The Debt Management Office (DMO) has announced that its Series VII Sovereign Sukuk offering, launched on behalf of the Federal Government of Nigeria (FGN), has recorded an unprecedented subscription of over N2.205 trillion.

The offer, which sought to raise N300 billion, was oversubscribed by 735 percent—highlighting strong investor confidence in the ethical financial instrument.

Introduced in 2017, the Sovereign Sukuk is part of the DMO’s strategic initiative to broaden Nigeria’s investor base and deepen participation in the capital market, particularly among ethical investors.

The overwhelming interest in the latest series underscores the growing appetite for non-interest financial products among Nigerian investors.

According to the DMO, the subscription base spanned diverse investor categories, including retail investors, non-interest financial institutions, conventional banks, pension fund administrators, and asset/fund managers.

Consistent with previous Sukuk issuances, proceeds from the Series VII offer will be used to finance critical infrastructure projects across the country. These include the construction and rehabilitation of roads and bridges across all six geo-political zones and the Federal Capital Territory.

The DMO reaffirmed that raising funds through Sukuk instruments supports President Bola Ahmed Tinubu’s Renewed Hope Agenda, where infrastructure development is identified as a key driver of national growth.

“The DMO remains committed to providing safe, liquid, and ethical investment products to the investing public, while supporting the Federal Government’s broader economic and development objectives,” the agency stated.