Cocoa-producing Osun State plans to issue Nigeria’s first sukuk bond, starting with n10 billion ($62 million), before the end of July, a banking source close to the deal told Reuters on Tuesday.
The planned 7-year paper would be the first sukuk bond to be issued in Africa’s second-biggest economy and is part of a N60 billion debt raising programme by Osun State, which started last year, the banking source told Reuters.
The funds will be used to finance the construction of education projects, the source said.
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