Nigeria’s non-interest capital market has surpassed ₦1.6 trillion in total valuation — a milestone that the Securities and Exchange Commission (SEC) says underscores the rising trust and interest in ethical finance.
SEC’s Director-General, Dr. Emomotimi Agama, announced this on Monday at a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), which will take place on November 4 and 5, 2025, in Lagos.
The conference, jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd., will focus on the theme ‘Africa Emerging: A Prosperous and Inclusive Outlook’ and aims to unlock fresh opportunities in non-interest and ethical financing across Africa.
A Booming Ethical Finance Market
Dr. Agama described the conference as “strategically positioned” to align with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025).
He said it would serve as a platform for shaping the next phase of sustainable financial development across the continent.
“This year’s theme is a call to action,” he said. “It’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa.”
He explained that the growth of Nigeria’s non-interest capital market had been remarkable, driven mainly by strong investor appetite for Sukuk bonds.
The most recent Sukuk issuance, he said, was oversubscribed by more than 700%, signalling deep confidence in ethical investment instruments and Nigeria’s regulatory environment.
“The non-interest capital market has now attained a valuation of ₦1.6 trillion. The overwhelming subscription to Sukuk shows that investors see value, safety, and purpose in non-interest products,” Agama said.
A New Era for Ethical Investments
Agama also highlighted the impact of the new Investments and Securities Act (ISA) 2025, which provides a stronger legal framework for non-interest financial instruments.
The Act empowers the SEC to register non-interest collective investment schemes and expand product offerings in the sector.
“The new Act is a game-changer,” he said. “It modernises our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.”
He added that the upcoming AICIF conference will explore ways to unlock capital for infrastructure, green projects, agricultural financing, fintech innovation, and other ethical investments across Africa.
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