Poverty and Inequality in Nigeria's Economy: The Role of Islamic Finance
Poverty poses a major threat to a country's stability and this can lead to hopelessness, inequality creating a wide gap in the society.
Inequality is about denial of fair and equivalent enjoyment of rights, and the persistence of arbitrary discrepancies in the worth, status, dignity, and freedoms of different people. According to the National Bureau of Statistics 2019 over 40.1% of the Nigerian population are in the poverty bracket.
This edition of Islamic Finance Weekly features a recent presentation by Dr. Abideen Adewale, Head, Research and Publications, Islamic Financial Services Board, IFSB.
He speaks on "Poverty and Inequality in Nigeria's Economy: The Role of Islamic Finance". According to him, poverty can be viewed from the Islamic context of "fuqaraa" (the poor) and "masakeen" (the needy).
Also, in his presentation the expert shared how the Multilateral Institution Islamic development bank has come up with an economic empowerment paradigm, that views poverty in member countries.