Nigeria’s Non-Interest Capital Market Surges to ₦1.6 Trillion as SEC Pushes Ethical Finance Growth
Nigeria’s non-interest capital market has expanded to over ₦1.6 trillion, highlighting its increasing impact on financial inclusion and infrastructure financing. The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, revealed this milestone at the 7th African International Conference on Islamic Finance (AICIF) 2025, held in Lagos on Wednesday.
Dr. Agama explained that the growth reflects investors’ renewed confidence and the success of recent regulatory reforms under the Investments and Securities Act (ISA) 2025. He noted that Nigeria’s sovereign Sukuk programme has mobilized more than ₦1.4 trillion through seven issuances since 2017—funding the construction and rehabilitation of 124 critical roads spanning over 5,820 kilometres nationwide.
The SEC boss also disclosed that the federal government’s recent approval of a $500 million international Sukuk marks a new phase in Nigeria’s strategy to attract ethical, Shariah-compliant financing for sustainable infrastructure and economic growth. According to Agama, the rise of Islamic finance across Africa shows that “the continent is ready to embrace non-interest instruments as mainstream funding tools.”
Speaking at the same event, Ms. Ummahani Ahmad Amin, Chair of the AICIF Conference, said Islamic finance has made major progress but Africa still lags behind in tapping its full potential. While global Islamic financial assets grew by 14.9% to $3.88 trillion in 2024, she noted that Africa’s contribution remains small due to weak market infrastructure, low liquidity, and limited investor education. She also emphasized the growing role of Artificial Intelligence (AI) in enhancing ethical finance, urging regulators to ensure technology operates within ethical guardrails.
The conference also spotlighted innovation and youth empowerment, featuring a startup pitch competition co-hosted by the SEC. ZannyTecture Recycling Company Limited won the Social Impact category for converting waste materials into eco-friendly products, while BetaLife Health emerged winner in the Technology category with its AI-driven blood supply optimization platform. Amin further launched The Metropolitan Waqf, a social initiative to expand education access in conflict-affected regions, underscoring the conference’s theme: “Africa Emerging: A Prosperous and Inclusive Outlook.”
source: Daily trust