This is despite uncertainty surrounding access to fresh capital for expansion as well as infrastructural projects.

Also, the Eurobonds Listings on NGX grew to $4 billion while equity listings rose by N1.08 trillion despite the weak macroeconomic environment.

Analysis of the issuance

According to a statement from the NGX, analysing the exchange’s listing H1’22 report (January – June), the Federal Government dominated issuances, while corporate organisations made significant inroads during the period.
For instance, the NGX started the year with the landmark listing of BUA Foods’ 18 billion shares listed at N40 per share, adding N720 billion to the NGX market capitalization. Abbey Mortgage Bank also listed its right issue of about N3.028 billion, while Access Holdings, following its merger and acquisition, listed new shares valued at N353.675 billion.
Furthermore, NPF Microfinance Bank listed 3,107,001,335 ordinary shares of 50 kobo each arising from the offer of 2,286,657,766 ordinary shares of 50 kobo each at N1.50 per share via a Rights Issue on the basis of 1 new ordinary share for every 1 ordinary share held and public offer of 713,342,234 ordinary shares at N1.50 per share made by NPF Microfinance Bank Plc amounting N4.66 billion.
These issuances listed across both the bonds and equities markets are essential in deepening the market, enhancing tradability, increasing access to capital to fund growth returns, hence, creating wealth for market stakeholders.

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The Minister stated this while addressing members of the Manufacturers Association of Nigeria (MAN) who visited him in his office.

He said the sum of N16.7bn would be allocated for each geo-political zone across the country.

Fashola gave some of the prioritised 25 road projects as “the dualisation of Ibadan-Ilorin road, Suleja-Minna road, Kano-Maiduguri Road, Lokoja-Benin road, rehabilitation of Enugu-Port-Hartcourt Expressway and the construction of Kaduna–Eastern bye-pass, amongst others.”

He added that “the ministry is in the process of re-introducing the tolling system on completed Federal Highways in order to sustain the maintenance of these roads.”

The President of MAN, Dr. Frank Jacobs, commended the minister for the on-going rehabilitation of Lagos-Ibadan, and Onitsha-Enugu expressways as well as other strategic roads across the country.

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The Minister of Finance, Mrs. Kemi Adeosun, said this on the sidelines of an investor conference organised by Stanbic IBTC Bank in Lagos.

The Christian Association of Nigeria had last week kicked against the floating of the SUKUK Islamic bond by the Federal Government.

It alleged that the move has further confirmed its fears that the government was planning to Islamise the country through the back door

Reacting, however, Adeosun stated that several countries of the world, including South Africa had issued sukuk bonds in the past, and Nigeria’s plan to issue the sukuk bond started about six years ago, long before the current administration came into power.

Adeosun said, ‘’Sukuk is part of our programme to deepen the financial market. Interestingly, it predated us. The committee started work in 2011. So, they have been working on it for six years, to structure products that would be compliant. Really, the Sukuk is about two things -one is about raising money and deepening the financial market.

“We need to include many people in the market to raise the money that is needed for infrastructure. We have already introduced the savings bond which is for small investors. They were saying that the process of getting into government securities was too complex.

“So, we made the product for them. And this is another product. We have other products that we are coming up with. So, there is no religious driver behind it. It is really a financial product to meet financial needs.”

She added, “This particular one of N100bn is going to be used for road projects. We have identified the road projects that it is going to be tied to and there is no religious attachment to it. South Africa even did a sovereign Sukuk before Nigeria. So, there is no Islamisation agenda at all.”

The minister said not every investor wanted to put their money into regular bonds and Treasury bills and, as such, there was the need to get everyone on board.

On concerns that the funds raised from Sukuk must be used for Sharia-compliant activities strictly, the minister said, “That is part of what is called the ethical investment. A lot of people for example, don’t want their funds invested in particular items such breweries, among others.

“Funny, a lot of investors that we have been marketing the bond to are just looking at the yield. So, it is really just another product which we hope would deepen the market and bring more people in. Not everybody wants to do bond or treasury bills. And we are still going to bring out many more products.”

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