The Securities and Exchange Commission (SEC) has revealed that Nigeria’s non-interest capital market has grown to N1.6 trillion, reflecting increasing investor confidence and deepening participation in ethical finance.
SEC Director-General, Dr. Emomotimi Agama, made this known in Abuja during a press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to take place next month in Lagos. The conference, jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd, will be held under the theme “Africa Emerging: A Prosperous and Inclusive Outlook.”
Agama said the event aligns with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025) and aims to promote sustainable financial development across the continent. “This year’s theme is a call to action — harnessing ethical finance to build a more prosperous and equitable Africa,” he noted.
According to him, Sukuk remains the dominant instrument in the non-interest market, with the latest issuance oversubscribed by more than 700 percent — a sign of growing investor trust in ethical investments.
He added that the newly enacted Investments and Securities Act (ISA) 2025 has further strengthened the legal framework for non-interest finance, enabling the SEC to register more collective investment schemes and diversify available products.
Agama said the upcoming AICIF 2025 will feature high-level discussions on infrastructure development, green and ethical investments, agricultural finance, and the role of fintech in transforming Islamic finance in Africa.
Chairperson of AICIF and Managing Partner of Metropolitan Law Firm, Ummahani Amin, described the conference as one of the continent’s leading platforms advancing innovation, integrity, and sustainable growth in Islamic finance.
