By Bassey Udo
A strong investor confidence and an expanding demand for ethical financial instruments are key drivers to the growth in Nigeria’s ethical finance sector, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said.
Speaking on Monday during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) scheduled for Lagos on November 4 and 5, 2025, Agama said Nigeria’s non-interest capital market has grown significantly, reaching a valuation of over ₦1.6trillion.
Describing the valuation as a milestone, Agama said the significant growth in the sector in recent times signals growing investor confidence and deepening participation in ethical finance.
The conference, jointly organized by the SEC, the Metropolitan Law Firm, and Metropolitan Skills Ltd., would be on the theme “Africa Emerging: A Prosperous and Inclusive Outlook.”
Aimed at promoting ethical financing as a viable tool for building a resilient and inclusive African economy, Agama described the upcoming conference as “strategically positioned” to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025).
He said the conference would serve as a platform for charting the next phase of sustainable financial development across the African continent.
“This year’s theme is a call to action, it’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa,” he said.
The Nigerian non-interest market, he noted, has shown remarkable momentum, with Sukuk dominating the sector.
He revealed that the last Sukuk issuance was oversubscribed by over 700 percent, underscoring the growing investor appetite for non-interest products and confidence in the regulatory framework.
“The non-interest capital market has attained a valuation of ₦1.6tn. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” Agama said.
He explained that the enactment of the Investments and Securities Act (ISA) 2025 provided a strengthened legal foundation for non-interest financial products, empowering the SEC to register non-interest collective investment schemes and broaden the range of instruments available to investors.
“The new Act”, he pointed out, “is a game-changer. It modernizes our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.”
Agama disclosee that the AICIF would feature high-level discussions on unlocking capital for Africa’s infrastructure, green and ethical investments, agricultural financing, and the role of fintech in transforming Islamic finance.
During the conference, the sessions would produce practical solutions to some of the continent’s most pressing development challenges.
“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policy,” he said.
The SEC boss added that the conference would bring together regulators, senior financial executives, scholars, and representatives of development finance institutions to collaborate on innovative policy frameworks.
Besides, he apart from promoting financial inclusion, the conference would be a key focus area, ensuring that ethical finance becomes a driver of prosperity for individuals and businesses alike.
“The insights generated will help shape the next phase of our capital market’s growth, ensuring it remains a strong engine for Nigeria’s economic development,” he said.
Agama underscored that the AICIF aligned with the government’s broader agenda of promoting sustainability, inclusivity, and transparency in the financial system.
He described ethical finance as a critical component of Nigeria’s long-term economic transformation plan, capable of funding infrastructure, empowering communities, and stimulating small and medium-scale enterprises.
“The 7th AICIF is a premier forum dedicated to advancing non-interest and ethical finance across Africa. It represents a shared commitment to building a financial ecosystem that is prosperous, inclusive, and sustainable,” he said.
He urged stakeholders and the media to actively participate in the conference, describing it as “a defining moment for Nigeria’s financial sector and a blueprint for Africa’s economic rebirth.”
Also speaking, Ummahani Amin, Managing Partner, Metropolitan Law Firm & Chairman, AICIF 2025 Planning Committee said that AICIF has grown into one of the most important gatherings for policymakers, regulators, investors, scholars, and innovators who share a common goal to advance ethical, inclusive, and sustainable finance in Africa.
“This year, we are especially proud of our strategic partnership with the Securities and Exchange Commission (SEC), Nigeria’s highest regulator in the capital market. This collaboration underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,” she said.
“This year’s conference comes at a critical time — as Africa continues to explore innovative, ethical, and sustainable pathways to finance development.”
She said Islamic finance has proven to be one of the fastest-growing segments of the global financial system, and AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent.
Beyond the conference sessions, Amin said the partners will also be celebrating excellence and innovation through its Awards Night, as well as unveiling the winners of the AICIF Pitch Competition, a platform designed to spotlight young entrepreneurs and innovative ideas that can shape the future of Islamic finance in Africa.
