The Impact of Ṣukūk on Economic Development in Nigeria

Abstract

This study examines the impact of the Ṣukūk market on Nigeria’s economic development by employing a descriptive and qualitative research methodology. The qualitative data, from publicly-available information, revealed that Ṣukūk has promoted infrastructural development. The study concludes that the Ṣukūk market in Nigeria has significantly enhanced infrastructure, which is a key indicator of economic development. It recommends that regulators increase awareness through sensitisation programmes and that the government expands Ṣukūk-financed infrastructural development, particularly in airports, seaports, energy, and railway systems.