Nigeria’s non-interest capital market has grown to a valuation exceeding N1.6 trillion, reflecting rising investor confidence and increased demand for ethical investment instruments, according to the Securities and Exchange Commission (SEC).
The SEC Director-General, Dr. Emomotimi Agama, disclosed this at the 7th African International Conference on Islamic Finance held in Lagos, where policymakers, financial experts and investors gathered to discuss the expanding role of Islamic finance in Africa.
Agama noted that the non-interest segment has recorded robust growth in recent years, driven largely by the Federal Government’s sovereign Sukuk programme, which has raised more than N1.4 trillion through seven issuances since 2017. Proceeds from the Sukuk have funded the construction and rehabilitation of 124 road projects spanning over 5,820 kilometres across the country.
He added that the latest $500 million international Sukuk approval will support the next phase of infrastructure development and help attract ethical financing to sectors critical to Nigeria’s long-term economic growth.
Agama also highlighted regulatory reforms under the Investments and Securities Act 2025, which strengthened the framework for non-interest financial products and expanded the SEC’s ability to register non-interest collective investment schemes. He said the overwhelming oversubscription of recent Sukuk issuances — reported at over 700 per cent — demonstrates investors’ growing interest in Shariah-compliant instruments.
The conference, jointly organised by the SEC, Metropolitan Law Firm and Metropolitan Skills Ltd, focused on leveraging Islamic finance to deepen financial inclusion, promote infrastructure renewal and advance sustainable investment models across the continent. Delegates from countries including Egypt, Kenya, Senegal and Tanzania were cited as examples of African economies integrating non-interest financial systems into national development strategies.
Agama said outcomes from this year’s conference would inform the Second Nigerian Capital Market Masterplan (2026–2035), which is expected to replace the current phase ending this year.
He urged continued collaboration among regulators, financial institutions and policymakers to ensure that ethical financing contributes meaningfully to inclusive economic growth.
“Prosperity without inclusion is not sustainable,” he said.
