171
Box 4.19: Nigeria’s NICMP Master Plan 2015 – 4 Key Strategies
1. To build a strong regulatory foundation
for the NICM
2. To encourage the development of NICM market
stakeholders
Strategic Initiatives
 Strengthen the institutional capacity of the
SEC.
 Strengthen coordination among the
regulatory authorities within the financial
sector.
 Continuous review/creation of new rules
on NICMPs.
Strategic Initiatives
 Regulatory authorities to continuously engage
stakeholders on issues relating to the NICM.
 Conduct robust public awareness and education
programmes on NICMPs.
 Build the capacity of stakeholders through tailored
courses/programmes/seminars/workshops.
 Ensure easy entry of market participants into the
NICM.
3. To encourage the development of
NICMPs
4. To create a regional NICM hub
Strategic Initiatives
 Ensure availability of NICMPs that meet the
regulatory requirements of banks, takaful
companies, PFAs, assets managers and
other fund/portfolio managers.
 Ensure availability of NICMPs that attract
retail investors, to achieve financial
inclusion.
 Regulatory authorities to engage
stakeholders in addressing tax issues
related to new products.
Strategic Initiatives
 Promote and enhance cross-listing of NICMPs.
 Promote and enhance multi-currency listing.
 Rationalise cost of listing/issuance process of
NICMP.
 Ensure active promotion of the NICM in the sub-
Saharan region.
 Enhance the liquidity of NICMPs in the secondary
market.
Source: SEC (2015b)
4.7.2 DEVELOPMENT OF THE SUKUK MARKET IN NIGERIA
The Nigerian sukuk market is still at a nascent stage. Africa only accounted for 0.46% of the
global sukuk market, with only 619 sukuk issues valued at USD3.33 billion. Out of the 55
countries in the sub-Saharan region, only 7 countries had issued sukuk as at end-October
2017. Nigeria stands out as the third largest sukuk issuer in this region, behind South Africa
and Ivory Coast, as shown in Chart 4.56.
Chart 4.56: Nigeria’s Sukuk Issuance vs Africa’s (2008-October 2017)
Source: Bloomberg