Kogi Fast-tracks Airport, Market Projects With N50bn Sukuk Bond

The Kogi State government has announced plans to issue a N50 billion Sukuk bond to finance the construction of the Kogi State International Airport and the Lokoja International Market, two projects described as transformational and critical to the state’s economic development.

Governor Ahmed Ododo disclosed this during a meeting with investors, representatives of the Nigerian capital market, fund managers, issuing houses, regulators and development finance institutions in Abuja.

Speaking through the commissioner for finance, budget and economic planning, Asiwaju Ashiru Idris, the governor said the decision to approach the capital market was driven by strategic ambition rather than fiscal distress.

“Permit me to be very specific on the purpose of the proposed N50 billion Sukuk bond. The bond is strictly asset-backed and dedicated to financing two transformational infrastructure projects of strategic economic importance to Kogi State, the development of the Kogi State International Airport and the completion of the Lokoja International Market,” he said.

Ododo explained that the proposed international airport was designed to unlock logistics efficiency, attract private investment, support agro-exports, facilitate business travel and position Kogi State as a natural hub linking Nigeria’s North, South, East and West.

He added that the Lokoja International Market, when completed, would serve as a major commercial nerve centre by formalising trade, boosting internally generated revenue, creating thousands of jobs and strengthening urban economic activity.

The governor stressed that the state operates under a 32-year development plan, which provides long-term direction, policy continuity and predictability in capital deployment, adding that the plan guides its budgeting, borrowing and project execution framework.

On the viability of the bond, Ododo reaffirmed his administration’s commitment to fiscal discipline and governance reforms, noting that these efforts have received independent validation.