The Nigerian Exchange Limited (NGX) has reaffirmed its leadership in driving Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board.
The exchange also actively participated in the 7th African International Conference on Islamic Finance (AICIF), held in Lagos, Nigeria, from November 4 to 5, 2025.
Organised by Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day conference brought together policymakers, regulators, development partners, and market participants to discuss policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.
Speaking at the conference, Dr. Umaru Kwairanga, NGX group chairman, said the Non-Interest Finance Board has become a key platform for expanding access to Sharia-compliant financial instruments.
“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 channelling capital towards productive sectors of the economy.”
The Nigerian Exchange Limited currently hosts over ₦1.3 trillion in listed Sukuk bonds, which shows strong investor appetite for assets that deliver both financial returns and social impact.
In collaboration with the SEC and the National Insurance Commission (NAICOM), NGX continues to deepen the non-interest capital market and strengthen governance frameworks.
NGX CEO, Jude Chiemeka, noted the strategic role of non-interest finance in driving sustainable economic development.
“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 at the event by the Special Adviser to the President on Economic Matters, Dr Tope Fasua, described Islamic finance as a credible vehicle for driving equitable prosperity and sustainable growth, urging the wider adoption across other African countries.
Nigeria’s non-interest capital market has contributed greatly to the nation’s economic growth, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple developmental projects.
With the market continually mobilising long-term, low-cost capital for infrastructure and sustainable economic growth, Nigeria is well-positioned to lead Africa toward a more financially inclusive and sustainable future.
