The Kogi State government has approached Nigeria’s capital market, unveiling plans to raise a N50 billion Sukuk bond to fast-track the construction of the Kogi State International Airport and the Lokoja International Market, with a March 2026 start-off date.

At an investor engagement and market sensitisation forum in Abuja yesterday, the state assured prospective investors that the proposed Sukuk issuance is strictly asset-backed, infrastructure-focused and aligned with its 32-year development plan.

Speaking after the engagement, the Commissioner for Finance, Budget and Economic Planning, Asiru Idris, explained that the bond was designed to accelerate strategic infrastructure delivery and unlock long-term economic value for the state.

The Managing Director of AVA Capital Group, Kayode Fadahunsi, described the proposed issuance as a “laudable and textbook infrastructure Sukuk,” noting that the projects are revenue-enhancing and capable of strengthening the state’s internally generated revenue.

In a keynote address to investors and capital market stakeholders, read on his behalf by the Commissioner for Finance, Governor Ahmed Usman Ododo said Kogi was approaching the capital market “not out of fiscal distress, but out of strategic ambition.”

He said strict expenditure controls, transparent procurement processes and biometric verification had eliminated over 2,000 ghost workers, while salary obligations are consistently met on or before the 25th of every month.