Nigeria’s non-interest capital market now worth ₦1.6trn — SEC

The Securities and Exchange Commission (SEC) says Nigeria’s non-interest capital market has grown to over ₦1.6 trillion, highlighting its rising contribution to financial inclusion and infrastructure financing.

SEC Director-General, Dr. Emomotimi Agama, disclosed this at the 7th African International Conference on Islamic Finance (AICIF) 2025 in Lagos.

He said the growth reflects investor confidence and the impact of ongoing regulatory reforms under the new Investments and Securities Act (ISA) 2025.

“The remarkable growth of the non-interest segment — now valued at over ₦1.6 trillion — shows that with the right regulatory framework, the market responds with vigour,” Agama said.

He noted that Nigeria’s sovereign Sukuk programme has raised more than ₦1.4 trillion through seven issuances since 2017, financing 124 major road projects covering over 5,820 kilometres nationwide.

He added that a newly approved $500 million international Sukuk would further boost infrastructure funding and ethical investment inflows.

Agama said Islamic finance is gaining momentum across Africa, with countries such as Egypt, Kenya, Tanzania, Senegal, and Ghana strengthening their legal and policy frameworks to attract Shariah-compliant investments.

He commended Metropolitan Skills for organizing the conference, noting that outcomes from the event would shape the forthcoming Second Nigerian Capital Market Masterplan (2026–2035).

“Islamic finance remains a vital tool for ethical investment, financial inclusion, and infrastructure renewal. Prosperity without inclusion is not sustainable,” he stressed.

Conference Chairperson, Ummahani Ahmad Amin, said Islamic finance has made notable progress in Nigeria and across Africa but still holds untapped potential in bridging the continent’s $130–$170 billion annual infrastructure gap.

She noted that while global Islamic financial assets grew by 14.9% to $3.88 trillion in 2024, Africa’s share remains low due to limited market infrastructure, liquidity, and investor awareness.

Amin highlighted the growing role of Artificial Intelligence (AI) in promoting ethical finance and expanding access but cautioned that technology must be guided by ethical standards.

She also announced winners of the AICIF Startup Pitch Competition, held in partnership with SEC. ZannyTecture Recycling Company Limited won in the Social Impact category for transforming waste tyres and PET bottles into eco-friendly products, while BetaLife Health clinched the Technology award for its AI-powered blood supply optimization platform.

To promote education in underserved communities, Amin unveiled The Metropolitan Waqf, an initiative designed to support learning access for children in conflict-affected regions of Nigeria.