Lagos, Nigeria – November 5, 2025: Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance ecosystem through the expansion of its Non-Interest Finance Board and its active participation at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos from November 4 to 5, 2025.
The two-day event, organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), brought together policymakers, regulators, development partners, and market participants to discuss policy reforms, product innovation, and strategies for unlocking liquidity in Africa’s Islamic finance markets.
Speaking at the conference, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX Group), highlighted the pivotal role of the Exchange’s Non-Interest Finance Board in expanding access to Sharia-compliant financial instruments and promoting ethical investing. According to him, “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds. Our goal is to broaden market participation while channeling capital towards productive sectors of the economy.”
Currently, NGX hosts over ₦1.3 trillion in listed Sukuk, a clear reflection of growing investor appetite for assets that combine financial returns with social impact. Working in collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), the Exchange continues to strengthen governance frameworks and deepen Nigeria’s non-interest capital market to attract a wider base of ethical investors.
In his remarks, Mr. Jude Chiemeka, Chief Executive Officer of NGX, emphasized the strategic role of non-interest finance in driving sustainable economic transformation and market inclusion. He stated, “At NGX, our Non-Interest Finance Board represents more than a platform—it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development. Through innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”
Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development across Africa. He called for greater adoption of Islamic financial principles to enhance shared growth and inclusion.
Nigeria’s non-interest capital market has recorded remarkable growth in recent years, with sovereign Sukuk issuances raising over ₦1.4 trillion to finance infrastructure and development projects nationwide. The segment continues to play a vital role in mobilising long-term, low-cost capital for national development, reinforcing Nigeria’s growing influence in shaping the future of Islamic finance across the African continent.