Abuja, Nigeria: Nigeria’s non-interest capital market has reached a significant milestone, now valued at ₦1.6 trillion, according to the Securities and Exchange Commission (SEC).
Dr Emomotimi Agama, the Director-General of SEC, stated this in Abuja on Tuesday at a pre-news conference in preparation for the 7th African International Conference on Islamic Finance (AICIF), scheduled for November 4-5.
Agama said that Sukuk carried a large chunk of the money, with a 700 per cent over-subscription in the last Sukuk issuance, which underscored the massive investor confidence the country had built.
He said that the development demonstrated a robust and growing appetite for ethical and non-interest financial products.
According to him, it is essential to note that, beyond Sukuk, there are other instruments in the non-interest market.
“Those instruments are currently the least explored, but they provide an alternative for Nigerian and African youths, for the ethical investment in those individuals in this country.
“This Investment and Securities Act (ISA) is a game-changer that provides a robust, statutory framework for Sukuk and other non-interest financial instruments.
“‘ It empowers the SEC to register non-interest collective investment schemes, which directly fulfil the master-plan’s objective of market development and innovation,” he said.
At the forthcoming conference, Agama said that the primary objective was to foster high-level collaboration, leading to the harmonisation of policies and the creation of innovative financial solutions that would address the unique needs of emerging economies.
He said that the conference was also aimed at promoting financial inclusion and shifting people’s mindset from Ponzi schemes to verifiable investments that emphasised ethics.
“‘ The goal of these discussions is to achieve measurable economic outcomes; we expect the conference to produce actionable strategies that will stimulate new investment flows, encourage product development and inform the future path of regulatory policy.
“‘ The insights generated will be instrumental in shaping the next phase of our capital market’s development, thereby ensuring it remains a robust and efficient engine for economic growth.
The 7th conference is a premier forum dedicated to the strategic advancement of ethical and non-interest finance in Africa.
“It represents a collective commitment to building a financial ecosystem that is not only prosperous but also fundamentally inclusive and sustainable,” he said.
Ummahani Amin, Managing Partner of Metropolitan Law Firm, said the event is coming at a critical time when Africa continues to explore innovative, ethical, and sustainable pathways to finance development.
Amin, also the Chairman of the 2025 conference planning committee, said that Islamic finance had proven to be one of the fastest-growing segments of the global financial system.
She said the conference provided a unique platform to bring together policymakers, regulators, scholars, investors and practitioners to shape the future of the continent.
“This year, we are especially proud of our strategic partnership with the SEC, Nigeria’s highest regulator in the capital market.
“‘ This collaboration underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence and support innovation that aligns with integrity and shared prosperity,” she said.
The conference will be organised by SEC in collaboration with Metropolitan Skills Ltd (Metskills) and Metropolitan Law Firm (Metlaw).