Nigeria Falling Behind in Embracing Islamic Financing: Minister of Finance, Budget and National Planning

Zainab Ahmed, Minister of Finance, Budget and National Planning of Nigeria, has said that the country needs substantial financial sector reforms for sustained growth and penetration of Islamic finance in driving economic growth.

Why it Matters?

Despite the enormous potential of Islamic financing to foster a more competitive economy, the minister stated that Nigeria's finance industry is falling behind in embracing Islamic financing in its financial market. Ahmed elaborated that Islamic financial instruments such as Sukuk have aided in the country's infrastructure development by encouraging investments in critical economic areas such as healthcare, education and transportation. Ahmed also went on to say that involving key players in increasing the effi...