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Securities and Exchange Commission Nigeria Resolute in Developing Non-Interest Capital Market

Securities and Exchange Commission Nigeria Resolute in Developing Non-Interest Capital Market

July 26, 2021

http://islamicmarkets.com/articles/securities-and-exchange-commission-nigeria-resolute-in-developing-non-interest-capital
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By IM Insights

The Securities and Exchange Commission (SEC) Nigeria is committed to support the development of the country's non-interest capital market. Abdulkadir Abbas, Head of Department, Securities and Investment Services SEC Nigeria, discussed the SEC’s 10-year Capital Market Master Plan, which aims to promote non-interest capital market products, with a target to achieve 25% of market capitalisation by 2025.

Why it Matters?

Nigeria is estimated as the biggest economy in Africa with gross domestic product of over USD 400 billion. The non-interest capital market in Nigeria is in its nascent stage. With a population of over 200 million, of which 50% are Muslims, media reports describe Nigeria as a potential strategic hub for Islamic Finance in Africa.