Nigeria’s Non-Interest Capital Market Soars to ₦1.6 Trillion — A Testament to Growing Investor Confidence
Nigeria’s non-interest capital market has achieved a significant milestone, with total market valuation now exceeding ₦1.6 trillion, according to the Securities and Exchange Commission (SEC). The growth underscores a rising appetite for ethical finance and investor confidence in the country’s Islamic finance ecosystem.
The announcement was made by Dr. Emomotimi Agama, Director-General of the SEC, during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) scheduled to take place in Lagos on November 4 and 5, 2025.
A New Era for Ethical Finance in Africa
Themed “Africa Emerging: A Prosperous and Inclusive Outlook,” the upcoming AICIF conference is jointly organized by SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd. It aims to spotlight ethical and inclusive finance as a strategic tool for building a more sustainable African economy.
Dr. Agama highlighted that Sukuk bonds remain the dominant driver of Nigeria’s non-interest market, with the latest issuance recording an oversubscription of over 700% — a clear signal of the deepening investor interest in ethical investment products.
“The non-interest capital market has attained a valuation of ₦1.6 trillion. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,”
— Dr. Emomotimi Agama, SEC Director-General
️ Strengthened Legal Foundation Through ISA 2025
Agama further noted that the Investments and Securities Act (ISA) 2025 has provided a stronger legal framework to support non-interest financial products. The law empowers the SEC to register non-interest collective investment schemes, expanding the investment opportunities available to Nigerians seeking Sharia-compliant and ethical options.
This development marks a turning point in Nigeria’s financial landscape, positioning the country as a leading hub for Islamic finance and non-interest investments in Africa.
️ Focus Areas: Infrastructure, Green Finance & Fintech
The AICIF 2025 will feature high-level discussions centered on:
• Unlocking capital for infrastructure and green investments
• Expanding agricultural financing through Islamic principles
• Leveraging fintech innovations to advance the reach of ethical finance across the continent
The conference is strategically timed to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), setting the stage for the next chapter of sustainable financial development in Nigeria and beyond.
Partnership for Inclusive Growth
Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, emphasized that the event has become a cornerstone for policymakers, regulators, and investors advocating ethical and sustainable finance in Africa.
According to her, the collaboration with SEC reflects a shared commitment to integrity, innovation, and inclusiveness within the African financial ecosystem.
“Our partnership with the SEC underscores a shared vision — to strengthen the Islamic finance ecosystem, deepen investor confidence, and drive innovation that aligns with shared prosperity,”
— Ummahani Amin, AICIF 2025 Planning Committee Chair
Why This Matters
Nigeria’s expanding non-interest capital market is more than just a financial milestone — it represents a shift toward sustainable and inclusive finance, offering investors products that align profit with principles.
With ₦1.6 trillion already mobilized and strong policy support under the new ISA 2025, the non-interest capital market is set to play a pivotal role in financing national development, promoting ethical investing, and strengthening Nigeria’s position in Africa’s growing Islamic finance landscape.
Nigeria’s non-interest capital market has achieved a significant milestone, with total market valuation now exceeding ₦1.6 trillion, according to the Securities and Exchange Commission (SEC). The growth underscores a rising appetite for ethical finance and investor confidence in the country’s Islamic finance ecosystem.
The announcement was made by Dr. Emomotimi Agama, Director-General of the SEC, during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) scheduled to take place in Lagos on November 4 and 5, 2025.
A New Era for Ethical Finance in Africa
Themed “Africa Emerging: A Prosperous and Inclusive Outlook,” the upcoming AICIF conference is jointly organized by SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd. It aims to spotlight ethical and inclusive finance as a strategic tool for building a more sustainable African economy.
Dr. Agama highlighted that Sukuk bonds remain the dominant driver of Nigeria’s non-interest market, with the latest issuance recording an oversubscription of over 700% — a clear signal of the deepening investor interest in ethical investment products.
“The non-interest capital market has attained a valuation of ₦1.6 trillion. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,”
— Dr. Emomotimi Agama, SEC Director-General
️ Strengthened Legal Foundation Through ISA 2025
Agama further noted that the Investments and Securities Act (ISA) 2025 has provided a stronger legal framework to support non-interest financial products. The law empowers the SEC to register non-interest collective investment schemes, expanding the investment opportunities available to Nigerians seeking Sharia-compliant and ethical options.
This development marks a turning point in Nigeria’s financial landscape, positioning the country as a leading hub for Islamic finance and non-interest investments in Africa.
️ Focus Areas: Infrastructure, Green Finance & Fintech
The AICIF 2025 will feature high-level discussions centered on:
• Unlocking capital for infrastructure and green investments
• Expanding agricultural financing through Islamic principles
• Leveraging fintech innovations to advance the reach of ethical finance across the continent
The conference is strategically timed to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), setting the stage for the next chapter of sustainable financial development in Nigeria and beyond.
Partnership for Inclusive Growth
Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, emphasized that the event has become a cornerstone for policymakers, regulators, and investors advocating ethical and sustainable finance in Africa.
According to her, the collaboration with SEC reflects a shared commitment to integrity, innovation, and inclusiveness within the African financial ecosystem.
“Our partnership with the SEC underscores a shared vision — to strengthen the Islamic finance ecosystem, deepen investor confidence, and drive innovation that aligns with shared prosperity,”
— Ummahani Amin, AICIF 2025 Planning Committee Chair
Why This Matters
Nigeria’s expanding non-interest capital market is more than just a financial milestone — it represents a shift toward sustainable and inclusive finance, offering investors products that align profit with principles.
With ₦1.6 trillion already mobilized and strong policy support under the new ISA 2025, the non-interest capital market is set to play a pivotal role in financing national development, promoting ethical investing, and strengthening Nigeria’s position in Africa’s growing Islamic finance landscape.