The Securities and Exchange Commission (SEC) has revealed that Nigeria’s non-interest capital market has reached a valuation of approximately N1.6 trillion, reflecting growing investor confidence in ethical and Sharia-compliant financial instruments.
SEC Director-General, Dr. Emomotimi Agama, made the disclosure in Abuja on Tuesday during a press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), which is scheduled to take place from November 4 to 5.
According to Agama, Sukuk bonds account for the majority of the market’s value, noting that the last Sukuk issuance recorded an impressive 700% oversubscription. He described this as a testament to the strong trust investors now place in Nigeria’s Islamic finance market and the increasing appetite for non-interest investment options.
“Beyond Sukuk, there are several other products within the non-interest market that remain underexplored,” Agama stated. “These instruments offer alternative investment channels, particularly for young Nigerians and Africans seeking ethical and responsible financial products.”
He also highlighted the role of the Investment and Securities Act (ISA), calling it a “game-changer” that provides a comprehensive legal framework for non-interest finance. The Act empowers the SEC to register and regulate non-interest collective investment schemes, aligning with its long-term objective of deepening innovation and market development.
Speaking on the upcoming AICIF, Agama noted that the conference aims to promote collaboration among policymakers, regulators, and industry players across Africa to create innovative solutions tailored to emerging markets. He added that the discussions will encourage financial inclusion and steer citizens away from Ponzi schemes toward legitimate ethical investments.
“The goal is to produce actionable strategies that will attract new investment inflows, inspire product innovation, and strengthen regulatory policies,” he said. “These outcomes will further cement the capital market’s role as a driver of inclusive and sustainable economic growth.”
In her remarks, Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairperson of the 2025 conference planning committee, emphasized that Islamic finance remains one of the fastest-growing segments of global finance. She described the partnership with the SEC as a strategic step toward enhancing investor confidence and fostering shared prosperity.
The event, jointly organized by the SEC, Metropolitan Skills Ltd (Metskills), and Metropolitan Law Firm (Metlaw), aims to position Nigeria as a regional hub for ethical finance while showcasing opportunities in sustainable development financing across Africa.
 has revealed that Nigeria’s non-interest capital market has reached a valuation of approximately N1.6 trillion, reflecting growing investor confidence in ethical and Sharia-compliant financial instruments.){kind=link}