The Nigerian Exchange (NGX) is leveraging its fast-growing non-interest finance board to expand access to Sharia-compliant capital, particularly targeting the productive sectors of the economy.

Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, emphasized that the Exchange remains committed to advancing Africa’s Islamic finance ecosystem through strategic growth of its non-interest finance board.

“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,” Kwairanga said.

The board currently hosts over N1.3 trillion in listed Sukuk, highlighting strong investor interest in assets that offer both financial returns and social impact.

Kwairanga noted that, in collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX is strengthening governance frameworks and deepening the non-interest capital market to attract a broader base of ethical investors.

Jude Chiemeka, CEO of NGX, highlighted the strategic role of non-interest finance in promoting 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,” Chiemeka said.

The remarks were made at the 7th African International Conference on Islamic Finance (AICIF) in Lagos, organized by Metropolitan Skills Limited in collaboration with SEC. The two-day event convened policymakers, regulators, development partners, and market participants to discuss policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

Nigeria’s non-interest capital market has seen significant expansion in recent years, with sovereign Sukuk issuances raising over N1.4 trillion to fund nationwide projects. The market is increasingly mobilizing long-term, low-cost capital for infrastructure and sustainable development, positioning Nigeria to lead Africa’s transition toward a more inclusive, ethical, and resilient financial system.