ABUJA – Nigeria’s non-interest capital market has grown to a valuation of over N1.6 trillion, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, announced on Tuesday.
The disclosure was made at the 7th African International Conference on Islamic Finance (AICIF 2025) in Lagos, where Dr. Agama highlighted the sector’s critical role in advancing financial inclusion and funding national infrastructure.
He attributed the market’s “remarkable growth” to a supportive regulatory environment, specifically citing the reforms ushered in by the Investments and Securities Act (ISA) 2025.
“This is clear evidence that when there is an enabling regulatory environment, the market responds with vigour,” Dr. Agama stated.
A significant driver of this growth has been the federal government’s sovereign Sukuk programme. The SEC DG revealed that the programme has raised over N1.4 trillion through seven issuances since its inception in 2017. These funds have been directly channeled into the construction and rehabilitation of 124 critical roads, spanning more than 5,820 kilometres across the nation.
In a move to attract international ethical capital, Dr. Agama also confirmed the recent approval of a $500 million international Sukuk, marking the next phase in Nigeria’s infrastructure financing strategy.
Continental Growth and Challenges
The conference also served as a platform to discuss the broader African landscape. While Dr. Agama pointed to rapid growth in countries like Egypt, Kenya, and Ghana as signs of a continental shift, other speakers cautioned that barriers remain.
The Conference Chair, Ms. Ummahani Ahmad Amin, noted that despite global Islamic financial assets reaching $3.88 trillion in 2024, Africa’s share is still marginal.
“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation, we must first address the barriers that continue to constrain their growth,” Amin said, citing underdeveloped market infrastructure and limited liquidity.
She also highlighted the dual role of Artificial Intelligence (AI), which can automate compliance but must be guided by strong ethical guardrails.
Looking Ahead
Dr. Agama confirmed that resolutions from AICIF 2025 will directly inform the development of the Second Nigerian Capital Market Masterplan (2026–2035), as the current plan concludes this year.
In line with the conference’s theme of inclusive prosperity, a startup pitch competition was held. ZannyTecture Recycling Company Limited won the Social Impact category for its work creating eco-friendly products from waste, while BetaLife Health topped the Technology category with an AI-driven blood supply platform.
The conference also saw the launch of The Metropolitan Waqf, a new initiative aimed at funding education for marginalized communities in conflict-affected areas of Nigeria.
