NEWS
Shettima Urges Africa to Leverage Islamic Finance for Inclusive, Sustainable Devt
By Tony Obiechina, Abuja
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.”
The VP 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.”
Conference Chairperson 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 Mairiga Katuka said Nigeria’s non-interest capital market had grown rapidly under the Capital Market Masterplan (2015–2025), with sovereign sukuk raising over N 1.4 trillion and funding 124 critical road projects nationwide.
Katuka noted that Nigeria now has 19 registered halal mutual funds managing over N112 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, Emir of Kano, 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 enterprises (SMEs) in underserved communities as a pathway to achieving shared prosperity and sustainable development.
Sanusi emphasized 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 underscored the need for Islamic financial institutions to go beyond conventional models by extending 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, have the courage 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.
By David Torough, Abuja
The Minister of Information and National Orientation, Mohammed Idris, has said that the economic reforms introduced by President Bola Ahmed Tinubu are laying the foundation for long-term prosperity by improving economic stability, boosting investor confidence and driving national development.
Idris made the remarks on Tuesday in Abuja while receiving the leadership of the APC Forum of Former Presiding Officers of State Houses of Assembly (FOPSHA), led by its Chairman, Rt.
Hon. Sen. Wasiu Esinlokun, during a courtesy visit to the Ministry’s headquarters.The minister said the Tinubu administration had, within three years, implemented critical reforms aimed at addressing longstanding economic challenges and creating a more sustainable growth path for the country.
According to him, key achievements of the administration include the removal of fuel subsidy, foreign exchange reforms, improved fiscal capacity for the federal and state governments, expansion of the Nigerian Education Loan Fund (NELFUND), growth in external reserves, improved Gross Domestic Product (GDP) performance, major infrastructure projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, as well as intensified efforts to tackle insecurity.
“President Bola Ahmed Tinubu took courageous decisions that previous administrations avoided for decades. Today, Nigeria is witnessing greater fiscal stability, improved investor confidence, enhanced infrastructure development and expanding opportunities for citizens. The foundation has been laid for a more prosperous future,” Idris said.
He urged members of the forum to leverage their experience and grassroots networks to deepen public understanding of the Renewed Hope Agenda and the long-term benefits of the administration’s reforms.
The minister also commended FOPSHA for its contributions to democratic governance and national development, assuring the delegation that the Federal Government’s media organisations—the Nigerian Television Authority (NTA), the Federal Radio Corporation of Nigeria (FRCN) and the News Agency of Nigeria (NAN)—would provide coverage for the forum’s forthcoming National Executive Council and Board of Trustees meeting.
Earlier, Esinlokun said the visit was to brief the minister on the forum’s activities and seek the ministry’s support in publicising its upcoming meeting, which is expected to bring together former Speakers of State Houses of Assembly, former governors, former ministers and distinguished senators.
He said the forum remained committed to mobilising grassroots support for the Renewed Hope Agenda through sustained engagement with Nigerians across the country.
By David Torough, Abuja
The Secretary to the Government of the Federation (SGF), Senator George Akume, has urged the Code of Conduct Tribunal (CCT) to fully embrace digital technology in the administration of justice to improve case management, records administration and overall operational efficiency.
Akume made the call on Tuesday in Abuja while receiving the Chairman of the Code of Conduct Tribunal, Dr.
Mainasara Umar Kogo, and members of the tribunal’s management team during a courtesy visit to his office.He said the adoption of digital tools aligns with the Federal Government’s ongoing drive to modernise public institutions through digital transformation, improved service delivery and stronger inter-agency coordination.
“The Tribunal should continue to embrace technology to improve case management, records administration and overall operational efficiency in line with the Federal Government’s digital transformation agenda,” the SGF said.
Akume commended the tribunal for its role in promoting integrity, accountability and ethical standards in Nigeria’s public service, describing its constitutional responsibility of adjudicating breaches of the Code of Conduct for public officers as a key component of the country’s anti-corruption framework.
