NGX Reaffirms Leadership In Advancing Africa’s Islamic Finance Ecosystem

The Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board.

The Exchange stated this at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos. Organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day event brought together policymakers, regulators, development partners, and market participants to explore policy reforms, product innovations, and strategies to unlock liquidity across Africa’s Islamic finance markets.

Speaking at the conference, the group chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga, said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability.

“Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr. Kwairanga stated. “Our goal is to broaden market participation while channelling capital towards productive sectors of the economy.”

The Exchange currently hosts over N1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact. In collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.

The chief executive officer of NGX, Jude Chiemeka, highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion.

“At NGX, our Non-Interest Finance Board represents more than a platform; it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development.

“By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa,” said Chiemeka.

Vice President, Kashim Shettima, represented by Special Adviser to the President on Economic Matters, Dr Tope Fasua, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.

Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances raising over N1.4 trillion to fund multiple projects nationwide.