Central Bank of Nigeria (CBN), Debt Management Office (DMO) and the Infrastructure Concession Regulatory Commission (ICRC), are exploring ways to use Sukuk to build airports, railways and refineries. Speaking at the National Conference on Islamic Banking and Finance in Nigeria, Wednesday, in Abuja, CBN Governor, Mallam Sanusi Lamido Sanusi, said that in view of the potentials of Sukuk to develop economies in building infrastructure, the CBN, in conjunction with other sister institutions like the Securities and Exchange Commission(SEC), ICRC, DMO, had assembled a technical team to explore the prospects of alternative modes of finance and set out the procedures for using the modes in the development of infrastructure. He stated that the team had identified, in its report, potential projects that could be financed by sovereign and sub- sovereign Sukuk. “These projects include upgrade, maintenance, repairs and new construction of roads and highways; upgrade, renovation and new construction of airports, rehabilitation of the rail line and the building of a new rail line and railway stations. Part funding for the construction of the planned three refineries and mass housing and light rail for some states in the federation” he said.
Posted on: Thu, 07 Nov 2013 11:32:27 +0000
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