The Securities and Exchange Commission, SEC, has described Islamic finance as a major driver of investment and a tool for deepening financial inclusion in Nigeria and across Africa.
At a joint press briefing in Abuja on Tuesday ahead of the 7th African International Conference on Islamic Finance, scheduled to hold in Lagos on November 4 and 5, the SEC Director-General, Dr Emomotimi Agama, said the forum would help chart new directions for ethical and non-interest financial products at a time the country’s capital market masterplan is reaching its conclusion.
“This will not just be a routine conference. It is strategically positioned as we approach the conclusion of the Revised Nigerian Capital Market Masterplan (2021-2025) this December,” Agama said.
He stressed that the non-interest capital market had reached a scale of N1.6tn, with Sukuk as the 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 said.
Agama also said the enactment of the Investments and Securities Act 2025 had created a stronger framework for innovation.
“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, which directly fulfils the Masterplan’s objective of market development and innovation,” he said.
He added that the Lagos conference would focus on unlocking capital for infrastructure, ethical investment in energy finance, agricultural financing, and the role of fintech in transforming Islamic finance.
According to him, promoting financial inclusion would remain central to all the discussions.
“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.
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The goal of these discussions 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, Ummahani Amin, said the conference had grown into one of the most significant platforms for advancing ethical finance in Africa.
She described the collaboration with the SEC as a signal of shared commitment to building trust and innovation in the 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,” she said.
Amin explained that the 2025 edition would feature policy dialogues, technical discussions, and panel sessions exploring how non-interest finance could fund infrastructure 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 said.
She added that beyond the discussions, the event would also celebrate excellence and spotlight innovation.
Both the 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.
Earlier this year, it was reported that the Central Bank of Nigeria announced the introduction of three new instruments aimed at deepening the country’s non-interest financial market and improving liquidity management for Islamic finance institutions.
The announcement was made in a circular dated May 23, 2025, which forms part of the Bank’s wider strategy to strengthen the adoption and operational efficiency of non-interest banking instruments across Nigeria’s financial system.
