Ododo Plans N50bn Sukuk to Fund Kogi Airport, Lokoja Market

The Kogi State Government has announced plans to raise ₦50 billion through a Sukuk bond to finance the construction of a Kogi State International Airport and the Lokoja International Market.

Governor Ahmed Ododo disclosed this during a meeting with investors, capital market operators and development finance institutions in Abuja.

Speaking through the Commissioner for Finance, Budget and Economic Planning, Asiwaju Ashiru Idris, the governor said the proposed Sukuk is strictly asset-backed and targeted at funding infrastructure projects critical to the state’s economic growth.

He said the planned international airport would improve logistics, attract private investment, support agro-exports and position Kogi as a strategic hub linking Nigeria’s major regions.

Ododo added that the Lokoja International Market would boost trade, increase internally generated revenue, create jobs and strengthen urban economic activity when completed.

The governor noted that the projects align with the state’s 32-year development plan, which guides its budgeting, borrowing and capital investment decisions.

On fiscal sustainability, Ododo said Kogi State maintains a disciplined debt profile, citing its ‘B’ credit rating with a stable outlook by Fitch Ratings. He also disclosed that the state now earns 13 per cent derivation revenue as an oil-producing state, in addition to federal allocations and internally generated revenue.

Assuring investors, the governor said the Sukuk proceeds would be used exclusively for revenue-generating infrastructure, in line with Islamic finance principles.

The Sukuk, structured as a senior unsecured Ijara Sukuk, will be issued at ₦1,000 per unit under a ₦50 billion programme, with a tenure of five to seven years and a minimum subscription of ₦5 million.

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