He said the President Bola Tinubu administration remains committed to institutional reforms, public sector efficiency and the rule of law, stressing that strong institutions such as the CCT are essential for sustainable national development, economic growth and boosting investor confidence.
The SGF also reaffirmed the Federal Government’s commitment to strengthening institutions that promote transparency, accountability and responsible public service in line with the Renewed Hope Agenda.
He called for greater collaboration among government institutions to advance integrity and accountability, assuring the tribunal of the continued support of the Office of the Secretary to the Government of the Federation within its statutory mandate.
Akume further encouraged the CCT to deepen engagement with Ministries, Departments and Agencies (MDAs) to improve compliance with ethical standards and constitutional obligations through public enlightenment, training, awareness campaigns and effective enforcement.
Earlier, the Chairman of the Code of Conduct Tribunal, Dr. Mainasara Umar Kogo, said the visit was to brief the SGF on the tribunal’s achievements over the past year.
He said the tribunal had implemented far-reaching reforms aimed at strengthening its institutional capacity and improving the delivery of justice.
These included inspection visits to all its zonal offices to assess operational needs, improve performance and address challenges affecting service delivery.
Kogo also disclosed that the tribunal had strengthened collaboration with other anti-corruption agencies and civil society organisations to enhance coordination in the fight against corruption and improve the administration of justice.
He announced that the tribunal had cleared all inherited and pending cases, leaving it with no case backlog, and pledged to sustain ongoing reforms, deepen institutional partnerships and continue delivering impartial, timely and efficient justice to Nigerians.
By David Torough, Abuja
The Minister of Information and National Orientation, Mohammed Idris, has said that the economic reforms introduced by President Bola Tinubu are laying the foundation for long-term prosperity by strengthening economic stability, boosting investor confidence and accelerating national development.
Idris made the remarks on Tuesday in Abuja while receiving the leadership of the APC Forum of Former Presiding Officers of State Houses of Assembly (FOPSHA), led by its Chairman, Rt.
Hon. Sen. Wasiu Esinlokun, during a courtesy visit to the Ministry’s headquarters.The minister commended the forum for its contributions to democratic governance and national development, assuring its leadership that federal government-owned media organisations—the Nigerian Television Authority (NTA), the Federal Radio Corporation of Nigeria (FRCN) and the News Agency of Nigeria (NAN)—would provide coverage for the forum’s forthcoming National Executive Council and Board of Trustees meeting.
According to Idris, the Tinubu administration has, within three years, implemented difficult but necessary reforms that are repositioning the country for sustainable economic growth.
He listed the administration’s achievements to include the removal of fuel subsidy, foreign exchange reforms, improved fiscal capacity for the federal and state governments, expansion of the Nigerian Education Loan Fund (NELFUND), growth in external reserves, improved Gross Domestic Product (GDP) performance, major infrastructure projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, as well as intensified efforts to tackle insecurity.
He said previous administrations had avoided many of the reforms for decades, stressing that the decisions taken by President Tinubu were beginning to yield positive results.
“President Bola Ahmed Tinubu took courageous decisions that previous administrations avoided for decades. Today, Nigeria is witnessing greater fiscal stability, improved investor confidence, enhanced infrastructure development and expanding opportunities for citizens. The foundation has been laid for a more prosperous future,” Idris said.
The minister also urged members of the forum to leverage their experience and grassroots networks to deepen public understanding of the Renewed Hope Agenda and the long-term benefits of the administration’s policies.
Earlier, Esinlokun said the visit was to brief the minister on the forum’s activities and seek the ministry’s support in publicising its forthcoming meeting, which is expected to bring together former Speakers of State Houses of Assembly, former governors, former ministers and distinguished senators.
He added that the forum remained committed to mobilising grassroots support for the Renewed Hope Agenda through sustained engagement with Nigerians across the country
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