Yemisi Izuora
The Nigerian Exchange Limited (NGX) has restated its leadership in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board and active engagement at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos from 4th to 5th of November 2025.
Organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day event convened policymakers, regulators, development partners, and market participants to explore policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.
Speaking at the conference, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability. “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr. Kwairanga stated. “Our goal is to broaden market participation while channeling capital towards productive sectors of the economy.”
The Exchange currently hosts over ₦1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact. In collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.
Also speaking at the conference, Mr. Jude Chiemeka, Chief Executive Officer of NGX, highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion. “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,” said Chiemeka. “By leveraging 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, urging broader adoption across African economies.
Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple projects nationwide. As the market continues to mobilise long-term, low-cost capital for infrastructure and sustainable development, Nigeria stands poised to lead Africa’s transition toward a more inclusive, ethical, and resilient financial future.