Abstract
Over decades ago, Nigerians have been experiencing economic hardship even though the country is blessed with abundant human and natural resources that are capable of transforming the country and turning it into one of the developed countries. Indeed, anybody that observes the country will be astonished at the noticeable difference between the vast resources endowed naturally to the country and the living conditions of the citizens. This paper, therefore, explores the shabby state of the Nigerian economy and investigates the causes of the economic problems. The economic problems of the country include overdependence of the country on oil, greediness, corruption, lack of economic diversification, lack of economic policy direction, unethical practices, among others. To proffer solutions to the aforementioned, the paper explores Al-’Iqtiṣādu’l-Islāmī of At-Turkī, which aims to offer suggestions to the world on how the economic crisis can be addressed using the provisions of Islamic law. Through the use of historical and phenomenological methods, the paper concludes that the enormous challenges that are grappling with the economic transformation of the country are surmountable if the solutions proffered by At-Turkī are considered. It recommends structural changes in the economic system to invigorate rapid and sustainable growth as well as development.
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
KEYWORDS
Economy, Crisis, Catholicon, Islamic Economy
