The Director of the Institute of Capital Market Studies (ICMS), Nasarawa State University, Keffi (NSUK), Prof. Uche Uwaleke, has called for a research-based approach to addressing Nigeria’s financial market and economic challenges.
Uwaleke said research into financial markets must go beyond theoretical analysis and be grounded in Nigeria’s economic, legal and institutional realities to produce solutions that can be applied by policymakers and practitioners.
He made the call at the maiden National Conference on Non-Interest Finance and Economic Development in Nigeria, organised by the ICMS and held in Abuja.
According to him, the conference was conceived partly from lessons drawn from an academic study tour to Malaysia, where a delegation from NSUK visited institutions including Bank Negara Malaysia and Bursa Malaysia.
He said the visit exposed the delegation to Malaysia’s developed Islamic finance ecosystem, spanning Islamic banking, Sukuk, Takaful and other Shariah-compliant financial products.
Uwaleke said the Malaysian experience demonstrated the potential of non-interest finance as an important component of a broader financial system, adding that Nigeria had much to learn from other jurisdictions while also developing solutions suited to its own circumstances.
“Malaysia has the largest size of Islamic finance products in the world,” he said, describing the country as a valuable reference point as Nigeria explores how non-interest finance can contribute more effectively to economic development.
He said the growing global relevance of non-interest finance goes beyond its religious foundations, noting its potential to promote financial inclusion, ethical investment, risk-sharing, infrastructure financing and stronger links between finance and the real economy.
Uwaleke, however, stressed that Nigeria should not simply replicate models developed elsewhere.
He said research and policy discussions must critically examine financial market developments from the perspective of Nigeria and other developing economies, taking into account their specific legal, economic and regulatory environments.
The ICMS director said the institute was established to deepen financial market education and research, with the ambition of becoming a leading centre for such scholarship in Africa.
He disclosed that the institute commenced operations in the 2023/24 academic session and currently houses three National Universities Commission-approved doctoral programmes in Financial Sector Regulation, Money and Capital Markets, and Development Finance.
Uwaleke said the programmes were designed to produce research capable of contributing to practical solutions to financial and economic challenges confronting Nigeria.
He also announced plans by the institute to introduce a Master’s degree programme in Public Finance and Debt Management from the next academic session, subject to the necessary regulatory approvals.
He said the programme would further broaden the institute’s contribution to financial market education and research, particularly in areas connected to public finance and debt management.
According to him, the maiden conference was also intended to provide a platform for doctoral scholars, academics, regulators and practitioners to interrogate emerging issues in financial markets and development finance.
Uwaleke said the conference was expected to become an annual intellectual gathering that would provide a meeting point for stakeholders to examine developments in financial markets, regulation, development finance and emerging trends.
He expressed the hope that the initiative would strengthen the capacity of researchers to produce evidence that could inform policy and improve financial market practice in Nigeria.
He said the institute’s long-term objective was to make NSUK a reference point for capital market education and research in Nigeria and, ultimately, across Africa.
Uwaleke added that the institute would continue to encourage research that moves beyond academic publication to address practical challenges and provide useful insights for policymakers and practitioners.
