Nigeria’s non-interest capital market hits N1.6trn — SEC

By Obas Esiedesa, Abuja

The Securities and Exchange Commission (SEC) has announced that Nigeria’s non-interest capital market has expanded to N1.6 trillion, underscoring growing investor confidence and increased participation in ethical finance.

SEC’s Director-General, Dr. Emomotimi Agama, disclosed this in Abuja during a joint press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to take place in Lagos on November 4 and 5, 2025.

The conference, jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd, is themed “Africa Emerging: A Prosperous and Inclusive Outlook.” It aims to promote ethical financing as a driver of inclusive and resilient economic growth across Africa.

Agama described the upcoming event as timely, coinciding with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), and said it would provide a platform for shaping the next phase of sustainable financial development on the continent.

“This year’s theme is a call to action — it’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa,” he said.

According to him, Sukuk instruments continue to dominate the non-interest capital market, with the most recent issuance oversubscribed by more than 700 percent, reflecting investors’ growing appetite for ethical financial products.

“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 a rising demand for ethical financial instruments,” he stated.

Agama noted that the enactment of the Investments and Securities Act (ISA) 2025 has further enhanced the legal framework for non-interest products, empowering the SEC to register non-interest collective investment schemes and diversify investment instruments available in the market.

“The new Act is a game-changer. It modernises our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance,” he added.

He explained that the AICIF 2025 will feature high-level sessions focused on unlocking capital for infrastructure, green investments, agricultural financing, and fintech-driven transformation in Islamic finance.

“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policies,” Agama emphasised.

Also speaking, Ummahani Amin, Managing Partner at Metropolitan Law Firm and Chair of the AICIF 2025 Planning Committee, described the conference as one of Africa’s leading gatherings for policymakers, regulators, investors, and innovators committed to advancing ethical and sustainable finance.

She highlighted the SEC’s partnership as a demonstration of shared commitment to strengthening the Islamic finance ecosystem, deepening investor confidence, and fostering innovation that aligns with integrity and shared prosperity.

Amin added that the 2025 edition comes at a pivotal moment, as African economies seek sustainable approaches to financing development, noting that Islamic finance remains one of the fastest-growing segments of the global financial system.

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