Nigeria, May 29 -- Nigeria's capital market had a spectacular display of investor appetite after the recent listing of the Sovereign Sukuk by the Debt Management Office.

N300 billion Series VII Ijarah Sukuk was subscribed to for financing vital national infrastructure, which was subscribed to a record N2.2 trillion. That represents an oversubscription ratio of over 735 percent, marking one of the best debt listings in Nigeria's history.

The Nigerian government pioneered the Sukuk, an Islamic non-interest financial product, in 2017 as a strategic ethical financing tool. The product has become increasingly accepted since issuance, particularly by retail investors, Islamic finance organizations, pension fund administrators, asset managers,...