The Securities and Exchange Commission (SEC) has pledged to expand Nigeria’s non-interest finance market through a new partnership with Metropolitan Skills Limited and Metropolitan Law Firm, announced during the 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition in Abuja on Saturday.
The event, a prelude to the 7th AICIF slated for November, convened innovators, regulators, investors, and entrepreneurs under the theme “Africa Emerging: A Prosperous and Inclusive Outlook.”
Conference Chair and Metropolitan Skills Board Chair, Ummahani Ahmad Amin, described the collaboration as a “historic step” in positioning Nigeria at the forefront of Africa’s ethical finance revolution.
“Islamic finance is not just an abstract set of ideals. Its principles of fairness, risk-sharing, and social responsibility are practical tools for building economies that serve people, not just profits,” she said.
SEC Director Abdulkadir Abbas reaffirmed the regulator’s commitment to strengthening the non-interest finance segment, citing existing frameworks for fintech, crowdfunding, and Sharia-compliant tokenisation.
“This partnership allows us to create awareness, attract innovators, and build a resilient, ethical finance system in Nigeria,” he said, adding that the SEC’s 10-year non-interest finance master plan—due for renewal this year—had already introduced instruments such as Sukuk for infrastructure development.
Metropolitan Skills Managing Director, Yinlaifa Edolo, said the ₦5 million grant at the pitch competition was designed as seed capital to help startups turn bold ideas into impact-driven enterprises.
“Our focus is to inspire startups, support small businesses, and prove that halal and ethical finance can power inclusive growth in Africa,” she said.
First Trustees Regional Manager, Abimbola Ajinibi, highlighted Nigeria’s progress in Islamic finance, noting that Sukuk projects now fund roads, schools, and hospitals across the country.
“Ten years ago, awareness was minimal. Today, we see real impact,” he said.
Experts agree that expanding Islamic finance principles across Africa could help countries like Nigeria tackle unemployment, poverty, and inequality while building globally competitive financial systems.
With preparations for the November AICIF underway, the Abuja pitch competition has set the stage for regulators, innovators, and investors to accelerate Africa’s halal economy and promote inclusive prosperity.
