By Obas Esiedesa, Abuja
Nigeria’s non-interest capital market has expanded to over N1.6 trillion, reflecting its growing influence in promoting financial inclusion and supporting national infrastructure development, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said.
Speaking at the 7th African International Conference on Islamic Finance (AICIF) 2025 in Lagos, Dr. Agama said the rapid growth demonstrates rising investor confidence and the success of regulatory reforms introduced under the Investments and Securities Act (ISA) 2025.
“The remarkable growth of the non-interest segment in Nigeria — a market now valued at over ₦1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour,” he said.
Dr. Agama highlighted the achievements of Nigeria’s sovereign Sukuk programme, which has raised over ₦1.4 trillion through seven issuances since 2017, facilitating the construction and rehabilitation of 124 critical roads totaling more than 5,820 kilometres across the country.
He also disclosed that the Federal Government recently approved a $500 million international Sukuk, marking a new phase in Nigeria’s drive to attract ethical financing for infrastructure and economic development.
According to him, the rise of Islamic finance across the continent — with countries like Egypt, Kenya, Tanzania, Senegal, and Ghana strengthening their legal and regulatory frameworks — shows Africa’s readiness to embrace non-interest instruments as mainstream funding sources.
Dr. Agama commended Metropolitan Skills for its role in promoting Islamic finance and noted that resolutions from the conference would feed into the Second Nigerian Capital Market Masterplan (2026–2035).
He urged stakeholders to deepen the use of Islamic finance as a pathway to ethical investment, financial inclusion, and infrastructure renewal, stressing that “prosperity without inclusion is not sustainable.”
Conference Chair, Ms. Ummahani Ahmad Amin, said that despite significant progress, Africa has yet to maximize Islamic finance as a catalytic source of capital to close its $130–$170 billion annual infrastructure financing gap.
She noted that global Islamic financial assets grew by 14.9% to $3.88 trillion in 2024, yet Africa’s share remains small due to limited market infrastructure, low liquidity, and insufficient investor education.
“To enable Sukuk and other Islamic financial instruments to serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” Amin said.
She also highlighted the increasing role of Artificial Intelligence (AI) in transforming ethical finance through automated compliance and expanded access, while emphasizing the need for ethical safeguards.
As part of its youth empowerment initiative, the conference — in partnership with the SEC — hosted a startup pitch competition.
ZannyTecture Recycling Company Limited won in the Social Impact category for converting used tyres and PET bottles into eco-friendly products.
BetaLife Health emerged winner in the Technology category with its AI-powered blood supply optimization platform.
Amin also unveiled The Metropolitan Waqf, a new initiative aimed at expanding educational opportunities for marginalized communities, especially those affected by conflict.
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