Business and Economy
How Islamic Economic Development Model Can Rescue Nigeria Economy – Dr. Hussein Saddam
An Islamic Cleric, Dr. Folorunsho Ahmad Hussein Saddam Hanaaullah Fagba has called on the Nigeria authorities to embrace the Islamic model of economic development so as to bring the country out of its state of economic doldrums. adsbygoogle || []).push({});
The University of Ilorin Lecturer, Dr. Ahmad Hussein Saddam while delivering a lecture at the Ashraaf Islamic Foundation 2nd Maolid Nabiyy themed: Islamic Perspectives on Economic Development: Options for Nigeria, said Islam has a vibrant economic framework that can bring any country out of economic lethargy.
He said that, “Zakat is one of the institutions, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.
“Zakat is one of the institution that we need to institutionalize. We have not institutionalized it and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.
“In Malaysia, Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and utilize it for the good of the people.
“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.
He further said that individual economic activities is a formidable catalyst that can catapult the nation to economic sustenance.
In his narration, he said that, “When prophet Muhammad was growing up, he was a working youth. His zeal to work and develop himself economically led him to working for Khadija, the great merchant.”
“Why did Allah directed our noble prophet Muhammad (PBUH) to go and work? Allah has the power to let him remain seated and everything he want would come around him from now till his death. But it is to serve as an example, the mission Allah has led him to promulgate to be an exemplary leader of that mission. Allah wants him to serve as an example that is why he directed him to work.”
“Anabi Muhammad Rasululah was developed economically. He enhanced Khadija’s business to a great extent. What is important is that every individual must first be developed economically. It is our respective economic development that would be summed up and brought together to develop the nation’s economic. That is the way I see it.”
“Alhaji Aliko Dangote, everybody knows what his business is doing to the economics of this country. Femi Otedola; everybody knows the role his business is playing in the economic development of this nation, likewise every other person that does his/her own business.”
“So without everybody’s economic development the nation cannot be developed because you and I are the nation. Islamic permits individual economic development, that’s why you have to work, you just have to work, because Islam recognize, acknowledge and encourages individual economic development.”
The cleric sighted the past prophets of God as an example in other to support his submission that everybody must eat from his/her handwork.
“Allah said every person; he didn’t say every Muslim – He said every person is to eat from the work of his/her hand. Prophet Dawud as a prophet of God was a blacksmith.”
“Anabi said let each and every one of you carry his hoe, go into the bush, cut trees, pack it, carry it on your back, go and sell it outside and eat out of it. It is better for you than to be asking people, please give me fisabililaha.”
He further
continued, “In what I coined as ‘The
objective of Islam in human life and Human development’. Individual
economic development would develop the nation economy, because it is when you
are stabilized economically that you would be able to contribute your quota to
the economic development of your nation. Someone who is struggling to eat do
not have optimum sense of reasoning, when you are hungry, you do not think of
any other thing.”

“How do we develop our country? It is obvious that Islam has good and vibrant facility for economic development.
“It was during Sayidinina Umar (A.S) that the concept of Baitul-mal was giving birth. What is Baitul-mal? It is a public dormitory where zakat and Sadaqat are pooled for the development of the state economy.”
“The role the establishment of baitul-mal plays in life of the Muslim people cannot be over-emphasized.
“Zakat is one of the institution, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.
“Zakat is one of the institution that we need to institutionalize. We have not institutionalized and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.
“In Malaysia, “Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and now utilize it for the good of the people.
“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.
The Lawyer further called on everybody to be in harmony with one another.
“There is one thing I used to say when am given a chance to talk like this. It is high time we do away with our religious dichotomy. We are cheating ourselves, we are wasting our precious resources and we are destroying our future.
“When a Muslim sees a Christian and develop natural hatred towards him and a Christian would say ‘He’s a Muslim, he doesn’t have anything to do with him.
“We have problem because Allah that brought us together has a reason for not making us Umatan Waida (of a single religion or tribe). Allah says he has the power to make you Ummatun Waida (of a single religion or tribe), but I am not doing that.
“Who are we now to questions Allah’s authority for making us different and living together. Why can’t we study Allah and the rationale behind what he has done in our life?
