Unlocking Nigeria’s Financial Potential: The Islamic Finance Perspective

Nigeria’s Islamic finance assets are not making a big impact in the $2 trillion global market, according to Shettima. He thinks Nigeria’s finance sector needs to catch up and start using Islamic finance to boost the economy. Shettima shared his thoughts at the 6th African international conference on Islamic finance (AICIF), which was all about moving towards a fairer financial system. He couldn’t make it to the event, so his special adviser, Tope Fasua, spoke on his behalf. Fasua said Nigeria is serious about making policies that will help the private sector get more funding.

Shettima pointed out that Islamic finance is a big deal globally, with over $2 trillion in assets under management. He believes Nigeria should be doing more to take advantage of this, especially with the country’s diverse population and the growing interest in Islamic finance. He also mentioned using Islamic finance tools like Sukuk to attract investments from Nigeria and other countries.

Muhammad Sanusi II, the former Emir of Kano, gave a speech at the conference. He talked about the urgent need to move towards a sustainable, net-zero future. He said that the world has been relying on fossil fuels for too long, and it’s causing a climate crisis. Sanusi thinks it’s time to make a big change, but it has to be fair for everyone. He sees this as a chance to lift up all communities, workers, and countries.

Ummahani Amin, the convener and conference chair, also spoke at the event. She highlighted the importance of mobilising climate funds for African countries that are struggling with the effects of climate change. Amin believes that Islamic finance can play a big role in funding Africa’s transition to a fairer and more sustainable future, especially with its huge global assets.