Recession: Nigerians urged to embrace Non-interest cooperatives

Nigerians have been advised to exploit the opportunities of non-interest cooperatives as part of measures to overcome the effect of recession in the country.

The Manager of Al-Ansar Cooperatives Mr. Adio Abdurrazak Adetona and the CEO BKO Citadel, Lagos Alhaji Lukman Obileye gave the advice yesterday in Abuja at the Obafemi Awolowo University Muslim Graduates Association (UNIFEMGA) Abuja Chapter tagged ‘Empowerment Summit’.

The duo said it is high time Nigerians especially Muslim Ummah invested in Islamic cooperatives which is devoid of interest and gives peace of mind.

According to Adetona in his presentations titled “operating Islamic cooperative society: prospect and challenges”, Islam has answers to a robust economy through non-interest process which will benefit Muslims and non-Muslims.

“Any business set on Islamic principles promotes justice, equality, transparency and honesty,” Adetona said.

Also, Obileye, who spoke on: “Funding and investment opportunities for Islamic cooperatives: interest-free loans options”, said Islamic cooperatives should be about legacy in which the template must not be on immediate gain but a long-term plan.

He however urged Nigerians to consume made in Nigeria products which he said will boost the economy and provide employment opportunities for the citizens. The chairman UNIFEMGA Abuja chapter, Alhaji Abdulganiyy Oladokun, said the summit is part of his association’s objectives to empower its members and Nigerians in general.