The Securities and Exchange Commission (SEC) has disclosed that Nigeria’s non-interest capital market is valued at N1.6 trillion.
Director-General of SEC, Emomotimi Agama, said this in Abuja on Tuesday at a pre-news conference in preparation for the 7th African International Conference on Islamic Finance (AICIF) scheduled to hold on November 4 and 5.
According to him, Sukuk carries the large chunk of the money with 700 per cent over-subscription of the last Sukuk issuance which underscored the massive investor confidence the country had built.
He described the development as a demonstration of a robust and growing appetite for ethical and non-interest financial products.
Agama further pointed out that apart from Sukuk, there are other instruments in the non-interest markets.
“Those instruments are currently least explored, but it provides an alternative for Nigerian and African youths, for the ethical investment in those individuals in this country. This Investment and Securities Act (ISA) 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 fulfills the master-plan’s objective of market development and innovation,” he said.
Agama said the conference is aimed at fostering high-level collaboration, leading to the harmonisation of policies and the creation of innovative financial solutions that would address the unique needs of emerging economies.
He further explained that the conference would also promote financial inclusion and shift people’s mindset from Ponzi schemes to verifiable investments that spoke to ethics.
“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 market’s development, thereby ensuring it remains a robust and efficient engine for economic growth.
“The 7th conference is a premier forum dedicated to the strategic advancement of ethical and non-interest finance in Africa. It represents a collective commitment to building a financial ecosystem that is not only prosperous but also fundamentally inclusive and sustainable,” he said.
