Nigeria will issue a sovereign Sukuk on its domestic market for up to 250 billion naira ($610 million) this year to finance infrastructure projects, the Debt Management Office (DMO) said on Tuesday.
The DMO issued a maiden 100 billion naira Sukuk four years ago to support road projects and deepen the local debt market. It has raised a total of 362.58 billion naira through the Islamic bond market at that time. The aim is to improve its road infrastructure.
Nigeria has a fairly extensive infrastructure of roads, railroads, airports, and communication networks. The road system is by far the most important element in the country’s transportation network, carrying about 95 percent of all the nation’s goods and passengers.
However, the quality of roads is generally poor. Heavy travel on major roads accelerates the wear, vehicle accidents are very common, and the fatality rate is high.
Many factors are responsible for the inadequate infrastructure provision in Nigeria such as but not limited to poor funding; poor governance; corruption; economic sabotage; poor maintenance culture; population explosion; and neglect of urban and regional planning laws
How to Improve Nigeria:s Road Infrastructure?
- Identify where the government is needed and areas where the private sector is better positioned. …
- Consider a distributed model for infrastructure projects. …
- Go straight to the finish. …
- Focus on getting the project right, not on attracting investment. …
- Invest now and reap the benefits in the decades ahead.
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