Nigeria’s non-interest capital market has grown to a valuation of over ₦1.6 trillion, according to the Securities and Exchange Commission (SEC).
Its Director-General, Emomotimi Agama, hinted at this during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to be held in Lagos on November 4 and 5.
The milestone signals growing investor confidence and deepening participation in ethical finance, stressing that the Nigerian non-interest market has shown remarkable momentum, with Sukuk dominating the sector.
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He noted 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 ₦1.6 tn. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” Agama said.
He said the enactment of the Investments and Securities Act (ISA) 2025 provides a strengthened legal foundation for non-interest financial products, empowering the commission to register non-interest collective investment schemes and broaden the range of instruments available to investors.
“The new act is a game-changer. It modernises our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance,” Agama maintained.
Pinnacle Daily reports that a non-interest finance strictly prohibits the charging or receiving of interest, which is considered exploitative and unjust.
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The upcoming AICIF is aimed at promoting ethical financing as a viable tool for building a resilient and inclusive African economy.
Agama described the conference as “strategically positioned” to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), with the hope that it would serve as a platform for charting the next phase of sustainable financial development across the continent.
“This year’s theme is a call to action; it’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa,” Agama added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
