ABSTRACT
The relationship between infrastructure availability and economic growth has been established in literature. Despite this knowledge, Africa struggles to close its infrastructure investments gap due to non-availability of low cost sustainable financing. Sukuk financing has been touted as a sustainable alternative but uptake has been slow due to its religious-based affiliation. This study sought to assess the acceptability of sukuks for infrastructure investment in a multi-religious country such as Nigeria through a survey of procurement professionals. The results indicate support for the use of non-interest financing and the Profit & Loss sharing model of sukuks. Sukuk financing for infrastructure will relieve governments of unsustainable debt service obligations while improving In-Country value (ICV) for their citizens. It is recommended that governments in Africa create more awareness on the benefits of Sukuk financing to ensure a broad support and buy-in while investing in sukuk training for public officers.
