The Securities and Exchange Commission (SEC) disclosed that Nigeria’s non-interest capital market has grown significantly, reaching a valuation of over N1.6 trillion, a milestone that signals growing investor confidence and deepening participation in ethical finance.

Director-General of the SEC, Dr Emomotimi Agama, stated this during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to hold in Lagos on November 4 and 5, 2025.

The conference, jointly organised by the SEC, the Metropolitan Law Firm and Metropolitan Skills Limited, is themed ‘Africa Emerging: A Prosperous and Inclusive Outlook’.

It aims to promote 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), adding that it would serve as a platform for charting the next phase of sustainable financial development across the continent.

“This year’s theme is a call to action; it is about harnessing ethical finance as a tool to build a more prosperous and equitable Africa,” he said.

According to him, the Nigerian non-interest market has shown remarkable momentum, with Sukuk dominating the sector.

He revealed that the last Sukuk issuance was oversubscribed by over 700 per cent, 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 N1.6tn. 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 provides 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 is a game-changer. It modernises our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance,” he said.

Agama stated that the AICIF will 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.

The sessions, he said, are designed to 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 emphasized.

The SEC boss added that the conference will bring together regulators, senior financial executives, scholars, and representatives of development finance institutions to collaborate on innovative policy frameworks.

According to him, promoting financial inclusion will 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 aligns 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 Lagos conference, describing it as “a defining moment for Nigeria’s financial sector and a blueprint for Africa’s economic rebirth.”