Nigeria Urged to Tap $3.88 Trillion Islamic Finance for Economic Development

At the 7th African International Conference on Islamic Finance (AICIF) in Lagos, stakeholders urged African nations to embrace Islamic finance tools for economic transformation. Notable speakers included Kashim Shettima and Tope Fasua, who highlighted the $3.88 trillion global reach of Islamic finance by 2024.

Nigeria's recent economic reforms and the growth of non-interest capital markets were discussed, with mentions of initiatives like sovereign sukuk bonds. Sanusi Lamido Sanusi emphasized the importance of Islamic finance in supporting SMEs and achieving shared prosperity in Africa.