SUKUK: POTENTIALS FOR INFRASTRUCTURAL DEVELOPMENT IN NIGERIA

Abstract

The growth of any economy in the world will happen on the back of the needed infrastructural facilities. And to build the needed infrastructures for national development requires a lot of money and time. There have been incessant concerns of the citizenry on the present level of infrastructural neglect and decay in Nigeria. The infrastructural decay in Nigeria ranks very high when compared to the national resources to the availability and quality of the needed infrastructure. The availability of needed infrastructures will enhance ingenuity, novelty, employment, self-confidence, wealth creation, and social security. However, it is wretched to note that the dire infrastructure in Nigeria is in a bad state thereby creating an evolving crisis. The inability of the government of Nigeria to maintain and endure her perilous infrastructure such as; road rails and pipelines network, the micro small and medium enterprises will require developed and scalable transportation infrastructure ( Land, Air, and Water), Electricity energy ( power for industrial and domestic use), Educational infrastructure ( Schools, Research and instructional materials), Health infrastructure ( Hospital, trained personnel, and Equipment), Security infrastructure ( Police, Military and Para-military). This study aims to explicate the potential of Sukuk as an alternative and sustainable financial vehicle for financing infrastructural development in Nigeria. The study is library-based and analytical and evaluation approaches are used to explore related library-based data on the causes and effects of infrastructural development in Nigeria. The study investigates and describes how the Nigerian government can utilize the potentials of Sukuk investment for infrastructural development across the nation.