RIYADH: Nigeria will issue a sovereign Sukuk on its domestic market for up to 250 billion naira ($610 million) this year to finance road projects. Nigeria’s Debt Management Office (DMO) issued a maiden 100 billion naira Sukuk four years ago to support road projects and deepen the local debt market, Nasdaq reported. It has raised a total of 362.58 billion naira through the Islamic bond market. Nigeria has been borrowing from both the local and international debt markets, and debt service is rising. Funding has been a major constraint for President Muhammadu Buhari with his plans to upgrade transport networks, invest in outdated power grids and boost agriculture and other non-oil industries for less economic dependency on crude revenues. The West African country raised $4 billion via Eurobonds in September and is considering additional issues, as it expects to increase spending in 2022, funded by new borrowings, proceeds from privatisations and drawdowns on loans secured for specific projects. Nigeria, Africa"s biggest economy, requires an estimated $1.5 trillion over a 10-year period to build up its infrastructure, Buhari said at Tuesday"s climate change summit in Glasgow.