The Securities and Exchange Commission (SEC), has disclosed plans to explore the potentials of the non-interest finance market in Nigeria, which it revealed has grown significantly, with its value now standing at about N1.6 trillion.

The Director-General of the SEC, Dr. Emomotimi Agama, made the disclosure at a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF) holding in November 2025, jointly organized with the Metropolitan Law Firm, and Metropolitan Skills Ltd with the theme: “Africa Emerging: A Prosperous and Inclusive Outlook.”

Agama  noted that the rapid growth demonstrates investors’ confidence in ethical and inclusive financial instruments, while reiterating the commission’s commitment to leveraging non-interest finance as a tool to drive sustainable economic development, tackle poverty and reduce migration in Nigeria and Africa at large, by creating viable investment opportunities.

He said: “Nigeria has a great number of investors in this space. What have we done to be able to accommodate their interests and the investment of this set of people who are part of us? The deepness in the financial system within this area cannot be overemphasized.

“There’s so much we can do, and there’s so much that is being done and that is why it is important that we educate our people around what this means, how it will help development, boost our confidence, and indeed facilitate the renewed hope agenda of President President Bula Ahmed Tinubu specifically in the northern region.

“Non-interest finance is backed by projects, making sure that whatever money that is received or collected or achieved is deployed to developmental projects and strides.

“That, in no way, will reduce poverty among Africans and also discourage migration. That is critical for us as a people and for us as a nation.

Further highlighting the potentials of exploring the Nigerian non-interest market, Agama while revealing that Sukuk was dominating the sector, added that it’s last 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,”

According to Agama, the conference which coincides with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), 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, all designed to produce practical solutions to some of the continent’s most pressing development challenges

“This year’s theme is a powerful call to action. It’s about harnessing ethical finance as a tool to build a more resilient, equitable, and prosperous future for all Africans. This is not a theoretical exercise, we are convening experts to tackle the most critical economic questions facing our continent today.

“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.”

The SEC boss who described the enactment of the Investments and Securities Act (ISA) 2025 as a game changer, explained that it 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.

“It modernizes our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.

“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.

“Promoting financial inclusion will be a cross-cutting priority in all of our discussions. 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.

“The insights generated will be instrumental in shaping the next phase of our capital markets development, thereby ensuring it remains a robust and efficient engine for economic growth,” he added.

Managing Partner, Metropolitan Law Firm & aid, Ummahani Amin, said Islamic finance has proven to be one of the fastest-growing segments of the global financial system.

Amin who doubles as the Chairman, AICIF 2025 Planning Committee, noted that the 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.

“This year’s conference comes at a critical time — as Africa continues to explore innovative, ethical, indigenous and sustainable pathways to finance development. Islamic finance has proven to be one of the fastest-growing segments of the global financial system.

She further disclosed that other activities lined up for this year’s conference includes an award night to celebrate excellence and innovation, unveiling winners of the AICIF Pitch Competition, a platform designed to spotlight young entrepreneurs and innovative ideas that could shape the future of Islamic finance in Africa.