Business and Economy
How Islamic Economic Development Model Can Rescue Nigeria Economy – Dr. Hussein Saddam

An Islamic Cleric, Dr. Folorunsho Ahmad Hussein Saddam Hanaaullah Fagba has called on the Nigeria authorities to embrace the Islamic model of economic development so as to bring the country out of its state of economic doldrums. adsbygoogle || []).push({}); js">
The University of Ilorin Lecturer, Dr. Ahmad Hussein Saddam while delivering a lecture at the Ashraaf Islamic Foundation 2nd Maolid Nabiyy themed: Islamic Perspectives on Economic Development: Options for Nigeria, said Islam has a vibrant economic framework that can bring any country out of economic lethargy.
He said that, “Zakat is one of the institutions, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.
“Zakat is one of the institution that we need to institutionalize. We have not institutionalized it and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.
“In Malaysia, Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and utilize it for the good of the people.
“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.
He further said that individual economic activities is a formidable catalyst that can catapult the nation to economic sustenance.
In his narration, he said that, “When prophet Muhammad was growing up, he was a working youth. His zeal to work and develop himself economically led him to working for Khadija, the great merchant.”
“Why did Allah directed our noble prophet Muhammad (PBUH) to go and work? Allah has the power to let him remain seated and everything he want would come around him from now till his death. But it is to serve as an example, the mission Allah has led him to promulgate to be an exemplary leader of that mission. Allah wants him to serve as an example that is why he directed him to work.”
“Anabi Muhammad Rasululah was developed economically. He enhanced Khadija’s business to a great extent. What is important is that every individual must first be developed economically. It is our respective economic development that would be summed up and brought together to develop the nation’s economic. That is the way I see it.”
“Alhaji Aliko Dangote, everybody knows what his business is doing to the economics of this country. Femi Otedola; everybody knows the role his business is playing in the economic development of this nation, likewise every other person that does his/her own business.”
“So without everybody’s economic development the nation cannot be developed because you and I are the nation. Islamic permits individual economic development, that’s why you have to work, you just have to work, because Islam recognize, acknowledge and encourages individual economic development.”
The cleric sighted the past prophets of God as an example in other to support his submission that everybody must eat from his/her handwork.
“Allah said every person; he didn’t say every Muslim – He said every person is to eat from the work of his/her hand. Prophet Dawud as a prophet of God was a blacksmith.”
“Anabi said let each and every one of you carry his hoe, go into the bush, cut trees, pack it, carry it on your back, go and sell it outside and eat out of it. It is better for you than to be asking people, please give me fisabililaha.”
He further
continued, “In what I coined as ‘The
objective of Islam in human life and Human development’. Individual
economic development would develop the nation economy, because it is when you
are stabilized economically that you would be able to contribute your quota to
the economic development of your nation. Someone who is struggling to eat do
not have optimum sense of reasoning, when you are hungry, you do not think of
any other thing.”
“How do we develop our country? It is obvious that Islam has good and vibrant facility for economic development.
“It was during Sayidinina Umar (A.S) that the concept of Baitul-mal was giving birth. What is Baitul-mal? It is a public dormitory where zakat and Sadaqat are pooled for the development of the state economy.”
“The role the establishment of baitul-mal plays in life of the Muslim people cannot be over-emphasized.
“Zakat is one of the institution, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.
“Zakat is one of the institution that we need to institutionalize. We have not institutionalized and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.
“In Malaysia, “Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and now utilize it for the good of the people.
“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.
The Lawyer further called on everybody to be in harmony with one another.
“There is one thing I used to say when am given a chance to talk like this. It is high time we do away with our religious dichotomy. We are cheating ourselves, we are wasting our precious resources and we are destroying our future.
“When a Muslim sees a Christian and develop natural hatred towards him and a Christian would say ‘He’s a Muslim, he doesn’t have anything to do with him.
“We have problem because Allah that brought us together has a reason for not making us Umatan Waida (of a single religion or tribe). Allah says he has the power to make you Ummatun Waida (of a single religion or tribe), but I am not doing that.
“Who are we now to questions Allah’s authority for making us different and living together. Why can’t we study Allah and the rationale behind what he has done in our life?
“Let us forget about the prayers I am observing, it doesn’t concerns anybody. It is between me and my God, like, it’s between me and my God, like zakat, it’s between me and my God, the hajj I go to, it is between me and my God – leave a Christian to his church and his worship, but remember it is the same blood that runs in Adam that runs in everybody today.”, he continued.
Maolid
Nabbiy is an annual Muslim celebration to mark the birth of the Noble Prophet
Muhammad Rasulu Lah (PBUH).
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FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement

Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.
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A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).
According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.
“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.
“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.
“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”
Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.
“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.
Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.
The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.
According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.
The bank was initially scheduled to commence operations January this year. (NAN)
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Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo

By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
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Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
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Business and Economy
Naira appreciates N28.85 against dollar at official market

The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
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