Islamic finance could help address Nigeria's infrastructure shortfall and deliver broader economic advantages to citizens, according to public policy and economic finance specialists who gathered on Thursday in Lagos.
Experts speaking at the 7th African International Conference on Islamic Finance agreed that such financial systems can drive equitable and lasting economic change throughout Africa. Vice President Kashim Shettima, represented by presidential economic adviser Tope Fasua, said demographic strengths across the continent must result in fair prosperity for all residents. He highlighted economic reforms under President Bola Tinubu that have stabilized markets and restored investor trust. Nigeria has combined exchange rates, streamlined subsidies and modernized taxation while creating fresh pathways for commerce. Foreign reserves have climbed past $40 billion and drawn positive assessments from Fitch and Moody's rating agencies. Fasua said Nigeria's sukuk bonds have financed more than 120 major highway projects spanning nearly 6,000 kilometers through seven issuance cycles. Former Central Bank Governor Sanusi Lamido Sanusi urged Islamic financial organizations across Africa to prioritize assistance for small and medium enterprises in communities with limited access to capital. Securities and Exchange Commission Chairman Mairiga Katuka reported that Nigerian sovereign sukuk have generated over 1.4 trillion naira to fund 124 infrastructure projects under the nation's capital market development plan.
Experts speaking at the 7th African International Conference on Islamic Finance agreed that such financial systems can drive equitable and lasting economic change throughout Africa. Vice President Kashim Shettima, represented by presidential economic adviser Tope Fasua, said demographic strengths across the continent must result in fair prosperity for all residents. He highlighted economic reforms under President Bola Tinubu that have stabilized markets and restored investor trust. Nigeria has combined exchange rates, streamlined subsidies and modernized taxation while creating fresh pathways for commerce. Foreign reserves have climbed past $40 billion and drawn positive assessments from Fitch and Moody's rating agencies. Fasua said Nigeria's sukuk bonds have financed more than 120 major highway projects spanning nearly 6,000 kilometers through seven issuance cycles. Former Central Bank Governor Sanusi Lamido Sanusi urged Islamic financial organizations across Africa to prioritize assistance for small and medium enterprises in communities with limited access to capital. Securities and Exchange Commission Chairman Mairiga Katuka reported that Nigerian sovereign sukuk have generated over 1.4 trillion naira to fund 124 infrastructure projects under the nation's capital market development plan.
