Nigeria’s non-interest capital market has grown to a valuation of N1.6 trillion, according to the Securities and Exchange Commission (SEC).
The Commission’s Director-General, Dr. Emomotimi Agama, disclosed this in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) slated for November 4–5.
Agama noted that Sukuk accounted for a large portion of the market, highlighting a 700 per cent over-subscription in the last issuance — a strong indicator of investor confidence and the growing appetite for ethical investment instruments.
He explained that while Sukuk dominates the segment, other non-interest products remain largely untapped, offering new opportunities for investors seeking ethical and inclusive alternatives.
“The Investment and Securities Act (ISA) is a game-changer that provides a robust statutory framework for Sukuk and other non-interest financial instruments,” Agama said. “It empowers the SEC to register non-interest collective investment schemes, directly fulfilling the capital market master plan’s goal of development and innovation.”
Speaking on the upcoming conference, Agama said it aims to promote policy harmonisation, product innovation, and financial inclusion, shifting investor interest from Ponzi schemes to verifiable, ethics-based investments.
He added that discussions at the forum are expected to produce actionable strategies to stimulate fresh investment flows, spur product development, and guide regulatory reforms in the sector.
Also speaking, Ummahani Amin, Managing Partner at Metropolitan Law Firm and Chair of the 2025 Conference Planning Committee, said the event comes at a crucial time as Africa explores innovative and sustainable financing paths.
She noted that Islamic finance remains one of the fastest-growing segments of the global financial system, providing a platform to unite policymakers, regulators, investors, and practitioners to chart the continent’s financial future.
“This year’s partnership with the SEC underscores our shared vision to deepen investor confidence, strengthen the Islamic finance ecosystem, and drive innovation built on integrity and shared prosperity,” Amin added.
The AICIF will be jointly organised by SEC, Metropolitan Skills Ltd (Metskills), and Metropolitan Law Firm (Metlaw).
