Nigeria’s Non-Interest Capital Market Hits N1.6tr Valuation, Says SEC DG
By Patience Ikpeme
Nigeria’s non-interest capital market has grown to a valuation of over N1.6 trillion, confirming its expanding role in deepening financial inclusion and supporting infrastructure development, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed in Lagos on Tuesday.
Speaking at the 7th African International Conference on Islamic Finance (AICIF) 2025, Dr. Agama said the growth reflects strong investor confidence and the success of the Commission’s regulatory reforms under the Investments and Securities Act (ISA) 2025.
Dr. Agama stated: “The remarkable growth of the non-interest segment in Nigeria — a market now valued at over N1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour.”
He detailed the impact of the growth, noting that Nigeria’s sovereign Sukuk programme has successfully raised over N1.4$ trillion through seven issuances since 2017. These funds have financed the construction and rehabilitation of 124 critical roads, covering more than 5,820 kilometres across the country.
Dr. Agama added that the recent approval of a $500 million international Sukuk would mark the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.
The rapid growth of Islamic finance across the continent, he said, shows Africa’s readiness to embrace non-interest instruments as a mainstream funding source, citing examples from Egypt, Kenya, Tanzania, Senegal, and Ghana, which are currently strengthening legal and policy frameworks to attract Shariah-compliant investments.
Despite the progress in Nigeria, the Conference Chair, Ms. Ummahani Ahmad Amin, said the continent was yet to fully harness Islamic finance’s potential as a reliable source of catalytic capital to bridge its annual infrastructure financing gap, estimated at between **$130 billion to $170 billion.
She said that although global Islamic financial assets grew by 14.9% year-on-year to $3.88 trillion in 2024, Africa’s share remains marginal due to barriers such as underdeveloped market infrastructure, limited liquidity, and low investor education.
“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” Amin said.
Ms. Amin also spoke about the role of Artificial Intelligence (AI) in reshaping ethical finance, automating compliance, and expanding financial access, but cautioned that the technology must be guided by ethical guardrails to sustain trust. She concluded that collaboration and knowledge-sharing are key to unlocking Africa’s inclusive prosperity, noting that this year’s AICIF theme — “Africa Emerging: A Prosperous and Inclusive Outlook” — reflects optimism about the continent’s ability to drive sustainable and inclusive development.
Dr. Agama confirmed that resolutions from the conference would feed directly into the Second Nigerian Capital Market Masterplan (2026–2035), as the first plan concludes this year. He urged stakeholders to continue using Islamic finance as a tool for ethical investment, financial inclusion, and infrastructure renewal, saying that “prosperity without inclusion is not sustainable.”
As a commitment to youth empowerment, Ms. Amin announced that the conference, in partnership with the SEC, hosted a pitch competition to support promising startups. ZannyTecture Recycling Company Limited won the Social Impact category for turning discarded tyres and PET bottles into eco-friendly products, while BetaLife Health clinched first place in the Technology category with its AI-driven blood supply optimization platform.
Ms. Amin also unveiled The Metropolitan Waqf, an initiative aimed at providing access to education for marginalized communities in Nigeria, particularly in areas affected by conflict.
