Nigeria’s non-interest capital market has reached a valuation exceeding N1.6 trillion, underscoring the country’s progress in deepening financial inclusion and promoting ethical investment for infrastructure growth.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), disclosed this at the 7th African International Conference on Islamic Finance (AICIF) 2025 in Lagos. He described the achievement as “a testament to investor confidence and sound regulatory reforms” under the new Investments and Securities Act (ISA) 2025.
Agama noted that Nigeria’s sovereign Sukuk programme has raised over N1.4 trillion through seven issuances since 2017, financing 124 major road projects spanning 5,820 kilometres nationwide. He added that the Federal Government’s approval of a $500 million international Sukuk marks a new phase in attracting ethical foreign investments.
Highlighting the growing adoption of Islamic finance across Africa, Agama cited efforts by Egypt, Kenya, Tanzania, Senegal, and Ghana to expand Shariah-compliant capital frameworks. He emphasised that “prosperity without inclusion is not sustainable,” urging stakeholders to leverage Islamic finance for inclusive economic growth.
Conference Chair Ummahani Ahmad Amin noted that Africa still contributes minimally to the global $3.88 trillion Islamic finance industry, despite its potential to bridge the continent’s $130–$170 billion annual infrastructure gap. She stressed the need to address low liquidity, limited investor awareness, and weak market depth.
The conference also featured a startup pitch competition with ZannyTecture Recycling Company Limited winning the Social Impact category and BetaLife Health emerging as best in Technology for its AI-powered blood supply optimisation solution.
Amin concluded by unveiling The Metropolitan Waqf, a new initiative to expand educational access for marginalised communities, especially in conflict-affected regions.
