Nigeria’s Non-Interest Capital Market Soars to ₦1.6 Trillion — A Testament to Ethical Growth and Investor Confidence
Nigeria’s non-interest capital market — a key driver of ethical and inclusive finance — has reached a remarkable valuation of over ₦1.6 trillion, according to the Securities and Exchange Commission (SEC) ️.
The Director-General of the SEC, Dr. Emomotimi Agama, made the disclosure at the 7th African International Conference on Islamic Finance (AICIF) 2025 held in Lagos. He described this milestone as evidence of strong investor confidence and the positive impact of ongoing regulatory reforms under the newly enacted Investments and Securities Act (ISA) 2025 .
“The remarkable growth of the non-interest segment — now valued at over ₦1.6 trillion — shows that when there is an enabling regulatory environment, the market responds with vigour,” Agama stated.
Sukuk Success Story: ₦1.4 Trillion Raised for Infrastructure
A major catalyst for this expansion has been the Federal Government’s Sovereign Sukuk programme, which has raised over ₦1.4 trillion through seven issuances since 2017.
The funds have been channeled into 124 critical road projects ️ spanning over 5,820 kilometres across Nigeria — demonstrating how non-interest finance can fuel tangible national development and improve connectivity.
Adding to this momentum, Agama revealed that a $500 million international Sukuk has recently been approved — ushering in a new era of global ethical financing for Nigeria’s infrastructure and economic growth.
Africa’s Embrace of Islamic Finance
Dr. Agama also highlighted the growing adoption of Islamic finance across Africa, citing countries such as Egypt, Kenya, Tanzania, Senegal, and Ghana, which are all strengthening their legal and policy frameworks to attract Shariah-compliant investments .
He commended Metropolitan Skills, organizers of the AICIF, for deepening Islamic finance knowledge across the continent, adding that insights from the 2025 AICIF will feed into the Second Nigerian Capital Market Masterplan (2026–2035) .
Promoting Inclusion and Sustainability
Agama urged stakeholders to continue using Islamic finance as a tool for inclusion, ethical investment, and sustainable infrastructure renewal.
“Prosperity without inclusion is not sustainable,” he emphasized.
Key Takeaways for Investors
Nigeria’s non-interest capital market now exceeds ₦1.6 trillion in value.
Over ₦1.4 trillion raised through government Sukuk since 2017.
Funds financed 124 key roads covering 5,820+ km nationwide.
Approval of a $500 million international Sukuk signals growing global confidence.
Broader African adoption of ethical, Shariah-compliant investments.
In Summary
Nigeria’s non-interest capital market isn’t just growing — it’s transforming the country’s financial landscape through ethical, inclusive, and sustainable funding. With stronger regulation, global partnerships, and investor enthusiasm, the sector is well on its way to becoming a pillar of Africa’s future finance ecosystem .
Nigeria’s non-interest capital market — a key driver of ethical and inclusive finance — has reached a remarkable valuation of over ₦1.6 trillion, according to the Securities and Exchange Commission (SEC) ️.
The Director-General of the SEC, Dr. Emomotimi Agama, made the disclosure at the 7th African International Conference on Islamic Finance (AICIF) 2025 held in Lagos. He described this milestone as evidence of strong investor confidence and the positive impact of ongoing regulatory reforms under the newly enacted Investments and Securities Act (ISA) 2025 .
“The remarkable growth of the non-interest segment — now valued at over ₦1.6 trillion — shows that when there is an enabling regulatory environment, the market responds with vigour,” Agama stated.
Sukuk Success Story: ₦1.4 Trillion Raised for Infrastructure
A major catalyst for this expansion has been the Federal Government’s Sovereign Sukuk programme, which has raised over ₦1.4 trillion through seven issuances since 2017.
The funds have been channeled into 124 critical road projects ️ spanning over 5,820 kilometres across Nigeria — demonstrating how non-interest finance can fuel tangible national development and improve connectivity.
Adding to this momentum, Agama revealed that a $500 million international Sukuk has recently been approved — ushering in a new era of global ethical financing for Nigeria’s infrastructure and economic growth.
Africa’s Embrace of Islamic Finance
Dr. Agama also highlighted the growing adoption of Islamic finance across Africa, citing countries such as Egypt, Kenya, Tanzania, Senegal, and Ghana, which are all strengthening their legal and policy frameworks to attract Shariah-compliant investments .
He commended Metropolitan Skills, organizers of the AICIF, for deepening Islamic finance knowledge across the continent, adding that insights from the 2025 AICIF will feed into the Second Nigerian Capital Market Masterplan (2026–2035) .
Promoting Inclusion and Sustainability
Agama urged stakeholders to continue using Islamic finance as a tool for inclusion, ethical investment, and sustainable infrastructure renewal.
“Prosperity without inclusion is not sustainable,” he emphasized.
Key Takeaways for Investors
Nigeria’s non-interest capital market now exceeds ₦1.6 trillion in value.
Over ₦1.4 trillion raised through government Sukuk since 2017.
Funds financed 124 key roads covering 5,820+ km nationwide.
Approval of a $500 million international Sukuk signals growing global confidence.
Broader African adoption of ethical, Shariah-compliant investments.
In Summary
Nigeria’s non-interest capital market isn’t just growing — it’s transforming the country’s financial landscape through ethical, inclusive, and sustainable funding. With stronger regulation, global partnerships, and investor enthusiasm, the sector is well on its way to becoming a pillar of Africa’s future finance ecosystem .