The Director, International Institute of Islamic Banking and Finance (IIIBF) at Bayero University, Kano, Professor Binta Tijjani Jibril says Nigeria has consistently relied on interest based loans from international markets, which resulted into rising debt profile.
To this end, Jibril asked the Federal Government to deploy Islamic financing with a view to reducing the bloated debt of the country.
Jibril, a Professor of Economics, spoke with journalists at the weekend at Tai Solarin University of Education (TASUED), Ijagun, Ijebu – Ode, Ogun State during a 3 day thematic training on “Financing Start – Ups and SMEs Using Islamic Products.”
The training was organised by the International Institute of Islamic Banking and Finance, Bayero University, Kano in collaboration with the Department of Religious Studies at TASUED.
The economist who expressed worry over Nigeria’s debt profile now at N25trillion, said there are cheaper, better and more effective sources of funds which the government could explore.
She, however, called on the Federal Government to improve its participation on Islamic financing and step up awareness on its benefit to every Nigerian.
Jibril said “I am very worried about the debt of the country. If you see the cost of debt on our neck up till now despite the Paris fund issues, the waver and everything, you will be shocked and this is because Nigeria had consistently relied on interest based loans from international market.’’
Earlier in his remarks, the convener of the training, Dr Asif Azeez said 150 participants from Southwest and Kwara States took part in the three day training, which according to him, was aimed at educating the trainees on the viability of Islamic products for financing Start Ups and SMEs.
