I hope Nigeria's Muslims use this Ramadan fasting period to reflect on how they can attract $100bn worth of Islamic finance to Nigeria annually to invest in industrial expansion

Ayo Akinfe

[1] First of all can I say Ramadan Kareem to all my Muslim friends. One of the big drawbacks of being in the diaspora is missing out on the Sallah festivities at the end of Ramadan. Those of us in the diaspora do not get to enjoy the delicacies of roast meat and traditional Nigerian cuisine as is the tradition back home. Even the Nigerian Muslims in the UK do not organise a national sallah treat for us. We shall have to take them up on that soon

[2] Do you know that Nigeria has the fifth largest Muslim population in the world behind Indonesia, India, Pakistan and Bangladesh? Is it not telling that none of the big five are Arab nations, yet the Arabs dictate the agenda when it comes to practising Islam. Equally, we have the sixth largest number of Christians in the world behind the US, Brazil, Mexico, Russia and The Philippines but alas, Israel and the Vatican make all the cash

[3] There are 90m Muslims in Nigeria and probably about another 50m across West Africa. This is a captive market and I am surprised nobody has thought of cashing in on it. Sallah should be a period when Nigeria generates millions

[4] I will keep asking Nigerian Myslim leaders why our country is yet to benefit from its membership of the Organisation of Islamic Cooperation (OIC). Founded in 1969, the OIC has helped secured billions of loans in for infrastructural development for its 57 members but alas, Nigeria has benefitted very little from its membership of the body

[5] In Turkey for instance, do you know that the Islamic Development Bank provided more than $40bn in trade finance for its exporters during the course of 2019? Turkish hazelnuts, raisins, dried fruit, etc are exported worldwide using trade finance supplied by Islamic banks. Has the Nigerian groundnut, cashew, cocoa, cassava, yam, shea nut, etc sectors received $1 of such financing?

[6] As if that is not enough, the Islamic Development Bank provided funding for two major Turkish rail projects. It funded the Gaziray Suburban Line and Light Rail Transit Project (€63m) and the Kayseri Light Rail Transit Project (€30m). I think Nigerian Muslims should be insisting that $20bn be made available to fund a Lagos to Abuja high speed rail link

[7] Do you know that in the UK, there are five licensed, fully Sharia-compliant banks, with more than 20 other banks offering some form of Islamic banking. Across the UK, there is more than £500m of Islamic funds, hosting the issue of 65 sukuk (bonds), worth £35bn. Just imagine if we had access to that £35bn in Nigeria.

[8] One of the beauties of Islamic Finance is that the interest on its loans are very low. I love Islamic Finance because their banks do not charge exorbitant rates as they only cover their costs. Under no circumstances will repayments enter into double digits for instance

[9] Post-Brexit, Islamic Development Banks are all targeting the UK for investment because they believe all the European investors will pull out of the country. President Buhari should look to use the opportunity to attract them to Nigeria too. The best time to talk to banks is when they are in a spending mood

[10] I am now throwing down the gauntlet to the Sultan of Sokoto, His Eminence, Alhaji Muhammad Sa’ad Abubakar, the president of the Nigerian Supreme Council for Islamic Affairs. He should set an annual investment target of at least $100bn. Every genuine Nigerian Muslim should see it as their patriotic duty to bring Islamic investment into the country if we are to overcome our infrastructural deficit.