Sukuk Drives Nigerias Non-Interest Capital Market to ₦1.6tr
By Patience Ikpeme
Nigeria’s non-interest capital market has achieved a valuation of ₦1.6 trillion, with Sukuk instruments accounting for the largest portion of this growth, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, announced on Tuesday.
Speaking at a joint press briefing with The Metropolitan Law Firm and Metropolitan Skills Ltd., ahead of the 7th African International Conference on Islamic Finance (AICIF), Dr. Agama described the market’s expansion as a sign of strong investor approval.
“The 700% oversubscription of the last issuance illustrates the massive investor confidence we have built, thus demonstrating a robust and growing appetite for ethical and non-interest financial products,” Dr. Agama stated.
The SEC DG linked the market’s progress to the recently enacted Investments and Securities Act (ISA) 2025, which he said modernises the regulatory environment for non-interest finance.
“With the new Investments and Securities Act (ISA) 2025, we have a modernised regulatory framework that provides clarity and confidence, making the outcomes of this conference more actionable than ever before,” Dr. Agama said.
He described the new legislation as a crucial development for the sector’s future. “This Act is a game-changer that provides a robust, statutory framework for Sukuk and other Non-Interest financial instruments. It empowers the SEC to register Non-Interest Collective Investment Schemes, which directly fulfils the Masterplan’s objective of market development and innovation.”
The upcoming 7th AICIF conference, which will bring together a distinguished assembly of regulators, senior financial executives, eminent scholars, and development finance institution representatives, is designed to generate actionable solutions for Africa’s economic challenges.
Dr. Agama explained that the primary objective of the conference “is to foster high-level collaboration, leading to the harmonisation of policies and the creation of innovative financial solutions that address the unique needs of our emerging economies. Promoting financial inclusion will be a cross-cutting priority in all our discussions.”
Sessions at the conference will focus on strategies to drive development, including a major conversation on “Unlocking Capital for Africa’s Infrastructure,” which will explore funding for essential projects like roads, power, and technology. Other key discussions include exploring the future of sustainable development in “Green and Ethical Investments: The Future of Energy Finance,” and connecting finance to the real economy with a paper on “Agricultural Financing: From Farm to Table through Ethical Options.”
The conference will also address “The Role of Fintech in Transforming Islamic Finance and Capital Markets,” with a focus on keeping Africa at the forefront of financial innovation.
Ummahani Amin, Managing Partner of The Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, observed that the collaboration between her firm and the SEC reflects a shared commitment to market growth.
“This collaboration between SEC and The Metropolitan Law Firm and Metropolitan Skills Ltd. communicates our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,” Amin said.
She further noted the timeliness of the event: “This year’s conference comes at a critical time — as Africa continues to explore innovative, ethical, and sustainable pathways to finance development. Islamic finance has proven to be one of the fastest-growing segments of the global financial system, and AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent.”
