170
Nigeria’s non-interest capital market has grown to over N1.6 trillion, reflecting rising investor confidence and expanding participation in ethical and non-interest finance, according to the Securities and Exchange Commission (SEC).
The SEC Director-General, Dr. Emomotimi Agama, disclosed this on Monday during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), which will take place in Lagos on November 4 and 5, 2025.
The two-day conference is jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Limited, under the theme “Africa Emerging: A Prosperous and Inclusive Outlook.” It is designed to promote ethical financing as a key tool for building a resilient and inclusive African economy.
Dr. Agama said Nigeria’s non-interest capital market had experienced remarkable momentum over the past few years, with Sukuk bonds—a form of Islamic financial instrument—dominating the sector. He noted that the most recent Sukuk issuance recorded an oversubscription rate of more than 700 per cent, an indication of strong investor appetite for ethical investments and trust in the country’s regulatory environment.
“The non-interest capital market has attained a valuation of N1.6 trillion. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” he said.
He added that the passage of the Investments and Securities Act 2025 had created a stronger legal foundation for the growth of Islamic finance and other non-interest financial products in Nigeria. The new law empowers the SEC to register non-interest collective investment schemes, providing investors with more opportunities to diversify their portfolios within a well-regulated framework.
According to Dr. Agama, the forthcoming conference will feature high-level sessions focused on unlocking capital for infrastructure development, promoting green and ethical investments, advancing agricultural financing, and exploring how financial technology (fintech) can transform Islamic finance in Africa.
He said the timing of the event was strategic, as it coincides with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), which will guide the next phase of capital market reforms and sustainable development initiatives.
“This conference is not just another event; it is strategically positioned to help chart the next phase of sustainable financial development across the continent,” Dr. Agama stated.
He emphasised that ethical finance is becoming a powerful tool for driving inclusive growth in emerging markets, adding that Nigeria’s expanding non-interest capital market represents a major opportunity for economic diversification and stability.
Also speaking at the briefing, Mrs. Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, described the conference as one of Africa’s most important gatherings for policymakers, regulators, and investors working to strengthen the foundations of ethical and sustainable finance.
She said the partnership between the SEC and the AICIF organisers reflects a shared vision of building an inclusive financial system that supports innovation and promotes integrity.
“The collaboration with the Securities and Exchange Commission underscores our shared commitment to strengthening the Islamic finance ecosystem, deepening investor confidence, and fostering innovation that aligns with integrity and shared prosperity,” Mrs. Amin said.
She explained that the 2025 edition of the AICIF would provide a platform for dialogue and partnership among industry leaders, scholars, and development experts focused on unlocking Africa’s financing potential through ethical and non-interest financial models.
Mrs. Amin added that the conference had grown into a vital platform for promoting ethical finance across Africa and would continue to inspire regulatory innovation and investment collaboration.
The SEC and its partners expect the discussions from the forum to produce actionable strategies that will expand financial inclusion, stimulate capital flows, and accelerate infrastructure financing through sustainable instruments.
With increasing global attention on responsible investment, the growth of Nigeria’s non-interest capital market highlights a shift towards a more ethical and inclusive financial system. The SEC’s commitment to developing this segment reflects a broader effort to attract long-term capital, support economic diversification, and position Nigeria as a regional leader in Islamic finance.
