‘FG needs Islamic sukuk to tackle recession’

The Managing Director, CRC Credit Bureau, Ahmed Popoola, has called on the Federal Government to now focus attention on how it can tap into opportunities being offered by the Islamic financing otherwise known as Sukuk, to bail the country out of recession.

Popoola made the declaration at the 10th Annual National Conference of the Muslim Lawyers’ Association of Nigeria (MULAN) held in Lagos.

The CRC Credit Bureau chief who spoke on the topic: “Pulling Nigeria Out of the Economic Recession”, lamented how the country slipped into recession when the economy experienced contractions in two consecutive quarters of the year after a decline in her Gross Domestic Product (GDP) and setback in the manufacturing sector.

Popoola, however, said the Federal Government now had a responsibility to adopt new measures, including Islamic financing approach to raise funds for public works and support the private sector to have access to finance. He said the measure would also safeguard the country from falling into interest-based debt.

The MULAN National President, Alhaji Kamal Daud, said the association would continue to strive towards upholding the virtues and standard in the society, especially as it related to the nation’s economy. He also commended the Federal Government for its efforts in building a stabilised and corrupt-free country.