Infrastructure Financing through Islamic
Finance in the Islamic Countries
113
Table 4.3. 2: NAV of Mutual Funds (USD million; Exchange rate: USD1 = N305.8)
Mutual Funds NAV as of DEC.
2015 (USD
Million)
NAV as of DEC.
2016 (USD
Million)
NAV as of DEC.
2017 (USD
Million)
Total Conventional Funds 854.09 722.11 1,381.38
Total Islamic Funds 8.62 9.19 10.56
Industry total Funds 862.71 731.30 1,391.95
%Total Islamic Funds/Industry total Funds 1.00 1.26 0.76
Source: Extracted from the website of the Securities and Exchange Commission (SEC)
There are two Sukuk issued in Nigeria. A Sub-national Sukuk worth about $62 million (N11.4
billion) was issued by the Osun state government in 2013 for the construction of schools, and a
Sovereign Sukuk valued at $277.93 (N100 billion) was issued in 2017 by the Federal
Government for the rehabilitation and construction of roads across the Country.
The Takaful industry has two, full-fledged Takaful companies which commenced operations in
2017 and three (3) Takaful windows of conventional insurance companies. The contribution of
the Takaful industry relative to the entire insurance industry (Takaful and insurance) is quite
insignificant
4.3.2. Current Status and Projected Investments in Infrastructure Sectors
Chart 4.3.2 shows the relative status of infrastructure in Nigeria compared to the average of
the OIC and Sub-Saharan Africa. The index for overall infrastructure and its quality in Nigeria
(2.0 and 2.3 respectively) is lower than the averages of both OIC countries (3.6 and 3.7
respectively) and Sub-Saharan Africa (2.9 and 3.2 respectively). The same trends can be
observed for the transport, electricity and telephony infrastructure where the index values are
the lowest for Nigeria (2.3 and 1.8 respectively).
Chart 4.3. 2: Relative Status of Infrastructure in Nigeria (2017) (0-7 Best)
Source: WEF (2018), The Global Competitiveness Index Historical Dataset
3.6 3.7
3.5
3.8
2.9
3.2
2.9 2.9
2.0
2.3 2.3
1.8
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Overall Infrastucture Quality of overall
infrastructure
Transport
infrastructure
Electricity and
telephony
infrastructure
Index Value (0-7 best)
OIC Average Sub-Saharan Africa Nigeria