By Omodele Adigun
The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has announced that Nigeria’s non-interest capital market is now valued at over N1.6 trillion, highlighting its growing role in enhancing financial inclusion and supporting infrastructure development.
Speaking at the 7th African International Conference on Islamic Finance (AICIF) 2025, held in Lagos, Agama said the growth reflects investors’ confidence and the success of the Commission’s regulatory reforms under the Investments and Securities Act (ISA) 2025.
He stated: “The remarkable growth of the non-interest segment in Nigeria — a market now valued at over ₦1.6 trillion-is clear evidence that when there is an enabling regulatory environment, the market responds with vigour”.
He noted that Nigeria’s sovereign Sukuk programme has raised over ₦1.4 trillion through seven issuances since 2017, financing the construction and rehabilitation of 124 critical roads covering more than 5,820 kilometres across the country.
Agama added that the recent approval of a $500 million international Sukuk would mark the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.
He emphasised that the rapid growth of Islamic finance across the continent shows Africa’s readiness to embrace non-interest instruments as a mainstream funding source.
He cited examples from Egypt, Kenya, Tanzania, Senegal, and Ghana, which are strengthening legal and policy frameworks to attract Shariah-compliant investments.
Agama commended Metropolitan Skills for its role in advancing Islamic finance and said resolutions from the conference would feed into the Second Nigerian Capital Market Masterplan (2026–2035), as the first plan concludes this year.
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