Achieving Urban Regeneration Through Sukuk: A Case of Lagos Island, Nigeria

Abstract

Sub-Saharan African states have developed rather slowly due to unstructured urban development and lack of adequate long-term funds to achieve such development. History and market failures have certainly affected urbanization patterns. Overall predatory governance and conventional financial models have not helped achieve urban regeneration either which has negatively obstructed socio-economic development. Financing such urban renewal then requires a more dynamic approach. It is in this vein that a unique capital market instrument is analyzed using Lagos Island as a typical case. Sukuk or Islamic certificates within the overall context of public-private partnership (PPP) securitization and learnings from state-led development embedded autonomy through a pilot agency is then being considerered.

Keywords: Sukuk, Public-Private-Partnerships (PPP), Islamic Finance, Urban Regeneration