The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said Nigeria’s non-interest capital market has reached a valuation of over N1.6 trillion, reflecting its increasing importance in promoting financial inclusion and driving infrastructure development.
A statement from the SEC on Wednesday said Agama spoke at the 7th African International Conference on Islamic Finance (AICIF) 2025 held in Lagos. He noted the market’s rapid expansion was a testament to investor confidence and the impact of regulatory reforms under the Investments and Securities Act (ISA) 2025.
“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 said.
According to the SEC boss, the Federal Government’s sovereign Sukuk programme has so far raised over N1.4 trillion through seven issuances since 2017.
The funds, he noted, have been used to finance the construction and rehabilitation of 124 critical road projects covering more than 5,820 kilometres across the country.
Agama added that the recent approval of a $500 million international Sukuk would usher in the next phase of Nigeria’s strategy to attract ethical financing for infrastructure expansion and broader economic growth.
He also observed that the growing adoption of Islamic finance across Africa demonstrates the continent’s readiness to embrace non-interest instruments as a sustainable funding alternative. “From Egypt to Kenya, Tanzania, Senegal, and Ghana, we are seeing governments strengthen legal and policy frameworks to attract Shariah-compliant investments,” he noted.
The SEC Director-General commended Metropolitan Skills, the conference organizers, for their contribution to deepening Islamic finance knowledge in Africa. He disclosed that the outcomes of the 2025 AICIF would feed into the Second Nigerian Capital Market Masterplan (2026–2035), which will take effect after the current plan concludes this year.
Agama urged stakeholders to continue leveraging Islamic finance to promote ethical investment, financial inclusion, and infrastructure renewal. “Prosperity without inclusion is not sustainable,” he said.
