The Securities and Exchange Commission (SEC) has identified Islamic finance as a major driver of investment growth and a vital tool for promoting financial inclusion in Nigeria and across Africa. The Commission made this known on Tuesday during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), which is scheduled to take place in Lagos on November 4 and 5, 2025.
Speaking at the event, the Director-General of the SEC, Dr. Emomotimi Agama, said the conference would help shape the future of ethical and non-interest financial products as Nigeria’s Revised Capital Market Masterplan (2021–2025) nears completion.
“This will not just be a routine conference. It is strategically positioned as we approach the conclusion of the Revised Nigerian Capital Market Masterplan this December,” Dr. Agama stated.
He explained that the country’s non-interest capital market has grown remarkably, now valued at over N1.6 trillion, with Sukuk bonds remaining the most dominant instrument.
“The 700 per cent oversubscription of the last Sukuk issuance underscores the massive investor confidence we have built, thus demonstrating a robust and growing appetite for ethical and non-interest financial products,” he added.
Dr. Agama further noted that the recently enacted Investments and Securities Act 2025 provides a stronger legal foundation for innovation in the capital market.
“This Act is a game-changer that provides a robust statutory framework for Sukuk and other non-interest financial instruments. It empowers the SEC to register non-interest collective investment schemes, directly fulfilling the Masterplan’s objective of market development and innovation,” he said.
According to him, the upcoming Lagos conference would focus on unlocking capital for infrastructure, ethical investment in energy, agricultural financing, and the role of fintech in expanding the reach of Islamic finance. He stressed that the central theme of the discussions would be promoting financial inclusion and collaboration across sectors.
“The primary objective is to foster high-level collaboration, leading to the harmonisation of policies and the creation of innovative financial solutions that address the unique needs of our emerging economies. Promoting financial inclusion will be a cross-cutting priority in all our discussions,” Dr. Agama explained.
He added that one of the main goals of the event is to achieve measurable economic outcomes. “We expect the conference to produce actionable strategies that will stimulate new investment flows, encourage product development, and inform the future path of regulatory policy,” he said.
Also speaking at the briefing, the Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, Mrs. Ummahani Amin, described the event as one of the most significant platforms for advancing ethical finance in Africa.
She commended the collaboration between the SEC and the AICIF organising committee, describing it as a strong signal of shared commitment to building trust and innovation in Nigeria’s growing Islamic finance sector.
“This year, we are especially proud of our strategic partnership with the Securities and Exchange Commission, 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,” Amin said.
She explained that the 2025 edition of the conference would feature policy dialogues, technical discussions, and panel sessions aimed at exploring how non-interest financial instruments can fund infrastructure projects and support real sector growth.
“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,” she added.
According to her, the event will also celebrate excellence and spotlight innovative solutions that are reshaping the financial sector across Africa.
Both SEC and the organisers said the conference would serve as a premier forum to generate actionable strategies and provide fresh momentum for Islamic finance as Africa seeks sustainable pathways to growth and economic diversification.
Earlier in May 2025, the Central Bank of Nigeria (CBN) introduced three new instruments to deepen the country’s non-interest financial market and enhance liquidity management for Islamic financial institutions. The initiative, contained in a circular issued on May 23, 2025, is part of the Bank’s wider plan to strengthen the adoption and operational efficiency of non-interest banking in Nigeria’s financial system.
With the SEC, CBN, and private stakeholders now aligning efforts, experts believe Islamic finance could become one of the strongest pillars for inclusive economic growth, ethical investing, and infrastructure development in Nigeria and beyond.
