The Securities and Exchange Commission (SEC) says Nigeria’s non-interest capital market has grown to N1.6 trillion, reflecting the country’s increasing embrace of ethical finance instruments such as Sukuk.
Speaking in Abuja on Tuesday at a joint press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), SEC’s Director-General, Emomotimi Agama, said the sector’s growth underscores investors’ rising confidence in non-interest financial products.
The AICIF 2025, themed “Africa Emerging: A Prosperous and Inclusive Outlook,” will be held in Lagos on November 4 and 5. The event is jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd, and is expected to focus on advancing sustainable and ethical financial systems across the continent.
SEC Pushes Ethical Finance as a Growth Driver
Agama said the upcoming conference aligns with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025) and will serve as a strategic platform for shaping Africa’s financial future.
“This will not just be a routine conference. It is strategically positioned as we approach the conclusion of the Masterplan this December,” Agama said. “This year’s theme is a call to action. It’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa.”
He noted that Sukuk instruments remain the dominant products in Nigeria’s non-interest capital market, with the latest issuance oversubscribed by over 700 percent — a signal of robust investor demand.
“The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and a rising demand for ethical financial instruments,” he said.
Agama also highlighted the significance of the Investments and Securities Act (ISA) 2025, which provides a stronger legal framework for non-interest products. The new law empowers the SEC to register non-interest collective investment schemes and diversify the range of instruments available to investors.
“The new Act is a game-changer. It modernises our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance,” he said.
He added that this year’s conference will include discussions on unlocking capital for infrastructure projects, green investments, agricultural financing, and fintech innovations driving Islamic finance.
“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policies,” Agama added.
