Non-Interest Finance Tipped to Ignite Investment, Financial Inclusion in Nigeria
The Securities and Exchange Commission (SEC) has lauded the potential of Islamic finance as a vital catalyst for boosting investment and significantly enhancing financial inclusion across Nigeria and the African continent.
This endorsement was delivered by the Director-General of the SEC, Dr. Emomotimi Agama, during a press briefing held yesterday in Abuja.
The event served as a prelude to the upcoming 7th African International Conference on Islamic Finance (AICIF), scheduled for Lagos on November 4th and 5th.
Dr. Agama stated that the conference is strategically timed to define the future trajectory for ethical and non-interest financial products, particularly as the Revised Nigerian Capital Market Masterplan (2021-2025) nears its expiration in December.
The SEC Director-General highlighted the impressive growth of the non-interest capital market, which has now attained a valuation of over N1.6 trillion, with Sukuk (Islamic bonds) emerging as the primary instrument.
He pointed to the last Sukuk issuance, which was oversubscribed by 700 percent, as clear evidence of the substantial confidence investors have placed in the sector and the burgeoning appetite for ethical financial tools.
Dr. Agama also celebrated the recent passage of the Investments and Securities Act (ISA) 2025, describing it as a “game-changer.” He emphasized that the new law establishes a robust statutory framework for Sukuk and other non-interest securities.
He confirmed that the Act specifically authorizes the SEC to register non-interest collective investment schemes, an action that directly advances the Masterplan’s goal of market innovation and development.
The forthcoming Lagos conference is set to concentrate discussions on key areas, including mobilising capital for infrastructure projects, promoting ethical investment in energy finance, supporting agricultural funding, and exploring the transformative influence of Fintech on Islamic finance.
Dr. Agama affirmed that expanding financial inclusion would be a cornerstone of the entire event.
He projected that the discussions’ main goal is to promote high-level collaboration, which will, in turn, lead to policy harmony and the creation of novel financial solutions tailored to the distinct needs of emerging economies.
He anticipates that the forum will yield “actionable strategies” to spur new capital inflows, encourage product innovation, and guide future regulatory direction.
Also commenting at the briefing, Ummahani Amin, Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, described the conference as a profoundly significant platform for the progress of ethical finance in Africa.
She reportedly underscored the strategic partnership with the SEC as a sign of their mutual dedication to enhancing trust and innovation within the sector. Ms. Amin explained that the 2025 edition would feature deep dives through policy dialogues and technical sessions to investigate how non-interest financing can effectively fund infrastructure and bolster real sector growth.
“Islamic finance has proven to be one of the fastest-growing segments of the global financial system,” she said, adding that the AICIF offers a unique venue to bring together key stakeholders—including regulators, scholars, and investors—to shape the future of ethical finance on the continent. Both the organisers and the SEC concluded that the conference is positioned to provide fresh momentum for Islamic finance as Africa pursues sustainable development paths.
