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The Securities and Exchange Commission (SEC) has revealed that Nigeria’s non-interest capital market has reached a valuation of over N1.6 trillion, driven by rising investor participation and growing confidence in ethical financial instruments.
Director-General of the SEC, Emomotimi Agama, disclosed this at a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to hold in Lagos on November 4 and 5, 2025.
The conference, jointly organised by the SEC, the Metropolitan Law Firm, and Metropolitan Skills Ltd., is themed “Africa Emerging: A Prosperous and Inclusive Outlook.” It is aimed at promoting ethical financing as a viable instrument for building a resilient and inclusive African economy.
Agama said the forthcoming event was “strategically positioned” to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025) and would serve as a platform to chart the next phase of sustainable financial development. “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,” he saidAgama noted that the Nigerian non-interest capital market has maintained a steady growth trajectory, with Sukuk instruments dominating the sector.
He revealed that the most recent Sukuk issuance was oversubscribed by more than 700 per cent, indicating strong investor appetite and confidence in the market’s regulatory environment.
“The non-interest capital market has attained a valuation of N1.6tn. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” Agama stated.
He further explained that the enactment of the Investments and Securities Act (ISA) 2025 has provided a stronger legal foundation for non-interest financial products, empowering the SEC to register non-interest collective investment schemes and expand the product range available to investors.
“The new Act is a game-changer. It modernizes our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.”
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Agama said the AICIF will feature high-level discussions on unlocking capital for infrastructure, green and ethical investments, agricultural financing, and the role of fintech in transforming Islamic finance.
“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policy,” he emphasized.
According to him, promoting financial inclusion remained a central goal, ensuring that ethical finance supports individuals, small businesses, and broader economic prosperity.
“The insights generated will help shape the next phase of our capital market’s growth, ensuring it remains a strong engine for Nigeria’s economic development,” Agama said.
He noted that the AICIF aligns with the Federal Government’s broader agenda of promoting sustainability, inclusivity, and transparency in the financial system, adding that ethical finance represents a key instrument for Nigeria’s long-term economic transformation.
Also speaking, Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, Ummahani Amin, described the conference as one of Africa’s most significant platforms for advancing inclusive and sustainable finance.
“This year, we are especially proud of our strategic partnership with the Securities and Exchange Commission (SEC), Nigeria’s highest regulator in the capital market. This collaboration underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,” Amin said.
