The Securities and Exchange Commission (SEC) has announced that Nigeria’s non-interest capital market has expanded to ₦1.6 trillion, underscoring growing investor confidence and a surge in ethical financial participation.
The SEC’s Director-General, Emomotimi Agama, disclosed this on Wednesday in Abuja during a press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), which is scheduled to hold next month in Lagos.
Themed “Africa Emerging: A Prosperous and Inclusive Outlook,” the conference is jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd. It aims to highlight the role of ethical finance in building a resilient and inclusive African economy.
“This year’s theme is a call to action harnessing ethical finance to build a more prosperous and equitable Africa,” Agama said.
Sukuk Leads Growth in Ethical Finance
Agama revealed that Sukuk bonds continue to dominate Nigeria’s non-interest market, adding that the most recent Sukuk issuance was oversubscribed by more than 700 per cent a reflection of strong investor confidence.
“The overwhelming subscription to our Sukuk issuances demonstrates robust investor trust and a rising appetite for ethical financial instruments,” he said.
He also noted that the Revised Nigerian Capital Market Masterplan (2021–2025) has been successfully implemented, paving the way for new strategies to sustain financial inclusion and deepen market development.
Legal Framework Strengthened
According to the SEC chief, the newly enacted Investments and Securities Act (ISA) 2025 has strengthened the regulatory framework for non-interest finance products in Nigeria.
The law empowers the SEC to register collective investment schemes and expand available financial instruments, thereby promoting innovation and investor protection in the non-interest segment of the capital market.
Agama added that the Commission remains committed to ensuring transparency and market integrity while supporting sustainable investments that align with Islamic finance principles.
The upcoming AICIF 2025 will bring together policymakers, investors, and financial experts from across Africa to discuss key themes such as infrastructure financing, green and ethical investments, agricultural development, and the role of fintech in transforming Islamic finance.
Ummahani Amin, Managing Partner at Metropolitan Law Firm and Chairperson of AICIF, said the conference has become one of Africa’s leading platforms for promoting innovation, integrity, and sustainability in Islamic finance.
“Over the years, AICIF has established itself as a flagship gathering that promotes collaboration, responsible investing, and inclusive economic growth across the continent,” she said.
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