FG needs ‘sukuk’ to tackle recession — Credit Bureau Chief

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[Lagos]–Ahmed Popoola, the Managing Director, CRC Credit Bureau, 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.

He said this in an address at the 10th Annual National Conference of the Muslim Lawyers’ Association of Nigeria (MULAN) held in Lagos.

Popoola while speaking 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.

In a report by Daily Trust, 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.

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