Nigeria and other African countries need to tap into opportunities provided by Islamic financing to fund infrastructure development on the continent, Sanusi Lamido Sanusi, the governor of the Central Bank of Nigeria has said. He stated this yesterday in Abuja at
a conference on “Infrastructure Development through Alternative Funding (Islamic Finance) in Africa”. He said Sukuk, if well developed, could serve as a financing option for governments as is already evident in countries like Saudi Arabia and United Arab Emirates. The acting managing director of Jaiz Bank, Usman Hassan, urged the federal government to conclude the development of the framework for the issuance of Sukuk in the country. This is necessary because with Sukuk you cannot have failed projects and funds cannot be diverted.