NGX Group Chairman advocates Islamic Finance for Africa’s infrastructure growth

Nike Popoola

The Group Chairman of the Nigerian Exchange Group Plc (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has called for increased adoption of Islamic finance instruments to bridge Africa’s infrastructure deficit.

Kwairanga made the call in Lagos on Tuesday during the 7th African International Conference on Islamic Finance (AICIF 2027), themed “Africa Emerging: A Prosperous and Inclusive Outlook.” The high-profile event, held at the Eko Hotels Hall, brought together top policymakers, industry leaders, and Islamic finance experts from within and outside Nigeria.

Distinguished personalities at the conference included the Emir of Kano, Alhaji Lamido Mohammed Sanusi; Special Adviser to President Bola Tinubu on Economic Affairs, Dr. Tope Fasua; ministers, commissioners, and captains of industry.

Speaking during one of the panel sessions, Kwairanga highlighted the vital role of Islamic finance, particularly profit-sharing and Shariah-compliant instruments such as equities, Sukuk, and Exchange Traded Funds (ETFs) in driving sustainable infrastructure development across Africa.

He noted that the Nigerian Exchange (NGX) has been at the forefront of promoting the development and listing of Shariah-compliant financial assets.