The Securities and Exchange Commission (SEC) has announced that the approval of a $500 million international Sukuk marks a significant milestone for Nigeria’s ethical finance sector. The Commission said the move will attract new investment opportunities and foster sustainable national development through non-interest financial instruments.
Speaking at the seventh African International Conference on Islamic Finance (AICIF) 2025 in Lagos, SEC Director-General, Dr. Emomotimi Agama, emphasized that the international Sukuk represents “the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.” This follows the National Assembly’s recent approval of President Bola Tinubu’s request for the $500m Sovereign Sukuk issuance in the international capital market.
Dr. Agama highlighted that Nigeria’s non-interest capital market has grown impressively to over N1.6 trillion, showcasing investor confidence and the results of regulatory reforms under the Investments and Securities Act 2025. Since its inception in 2017, Nigeria’s Sovereign Sukuk programme has raised N1.4 trillion through seven issuances, financing the construction and rehabilitation of 124 major roads spanning over 5,800 kilometres across the country.
According to Agama, the upcoming $500m Sukuk will build on these successes while positioning Nigeria as a regional hub for Islamic finance. He also commended Metropolitan Skills for its partnership in promoting Islamic finance and revealed that resolutions from the AICIF would help shape the upcoming Second Nigerian Capital Market Masterplan (2026–2035). The SEC chief further reiterated the Commission’s commitment to fostering a transparent and investor-friendly non-interest financial ecosystem.
Conference Chair, Ms. Ummahani Amin, noted that Islamic finance has the potential to close Africa’s $130–$170 billion annual infrastructure financing gap, although the continent’s share of global Islamic financial assets—valued at $3.88 trillion in 2024—remains modest. She unveiled new initiatives, including The Metropolitan Waqf to expand educational access for marginalized communities and a start-up pitch competition promoting youth innovation. Winners included ZannyTecture Recycling Company Limited for Social Impact and BetaLife Health for its AI-driven blood supply optimization technology.
source: Punch