Nigeria’s Non-Interest Capital Market Now Worth ₦1.6 Trillion – SEC 

By Oluwakemi Kindness

The Securities and Exchange Commission (SEC) Nigeria has disclosed that the country’s non-interest capital market has grown to a value of ₦1.6 trillion, reflecting expanding investor confidence in ethical and inclusive financial instruments.

Director-General of the Commission, Emomotimi Agama, announced this on Tuesday in Abuja during a press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF).

The event, jointly organized by SEC and Metropolitan Skills Limited, is scheduled for November 4 – 5, 2025 in Lagos.

“The non-interest capital market in Nigeria is now valued at ₦1.6 trillion, with Sukuk taking the lion’s share,” Agama revealed.

“Beyond Sukuk, there are other instruments in the non-interest market that provide alternative ethical investment opportunities for Nigerians and Africans.”

Agama explained that the conference aligns with the revised Capital Market Master Plan (2021–2025) and the rollout of the new Investment and Securities Act 2025, both aimed at strengthening market regulation and innovation.

“The new Investment and Securities Act 2025 is a game-changer,” the SEC boss said. “It empowers the Commission to register non-interest collective investment schemes and provides a modern regulatory framework that will drive confidence and innovation in our market.”

According to him, non-interest finance is essential to building an economy rooted in ethics, transparency, and inclusivity — steering investors away from speculative and Ponzi-style schemes.

“We want to shift people’s mindset from quick-gain, fraudulent schemes to verifiable, ethics-driven investments that create value,” he stated. “Ethics is fundamental, a nation without ethics is lost forever.”

Highlighting the theme “Africa Emerging: A Prosperous and Inclusive Outlook,” Agama said discussions will cover infrastructure financing, green and sustainable finance, ethical fintech, and agricultural funding from farm to table.

“Non-interest finance is project-based and tied to development outcomes,” he explained. “It supports financing of real economic activities such as power, roads, and agriculture, sectors that directly impact livelihoods.”

Agama emphasized that the conference comes as Africa seeks new ways to fund infrastructure and expand access to finance for young people.

“With more than 70 percent of Nigeria’s population under 30, we must harness technology and fintech to expand access to investment opportunities,” he said.

“Our youth are digitally savvy, and they will drive the future of ethical finance in Africa.”

He added that the conference outcomes will feed directly into the next Capital Market Master Plan, ensuring tangible policy impact.

“For us, conferences are not just talkshops,” Agama stressed.

“They are platforms for action, collaboration, and agenda-building for a modern, inclusive capital market.”

In her remarks, Ms. Umahani Ahmad Amin, Managing Partner at Metropolitan Law Firm and Chair of the AICIF, described the SEC’s involvement as a “historic milestone” in Nigeria’s journey toward ethical finance.

“This partnership marks a turning point in the journey of ethical finance in Africa,” Amin said.

“For the first time, the Securities and Exchange Commission, the apex capital market regulator, is collaborating with us to advance inclusive, integrity-based finance.”

She noted that the conference, now in its seventh edition — has become one of Africa’s foremost platforms for regulators, scholars, and investors to shape the future of Islamic finance.

“This year’s event will feature high-level policy dialogues, technical sessions, and a HalalTech Pitch Competition to spotlight young innovators developing fintech solutions for social impact,” Amin explained.

Amin added that the AICIF Awards Night will celebrate excellence in non-interest and ethical finance, further motivating professionalism and innovation across the sector.

“Islamic finance is no longer the ‘new kid on the block’ in Nigeria,” she said.

“It has matured into one of the fastest-growing segments of the global financial system, and this conference will reinforce that progress.”

Shared Vision for Inclusive Growth

Both the SEC and Metropolitan Skills Limited reaffirmed their joint vision to promote inclusive finance, deepen investor confidence, and support ethical innovation as pillars of sustainable development in Africa.

“Together,” Amin concluded, “we can shape a financial future where prosperity is shared, ethics are upheld, and finance truly serves the people.”