Stakeholders Eye More Investments In N1.6trn Non-interest Capital Market

The Securities and Exchange Commission (SEC) says Nigeria’s non-interest capital market has grown significantly, reaching a valuation of over N1.6 trillion, signalling rising investor confidence and deepening participation in ethical finance.

The director-general of the SEC, Dr Emomotimi Agama, stated this during a joint press briefing in Abuja ahead of the seventh African International Conference on Islamic Finance (AICIF), scheduled to hold in Lagos on November 4 and 5, 2025.

The conference, jointly organised by the SEC, the Metropolitan Law Firm, and Metropolitan Skills Limited, is themed, ‘Africa Emerging: A Prosperous and Inclusive Outlook’

It aims to promote ethical financing as a viable tool for building a resilient and inclusive African economy.

Agama described the upcoming conference as strategically positioned to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), adding that it would serve as a platform for charting the next phase of sustainable financial development across the continent.

He said this year’s theme is a call to action; it is about harnessing ethical finance as a tool to build a more prosperous and equitable Africa.

According to him, the Nigerian non-interest market has shown remarkable momentum, with Sukuk dominating the sector, revealing that the last Sukuk issuance was oversubscribed by over 700 per cent, underscoring the growing investor appetite for non-interest products and confidence in the regulatory framework.

“The non-interest capital market has attained a valuation of N1.6 trillion. Agama said that the overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments.

He explained that the enactment of the Investments and Securities Act (ISA) 2025 strengthens the legal foundation for non-interest financial products, empowers the SEC to register non-interest collective investment schemes, and broadens the range of instruments available to investors.

Agama stated that the AICIF will feature high-level discussions on unlocking capital for Africa’s infrastructure, green and ethical investments, agricultural financing, and the role of fintech in transforming Islamic finance.

The SEC boss added that the conference will bring together regulators, senior financial executives, scholars, and representatives of development finance institutions to collaborate on innovative policy frameworks.

According to him, promoting financial inclusion will be a key focus area, ensuring that ethical finance drives prosperity for individuals and businesses alike.

Agama underscored that the AICIF aligns with the government’s broader agenda of promoting sustainability, inclusivity, and transparency in the financial system.

The managing partner, Metropolitan Law Firm & chairman, AICIF 2025 Planning Committee, Ummahani Amin said that AICIF has grown into one of the most important gatherings for policymakers, regulators, investors, scholars, and innovators who share a common goal to advance ethical, inclusive, and sustainable finance in Africa.

She said, “This year, we are especially proud of our strategic partnership with the Securities and Exchange Commission (SEC). This collaboration underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity.

She said that Islamic finance had proved to be one of the fastest-growing segments of the global financial system. AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent.