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AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development

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AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development
•Ummahani, Sanusi, and Katuka call for maximising non-interest finance potentials

By: Michael Mike

Vice President Kashim Shettima and other economic Stakeholders have called on African nations to deepen the adoption of Islamic finance as a tool for inclusive and sustainable economic transformation across the continent.

Represented by Dr Tope Fasua, Special Adviser to the President on Economic Matters, Shettima made the call while addressing delegates at the 7th African International Conference on Islamic Finance (AICIF) held in Lagos on Tuesday. The Conference was organised by the Metropolitan Law and Metropolitan Skills Ltd in collaboration with the Securities and Exchange Commission of Nigeria (SEC).

Speaking on the theme “Africa Emerging: A Prosperous and Inclusive Outlook,” the Vice President said Africa’s demographic advantage must translate into equitable prosperity, stressing that the continent’s progress will be measured not only by growth but by inclusion. He highlighted Nigeria’s recent economic reforms under President Bola Tinubu’s Renewed Hope Agenda as key drivers of stability and investor confidence.

According to Shettima, Nigeria has unified its exchange rate, rationalised subsidies, modernised tax and customs systems, and opened new gateways for trade and investment reforms, which have lifted reserves above $40 billion and earned favourable ratings from Fitch and Moody’s.

“These outcomes reaffirm Nigeria’s position as an anchor of the AfCFTA’s $3.4 3.4trn market and a driver of Africa’s growth,” he said.

The Vice President emphasised that Islamic finance provides a credible framework for promoting shared prosperity, rooted in ethics, fairness, and social responsibility.

He said Nigeria’s experience demonstrates the transformative potential of Islamic finance instruments such as sukuk, takaful, murabaha, and waqf, which have financed critical infrastructure and expanded access to inclusive financial services.

“Our sukuk issuances, now in their seventh cycle, have funded more than 120 major road projects covering nearly 6,000 kilometres,” Shettima noted. “Each bond represents a covenant between government and citizens, proof that finance can build rather than burden.”

Shettima added that takaful insurance is extending protection to millions of previously excluded households, while waqf endowments are being explored to support schools, hospitals, and small businesses.

“Islamic finance aligns with our conviction that enterprise must serve humanity and wealth must circulate to uplift communities,” he said.

Across Africa, Shettima observed, countries like Egypt, Senegal, Kenya, and South Africa are developing regulatory frameworks for Islamic banking, green sukuk, and socially responsible investments.

By 2030, the share of Islamic finance in Africa’s capital markets is projected to expand significantly, he said, urging policymakers to sustain reforms that strengthen transparency, governance, and investor protection.

He also underscored the need to mobilise Africa’s vast domestic capital, including pension funds, sovereign wealth funds, and insurance pools, through innovative instruments such as green sukuk and diaspora bonds.

“Africa’s future must be financed from within, guided by principles of justice, inclusion, and sustainability,” Shettima asserted.

Shettima concluded by urging participants to “build an Africa where enterprise and empathy coexist, where finance is not a privilege for the few but a promise to the many, and where every child, from Lagos to Lusaka, finds a stake in the continent’s future.”

Earlier, Conference Chairperson Ms Ummahani Ahmad Amin said that AICIF was conceived as a platform for collaboration and knowledge sharing to advance Islamic finance as a viable alternative source of funding for Africa’s socio-economic needs.

She noted that while Islamic finance assets globally reached $3.88 trillion in 2024, Africa still lags behind in harnessing its full potential to close the continent’s annual infrastructure financing gap of up to $170 billion.

She emphasised that challenges such as limited liquidity, weak market infrastructure, and inadequate investor education must be addressed for Islamic finance to reach its potential.

“Artificial intelligence is also reshaping finance across the continent, from automating compliance to personalising ethical investment, and we must ensure ethical guardrails guide its use,” she said.

The conference, co-hosted by the Securities and Exchange Commission (SEC), brought together regulators, scholars, development partners, and investors from across the African continent.

In his opening remarks, SEC Chairman Mr Mairiga Katuka said Nigeria’s non-interest capital market had grown rapidly under the Capital Market Masterplan (2015–2025), with sovereign sukuk raising over ₦ 1.4 trillion and funding 124 critical road projects nationwide.

Katuka noted that Nigeria now has 19 registered halal mutual funds managing over ₦112 bn in assets, up from one fund in 2008, and pledged the SEC’s commitment to evolving regulatory frameworks for innovations such as innovative sukuk, tokenisation, and blockchain-enabled
transparency.

The two-day conference also featured a startup pitch competition supporting innovations in technology and social impact, as well as an awards ceremony honouring individuals and institutions contributing to the growth of Islamic finance across Africa.

In his remarks, the Emir of Kano, a former Governor of the Central Bank of Nigeria (CBN), Alhaji Sanusi Lamido Sanusi, urged Islamic finance institutions across Africa to focus more on supporting small and medium-sized enterprises (SMEs) in underserved communities as a pathway to achieving shared prosperity and sustainable development.

Sanusi emphasised that Islamic finance can only make a meaningful impact when it directly addresses the financial exclusion faced by small businesses and vulnerable groups.

“I would be happier to see Islamic banks that are big, but more importantly, ambitious enough to grow a market that delivers real value to people and helps reduce poverty,” Sanusi stated. “We need to begin now to see how we can use finance to create opportunities for the small people.”

The Emir emphasised the need for Islamic financial institutions to move beyond conventional models by extending their services to the grassroots, where the majority of Africa’s unbanked population resides. He called for bold strategies that bridge cultural and social barriers that have historically hindered access to finance, particularly for women.

“Go to the grassroots, dare to build and connect with the cultural conceptions and attitudes that have denied women. The empowerment of women is what will contribute to prosperity in Africa,” he added.

Sanusi reiterated that inclusive finance remains central to Africa’s economic transformation, urging Islamic finance stakeholders to leverage their principles of equity, risk-sharing, and social responsibility to foster a more just and prosperous continent.

AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development

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45 kidnapped victims regain freedom under peace accord in Katsina

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45 kidnapped victims regain freedom under peace accord in Katsina

By: Zagazola Makama

Forty-five kidnapped persons have been released from captivity in Bakori Local Government Area of Katsina State following engagements under the Operation Safe Corridor peace accord.

The victims, comprising men and women abducted from Guga in Doguwar Dorawa Fulani settlement camp and Gidan Danmayaki villages, were freed on Monday through a negotiation channel linked to a bandit leader identified as Isiya Kwashen Garwa.

Zagazola Makama report that the victims regained freedom at about 1400hrs and were immediately received by the member representing Bakori Constituency in the Katsina State House of Assembly.

The lawmaker transferred the victims to the Comprehensive Health Centre, Bakori, where medical personnel conducted evaluations to ascertain their physical condition after prolonged captivity.

Authorities said the freed hostages have since been reunited with their families.

Security personnel and community leaders are maintaining close monitoring as part of efforts to consolidate the peace process and prevent further attacks.

45 kidnapped victims regain freedom under peace accord in Katsina

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Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector

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Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector

The UK Government, through its climate-smart agriculture programme, Propcom+ in collaboration with Welcome2Africa International, is spearheading a Strategic Agribusiness Deal Room designed to mobilise private capital into Nigeria’s agricultural value chains while supporting inclusive, market-led economic transformation.

This initiative underscores the UK’s commitment to strengthening agribusiness value chains, fostering sustainable partnerships, and driving inclusive economic growth across Nigeria.

Positioned as a high-impact investment marketplace, the Deal Room, which will be held from November 18 to 19, 2025, in Lagos, is expected to unlock over £5 million in potential investment and trade commitments, featuring more than 20 pre-vetted, investment-ready agribusinesses.

These enterprises operate across priority sectors, including grains, cassava and starch derivatives, livestock, bioethanol, food processing, mechanisation, agri-tech, and renewable energy, all demonstrating clear growth pathways, commercial traction, and scalability.

“The Deal Room represents a strategic opportunity to accelerate private investment into Nigeria’s agrifood sector and deepen the pipeline of climate-smart, inclusive enterprises,” Olumide Ojo, Propcom+’s Strategy Director, noted.

“By connecting high-potential SMEs with investors, we aim to drive capital mobilisation that strengthens market systems, improves resilience, and expands economic opportunities for farmers, women, and rural communities.”

Echoing the investment rationale, Welcome2Africa International CEO, Bamidele Seun Owoola, reinforced the platform’s role in facilitating cross-border capital flows.

“At Welcome2Africa International, our focus is to catalyse sustainable investment into Africa’s agrifood sector. Co-hosting the Deal Room with Propcom+ presents a unique opportunity to position Nigeria’s most promising agribusinesses before global investors. This platform is fundamentally about unlocking capital and forging long-term investment partnerships that deliver shared prosperity.”

The Deal Room forms part of Propcom+’s broader mandate to strengthen Nigeria’s agricultural markets, empower SMEs, and drive low-carbon, climate-smart growth. Following the event, Propcom+ will continue to support participating enterprises through technical assistance, investor engagement, due diligence, and transaction facilitation, advancing businesses toward investment closure.

Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector

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COAS storms Kebbi , orders massive manhunt for abducted schoolgirls

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COAS storms Kebbi , orders massive manhunt for abducted schoolgirls

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, on Monday stormed Kebbi State in a decisive show of force, directing troops of Operation FANSAN YANMA to leave no stone unturned in the ongoing search-and-rescue operation for students abducted from Government Girls Comprehensive Senior Secondary School (GGCSS) Maga in Danko/Wasagu Local Government Area.

The COAS, who arrived the state with a strong delegation of Principal Staff Officers from Army Headquarters, held an operational meeting with frontline commanders before addressing troops deployed in the search effort.

In a firm and emotionally charged message, Shaibu ordered the soldiers to intensify both day and night operations until all the abducted schoolgirls were safely rescued.

“You must continue day and night fighting. We must find these children,” he told the troops gathered at the forward operating location.

“For the commanders here, you must leverage intelligence to conduct intelligence-based missions. It has become a pattern that bandits target soft targets. If they know you are in a location, they will not come there or face you in a fight and you can defeat them, can’t you?”

Shaibu reminded officers and soldiers that a ruthless determination to succeed was essential.

“You must have all the commitment to make sure you succeed. Once you receive intelligence of something of this nature, you must act professionally and decisively. This is not just about our image; it is about doing our job properly,” he cautioned.

The Army Chief also held a separate engagement with local vigilantes and hunters supporting the operation. He emphasized the need for enhanced collaboration, describing them as indispensable partners due to their deep knowledge of the terrain.

“If we have people like you, it is you who will work with us and provide local intelligence. You know these forests and you are the ones to tell us where the criminals are,” he said.

“Your hunters should storm the nooks and crannies of these forests. Soldiers will also join you. We are counting on you to work with us to bring lasting peace. What these evil people are trying to do is to scare children from going to school. Let every man know we will not allow that.”

He commended the vigilantes for their courage and contributions, assuring them of the military’s full support.

Earlier, Lt.-Gen. Shaibu paid a sympathy visit to the Traditional Ruler of Danko, Alhaji Abubakar Ibrahim Allaje, and the Principal of the attacked school, Hajiya Rabi Musa Magaji.

During the visit, he assured the monarch and the school authorities of the military’s unwavering resolve to rescue the girls unharmed.

“We are fully committed. We will not relent. The safety of these children is a national priority, and we are deploying every resource to ensure they return home safely,” the COAS said.

In her remarks, Hajiya Rabi expressed gratitude for the Army Chief’s swift visit, saying it demonstrated the urgency with which the military and federal authorities were treating the incident.

“Your visit has given us hope. We believe that with this level of commitment, our girls will soon return,” she said.

The abduction at GGCSS Maga has triggered widespread concern across the country, prompting an intensified military response involving ground and air components under Operation FANSAN YANMA.

Security sources who spoke to Zagazola Makama said troops, supported by surveillance assets, have expanded search corridors across forested areas spanning Danko/Wasagu and adjoining boundaries.

The COAS and his entourage later proceeded to inspect additional deployment points before returning to the operational command centre for a review briefing.

COAS storms Kebbi , orders massive manhunt for abducted schoolgirls

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