Abuja: The Securities and Exchange Commission (SEC) has announced that Nigeria’s non-interest capital market is currently valued at N1.6 trillion. Dr. Emomotimi Agama, the Director-General of SEC, made this revelation during a pre-news conference in Abuja, ahead of the 7th African International Conference on Islamic Finance (AICIF), which is scheduled for November 4 and 5.
According to News Agency of Nigeria, Agama highlighted that Sukuk, a significant component of the non-interest capital market, experienced a 700 percent over-subscription in the latest issuance. This over-subscription reflects a strong investor confidence in Nigeria’s ethical and non-interest financial products. He noted that while Sukuk is a major player in this market, other non-interest financial instruments remain underutilized, presenting an opportunity for Nigerian and African youths to engage in ethical investments.
Agama emphasized that the Investment and Securities Act (ISA) serves as a transformative framework for non-interest financial instruments like Sukuk. “It empowers the SEC to register non-interest collective investment schemes, aligning with the master-plan’s objective of market development and innovation,” he stated. The upcoming conference aims to foster collaboration, harmonize policies, and create innovative financial solutions tailored to the needs of emerging economies.
The conference also seeks to promote financial inclusion and shift public perception from unreliable Ponzi schemes to credible, ethical investments. Agama expressed expectations for the conference to yield actionable strategies that could stimulate investment flows, encourage product development, and inform future regulatory policies. “The insights generated will be instrumental in shaping the next phase of our capital market’s development,” he added.
Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairman of the 2025 conference planning committee, underscored the significance of the event during a pivotal time for Africa’s exploration of ethical and sustainable financial pathways. Amin acknowledged Islamic finance as one of the fastest-growing sectors globally and expressed pride in the strategic partnership with the SEC, aimed at strengthening the Islamic finance ecosystem and fostering innovation aligned with integrity and shared prosperity.