In a major move to transform the economic landscape of Kogi State, Governor Ahmed Usman Ododo has announced plans to raise N50 billion through a Sukuk bond. The funds are earmarked for two legacy projects: the construction of the Kogi International Airport and the total modernization of the Lokoja International Market.
The announcement, made during a strategic stakeholder meeting in Lokoja on Sunday, 25 January 2026, signals the administration’s shift toward alternative, non-interest-based financing to drive massive infrastructure development.
1. Kogi International Airport (Zariagi)
Strategic Goal: To serve as a cargo and passenger hub, leveraging Kogi’s central location in Nigeria to connect the North, South, and the FCT.
Economic Impact: Expected to create thousands of jobs in aviation, logistics, and hospitality, positioning Kogi as a key player in Nigeria’s “Blue Economy” and inland trade.
2. Modernization of Lokoja International Market
The Vision: Upgrading the current market into a world-class commercial center with modern stalls, cold storage for agricultural produce, and digital payment infrastructure.
Goal: To boost Internally Generated Revenue (IGR) and provide a safer, more organized environment for thousands of traders.
Why a Sukuk Bond?
By opting for a Sukuk (Islamic bond), the Kogi State Government is prioritizing Ethical Financing:
Asset-Backed: Unlike traditional loans, Sukuk is tied to specific tangible assets (the airport and market).
Non-Interest: This avoids the burden of high interest rates currently plaguing traditional bank loans in Nigeria’s volatile economy.
Investor Appeal: It attracts a wide range of investors, including those looking for Sharia-compliant ethical investments.
Project Breakdown at a Glance
| Project | Estimated Allocation | Key Feature |
| Kogi Airport | N35 Billion | Cargo & Passenger Terminals |
| Lokoja Market | N15 Billion | Modern Stalls & Cold Chain Storage |
| Financing Type | Sukuk Bond | 7–10 Year Tenor (Expected) |
Governor Ododo’s Statement
“Kogi is the gateway of Nigeria. We cannot be a gateway without a modern airport and a market that reflects our potential. This N50 billion Sukuk is not just a debt; it is an investment in the future of our children. We are building the infrastructure that will turn Kogi into an economic powerhouse.”
