The Federal Government’s ₦300 billion Series VII Sovereign Sukuk has drawn an astonishing ₦2.205 trillion in subscriptions, marking one of the most significant oversubscriptions in Nigeria’s debt market history.
This was disclosed on Wednesday by the Debt Management Office (DMO), which hailed the result as a strong vote of confidence in ethical investment vehicles.
According to the DMO, the offer was oversubscribed by over 735 percent, reflecting surging investor interest in the non-interest financial instrument introduced in 2017 to diversify Nigeria’s borrowing portfolio and deepen capital market participation.
“This overwhelming interest from a wide range of investors is a clear demonstration of confidence in Sukuk as a viable and ethical investment option,” the DMO said in a statement.
The DMO noted that investors across the financial spectrum participated in the offer—including retail investors, non-interest and conventional banks, pension fund administrators, fund managers, and other financial institutions.
This broad participation underscores the increasing appeal of Sharia-compliant instruments among both faith-based and conventional investors.
As with previous Sukuk series, proceeds from the latest issuance will be used to finance critical infrastructure projects, including new road constructions, bridge development, and rehabilitation works across the country’s six geo-political zones and the Federal Capital Territory (FCT).
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“The funds will support the Federal Government’s commitment to infrastructure development, in line with the Renewed Hope Agenda of President Bola Tinubu,” the DMO said.
Introduced in 2017, Sukuk has become a key component of Nigeria’s strategy to fund infrastructure sustainably and inclusively.
It offers investors a secure, asset-backed option while promoting transparency and development impact.
With Series VII’s successful outing, the DMO reaffirmed its dedication to providing Nigerians with safe investment alternatives while supporting national development priorities.
This record-breaking Sukuk issuance is expected to further boost investor confidence and attract more participation in future offerings as the government leans on ethical finance to drive economic growth.