The Director-General of Nigeria’s Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has said that the approval of a $500m international Sukuk will deepen ethical finance and attract new investments for Nigeria’s national development.
According to a statement from the SEC on Wednesday, this was stated by the Director-General, Dr Emomotimi Agama,
Speaking at the seventh African International Conference on Islamic Finance 2025 on Wednesday in Lagos, Dr Agama described the international Sukuk as “the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.”
It will be recalled that the National Assembly last Wednesday approved a request by President Bola Tinubu for the issuance of a $500m Sovereign Sukuk in the international capital market.
Agama noted that Nigeria’s non-interest capital market has now grown to over N1.6tn, reflecting investor confidence and the impact of the Commission’s reforms under the Investments and Securities Act 2025.
“The remarkable growth of the non-interest segment in Nigeria, a market now valued at over N1.6tn, is clear evidence that when there is an enabling regulatory environment, the market responds with vigour,” he said.
He explained that Nigeria’s Sovereign Sukuk programme, launched in 2017, has so far raised N1.4tn through seven issuances, financing the construction and rehabilitation of 124 major roads covering more than 5,820 kilometres nationwide.
The upcoming $500m international Sukuk, he said, would build on that success while positioning Nigeria as a regional hub for Islamic finance.
Agama also commended Metropolitan Skills for its continued partnership in advancing Islamic finance and disclosed that resolutions from the AICIF would help shape the Second Nigerian Capital Market Masterplan (2026–2035), which succeeds the current one ending this year.
He urged stakeholders to sustain the momentum, noting that “prosperity without inclusion is not sustainable”, and reaffirmed the SEC’s commitment to developing a transparent, innovative, and investor-friendly non-interest financial ecosystem.
GIK/APA