Nigeria’s non-interest capital market has grown to a valuation of more than N1.6 trillion, marking a major milestone in the country’s drive to deepen financial inclusion and mobilize ethical financing for infrastructure development.
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, revealed this at the 7th African International Conference on Islamic Finance (AICIF) 2025, held in Lagos, where he described the growth as “a testament to investor confidence and sound regulatory reforms.”
Ethical finance powering infrastructure renewal
Dr. Agama said the expansion of Nigeria’s non-interest capital market reflects the success of the Commission’s initiatives under the new Investments and Securities Act (ISA) 2025, which introduced stronger frameworks for ethical and Shariah-compliant finance.
“The remarkable growth of the non-interest segment in Nigeria — a market now valued at over N1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour,” he stated.
He noted that Nigeria’s sovereign Sukuk programme alone has raised over N1.4 trillion through seven issuances since 2017, helping to finance 124 critical road projects covering about 5,820 kilometres nationwide.
Agama further disclosed that the federal government’s approval of a $500 million international Sukuk issuance will herald the next phase of Nigeria’s effort to attract foreign ethical investment to fund infrastructure and stimulate economic growth.
Africa embracing non-interest instruments
The SEC boss highlighted the rapid expansion of Islamic finance across the continent as evidence of Africa’s readiness to integrate non-interest instruments into mainstream financial systems.
He pointed to countries such as Egypt, Kenya, Tanzania, Senegal, and Ghana, which are strengthening their regulatory and legal frameworks to attract Shariah-compliant capital.
Agama commended Metropolitan Skills for organizing the AICIF and noted that outcomes from the conference would inform the Second Nigerian Capital Market Masterplan (2026–2035), as the first 10-year plan concludes in 2025.
He urged stakeholders to leverage Islamic finance as a tool for inclusive growth, stating that “prosperity without inclusion is not sustainable.”
Bridging Africa’s infrastructure gap
In her remarks, the Conference Chair, Ms. Ummahani Ahmad Amin, said while Islamic finance has made significant progress in Nigeria and across Africa, the continent has yet to harness its full potential as a source of catalytic capital to bridge its annual infrastructure financing gap, estimated between $130 billion and $170 billion.
She observed that although global Islamic financial assets grew by 14.9% year-on-year to $3.88 trillion in 2024, Africa’s contribution remains minimal due to low market depth, weak liquidity, and limited investor awareness.
“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” she said.
Amin also highlighted the transformative role of Artificial Intelligence (AI) in expanding ethical finance and automating compliance, while calling for strong ethical guardrails to sustain public trust.
As part of its youth empowerment agenda, the conference hosted a startup pitch competition in collaboration with the SEC. ZannyTecture Recycling Company Limited won in the Social Impact category, while BetaLife Health clinched the Technology prize for its AI-driven blood supply optimization platform.
Amin concluded by unveiling The Metropolitan Waqf, a new initiative to expand access to education for marginalized communities in Nigeria, particularly those in conflict-affected regions.
