Invest in FGN bond, Sukuk, CBN tells Nigerians

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BY Kelechukwu Ihuomah

The Central Bank of Nigeria CBN has called on Nigerians to invest in the Sovereign SUKUK bond offered by the Federal Government, saying that it was geared towards infrastructural development.

Speaking at a one-day investors’ forum convened by the Debt Management Office, DMO, in Kaduna, Deputy Director, Financial Markets Department of CBN, Mr. Demenongu Yanfa, said the bank was committed to the smooth running of the SUKUK.

Yanfa said the SUKUK will allow Nigerians take ownership of roads with half yearly rental incomes, adding that it will fast-track the construction of road infrastructure in the country.  His words: “The world is looking for new areas of investment. As of today, South Africa, Malaysia and some other countries of the world have embraced SUKUK to fund some of the construction and rehabilitation of key sectors of their economies.’’

He expressed the optimism that Nigerians will embrace this novel funding alternative for government’s projects, promising that the CBN will work with other relevant government agencies to ensure the success of the SUKUK.

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