Thursday, November 6, 2025 - Nigeria’s non-interest capital market has expanded to over N1.6 trillion, reflecting its growing influence in promoting financial inclusion and supporting national infrastructure development, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said.
Speaking at the 7th African International Conference on
Islamic Finance (AICIF) 2025 in Lagos, Dr. Agama said the rapid growth
demonstrates rising investor confidence and the success of regulatory reforms
introduced under the Investments and Securities Act (ISA) 2025.
“The remarkable growth of the non-interest segment in
Nigeria — a market now valued at over ₦1.6 trillion — is clear evidence that
when there is an enabling regulatory environment, the market responds with
vigour,” he said.
Dr. Agama highlighted the achievements of Nigeria’s
sovereign Sukuk programme, which has raised over ₦1.4 trillion through seven
issuances since 2017, facilitating the construction and rehabilitation of 124
critical roads totaling more than 5,820 kilometres across the country
He also disclosed that the Federal Government recently
approved a $500 million international Sukuk, marking a new phase in Nigeria’s
drive to attract ethical financing for infrastructure and economic development.
According to him, the rise of Islamic finance across the
continent — with countries like Egypt, Kenya, Tanzania, Senegal, and Ghana
strengthening their legal and regulatory frameworks — shows Africa’s readiness
to embrace non-interest instruments as mainstream funding sources.
Dr. Agama commended Metropolitan Skills for its role in
promoting Islamic finance and noted that resolutions from the conference would
feed into the Second Nigerian Capital Market Masterplan (2026–2035).
He urged stakeholders to deepen the use of Islamic finance
as a pathway to ethical investment, financial inclusion, and infrastructure
renewal, stressing that “prosperity without inclusion is not sustainable.”
Conference Chair, Ms. Ummahani Ahmad Amin, said that despite
significant progress, Africa has yet to maximize Islamic finance as a catalytic
source of capital to close its $130–$170 billion annual infrastructure
financing gap.
She noted that global Islamic financial assets grew by 14.9%
to $3.88 trillion in 2024, yet Africa’s share remains small due to limited
market infrastructure, low liquidity, and insufficient investor education.
“To enable Sukuk and other Islamic financial instruments to
serve as effective drivers of financial intermediation and macro-financial
stability, we must first address the barriers that continue to constrain their
growth,” Amin said.
She also highlighted the increasing role of Artificial
Intelligence (AI) in transforming ethical finance through automated compliance
and expanded access, while emphasizing the need for ethical safeguards.
As part of its youth empowerment initiative, the conference
— in partnership with the SEC — hosted a startup pitch competition.
ZannyTecture Recycling Company Limited won in the Social
Impact category for converting used tyres and PET bottles into eco-friendly
products.
BetaLife Health emerged winner in the Technology category
with its AI-powered blood supply optimization platform.
Amin also unveiled The Metropolitan Waqf, a new initiative
aimed at expanding educational opportunities for marginalized communities,
especially those affected by conflict.
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