Nigeria’s non-interest capital market has grown to a valuation of greater than N1.6 trillion, marking a serious milestone within the nation’s drive to deepen monetary inclusion and mobilize moral financing for infrastructure improvement.
The Director-Basic of the Securities and Alternate Fee (SEC), Dr. Emomotimi Agama, revealed this on the seventh African Worldwide Convention on Islamic Finance (AICIF) 2025, held in Lagos, the place he described the expansion as “a testomony to investor confidence and sound regulatory reforms.”
Moral finance powering infrastructure renewal
Dr. Agama mentioned the enlargement of Nigeria’s non-interest capital market displays the success of the Fee’s initiatives below the brand new Investments and Securities Act (ISA) 2025, which launched stronger frameworks for moral and Shariah-compliant finance.
“The exceptional progress of the non-interest phase in Nigeria — a market now valued at over N1.6 trillion — is evident proof that when there may be an enabling regulatory surroundings, the market responds with vigour,” he acknowledged.
He famous that Nigeria’s sovereign Sukuk programme alone has raised over N1.4 trillion by seven issuances since 2017, serving to to finance 124 important street initiatives masking about 5,820 kilometres nationwide.
Agama additional disclosed that the federal authorities’s approval of a $500 million worldwide Sukuk issuance will herald the subsequent section of Nigeria’s effort to draw overseas moral funding to fund infrastructure and stimulate financial progress.
Africa embracing non-interest devices
The SEC boss highlighted the speedy enlargement of Islamic finance throughout the continent as proof of Africa’s readiness to combine non-interest devices into mainstream monetary methods.
He pointed to international locations equivalent to Egypt, Kenya, Tanzania, Senegal, and Ghana, that are strengthening their regulatory and authorized frameworks to draw Shariah-compliant capital.
Agama recommended Metropolitan Abilities for organizing the AICIF and famous that outcomes from the convention would inform the Second Nigerian Capital Market Masterplan (2026–2035), as the primary 10-year plan concludes in 2025.
He urged stakeholders to leverage Islamic finance as a software for inclusive progress, stating that “prosperity with out inclusion will not be sustainable.”
Bridging Africa’s infrastructure hole
In her remarks, the Convention Chair, Ms. Ummahani Ahmad Amin, mentioned whereas Islamic finance has made vital progress in Nigeria and throughout Africa, the continent has but to harness its full potential as a supply of catalytic capital to bridge its annual infrastructure financing hole, estimated between $130 billion and $170 billion.
She noticed that though world Islamic monetary belongings grew by 14.9% year-on-year to $3.88 trillion in 2024, Africa’s contribution stays minimal attributable to low market depth, weak liquidity, and restricted investor consciousness.
“To allow Sukuk and different Islamic monetary devices function efficient drivers of economic intermediation and macro-financial stability, we should first deal with the obstacles that proceed to constrain their progress,” she mentioned.
Amin additionally highlighted the transformative function of Synthetic Intelligence (AI) in increasing moral finance and automating compliance, whereas calling for sturdy moral guardrails to maintain public belief.
As a part of its youth empowerment agenda, the convention hosted a startup pitch competitors in collaboration with the SEC. ZannyTecture Recycling Firm Restricted gained within the Social Affect class, whereas BetaLife Well being clinched the Expertise prize for its AI-driven blood provide optimization platform.
Amin concluded by unveiling The Metropolitan Waqf, a brand new initiative to broaden entry to training for marginalized communities in Nigeria, notably these in conflict-affected areas.