The Securities and Exchange Commission (SEC) has identified non-interest finance as the fastest-growing segment of Nigeria’s capital market with a current valuation of ₦1.6 trillion.
Speaking in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) scheduled for November 4–5, 2025, the Director-General of SEC, Dr. Emomotimi Agama, said the market’s rapid expansion underscores Nigeria’s increasing appetite for non-interest and Sharia-compliant financial products.
Dr. Agama noted that Sukuk continues to account for a substantial portion of the market, citing a 700 percent oversubscription recorded during the last issuance.
He said the strong investor response highlights confidence in the integrity and profitability of ethical finance and demonstrates the resilience of Nigeria’s regulatory environment.
According to him, the development also signals a broader shift toward transparency and social responsibility in the financial system.
He added that beyond Sukuk, the non-interest segment includes a range of investment products that remain underexplored but offer credible alternatives for both institutional and retail investors, particularly young Nigerians seeking ethical investment options.
The SEC chief emphasized that the Investment and Securities Act (ISA) provides a comprehensive statutory framework to support the growth of the non-interest market, enabling the registration of non-interest collective investment schemes and other instruments.
He said this legal foundation is critical to the Commission’s mandate of promoting innovation, investor protection, and inclusive market participation.
Dr. Agama said the forthcoming conference aims to foster collaboration among policymakers, regulators, and investors across Africa to harmonize policies and develop new financial solutions tailored to emerging economies.
He explained that discussions at the event would focus on enhancing financial inclusion, promoting ethical investment, and discouraging unregulated schemes that undermine market integrity.
He noted that the SEC expects actionable strategies from the conference that will stimulate investment flows, expand product development, and strengthen the future direction of regulatory policy within the non-interest finance ecosystem.
Also speaking, Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chair of the 2025 conference planning committee, said the growing adoption of Islamic finance across Africa provides an opportunity to create a more inclusive and sustainable financial architecture.
She described the SEC’s partnership in the event as a step toward deepening investor confidence and supporting innovation grounded in transparency and shared prosperity.
The conference, jointly organized by the SEC, Metropolitan Skills Ltd (MetSkills), and Metropolitan Law Firm (MetLaw), is expected to attract policymakers, regulators, scholars, and investors from across the continent to discuss practical pathways for advancing ethical finance in Africa.