funding 71 roads and six bridges measuring 1,881 kilometres across the country

Previous Post

CBN to limit cash over the counter withdrawal

Next Post

CBN responds to flooding and with the release of strategic grains reserve

Related News

CBN Excludes NSPMC from Approved Cheque Printers.

What CBN’s Interest Rates Hikes Means for Nigerians

by Rate Captain
May 24, 2023
0

In a move to address the persistently high inflation rate and various economic challenges, the Central Bank of Nigeria (CBN)...

CBN Excludes NSPMC from Approved Cheque Printers.

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

by Rate Captain
May 25, 2023
0

Recently, the Central Bank of Nigeria (CBN) made a significant move by revoking the operating licenses of several microfinance banks,...

The Dangote Oil Refinery: Will it Alleviate Fuel Hikes or Exacerbate Them?

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

by Rate Captain
May 23, 2023
0

On May 22nd, 2023, President Buhari commissioned the Dangote Refinery in Lagos, marking a significant milestone for Nigeria and the...

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

by Rate Captain
May 23, 2023
0

Uber Technologies Inc. and Alphabet Inc.'s Waymo announced on Tuesday that they are teaming up to offer rides in self-driving...

Next Post
CBN Reverts Interest Rate on All its Intervention Funds to 9% Annually

CBN responds to flooding and with the release of strategic grains reserve

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Buhari and state governments get N651 million hardship allowance.

Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

June 4, 2023
Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

June 4, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

    0 shares
    Share 0 Tweet 0
  • Embracing Remote and Hybrid Work to Beat Transportation Costs in Nigeria.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • FBNH Plc reports Gross Earnings of N805.128 billion in 2022.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>