“Let us forget about the prayers I am observing, it doesn’t concerns anybody. It is between me and my God, like, it’s between me and my God, like zakat, it’s between me and my God, the hajj I go to, it is between me and my God – leave a Christian to his church and his worship, but remember it is the same blood that runs in Adam that runs in everybody today.”, he continued.
Maolid Nabbiy is an annual Muslim celebration to mark the birth of the Noble Prophet Muhammad Rasulu Lah (PBUH).
Business and Economy
Inaugural Africa-Alamenin Forum: Nigeria Urges Africa to Put Trade at Centre of Diplomacy
From Joseph Amedu, Lokoja
Nigeria has called on African nations to place trade and economic cooperation at the centre of Pan-African diplomacy, saying partnerships will only endure when anchored on shared economic interests. adsbygoogle || []).push({});
Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call on Friday, 2nd October, 2026, at the Ministerial Roundtable on “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” at the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
“For too long, we treated trade and diplomacy as separate tracks. Our partnerships endure only when they rest on shared economic interests,” he said, noting that Africa remains the centrepiece of Nigeria’s foreign policy.
Enikanolaiye cited Nigeria’s reforms since 2023 — fuel subsidy removal, FX unification and fiscal strengthening — yielding 4.43% growth in Q2 2026, inflation down to 15.39% in August, reserves at $54.86bn as of 24th September, and MPR cut to 23%. He added that the National Single Window went live on 27th March 2026 and the Nigeria Tax Act consolidating over 60 levies took effect on 1st January 2026.
On AfCFTA, he described it as Africa’s most important trade instrument, with 50 ratifications and 39 countries now on the Guided Trade Initiative. Nigeria has validated its Implementation Strategy, gazetted its tariff concessions, submitted services commitments and ratified the Digital Trade Protocol in November 2025. A new air cargo corridor with Uganda Airlines and UNDP has cut freight costs by 50-75%.
He stressed that trade needs finance, welcoming Afreximbank and PAPSS, and disclosed that CBN directed banks to adopt PAPSS from April 2025 for local-currency settlement.
The Minister proposed five actions: make trade facilitation a standing diplomatic item; tackle non-tariff barriers; widen trade finance for SMEs, women and youth; invest in transport/energy corridors and regional value chains; and speak with one voice in external trade negotiations.
On Nigeria-Egypt ties, he said trade at $223m in 2025 is below potential and called for implementation of the July 2025 Nigeria-Egypt Business Forum and the proposed Joint Investment Council.
Earlier, Egyptian Prime Minister H.E. Dr. Mostafa Madbouly opened the Forum, describing it as a sustainable platform for dialogue among governments, private sector and financial institutions. Egypt’s Minister of Investment and Foreign Trade, H.E. Mohamed Farid, also called for cooperation to build an integrated African automotive industry.
The Go63 Forum, organized by Egypt, Afreximbank and AUDA-NEPAD, runs till 4th October and is a permanent biennial platform to convert integration goals into investments.
Ends.
Business and Economy
President Tinubu Said The $12m Entrepreneurship Centre In Abuja Will…
President Bola Ahmed Tinubu welcoming the construction of the $12 million Abuja Centre for Entrepreneurship, said the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, while more jobs would be created with expanded economic activity. adsbygoogle || []).push({});
This is contained in a statement on Tuesday, September 23, 2026, by his Special Adviser on Information and Strategy, Bayo Onanuga. The statement further revealed President Tinubu saying the Centre would help in establishing, strengthening and growing businesses.
The Centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, in partnership with the Federal Government through SMEDAN and the United Nations Development Programme (UNDP).
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” the President said.
“Many entrepreneurs already have the ideas and the determination to succeed. What they often need is better access to facilities, technology, training and the support that can help their businesses grow. This Centre will provide more of that support and strengthen the ecosystem around them.”
The Centre will support the wider MSME and entrepreneurship ecosystem, providing facilities, technology, training and enterprise support for aspiring entrepreneurs, start-ups and growing businesses, with an initial target of 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
About $5.9 million will go into construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
According to the statement, ACE will provide workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses.
It will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to a stronger entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu said the Federal Government would continue to expand conditions that allow small businesses to grow and compete.
“We want more Nigerians to be able to start businesses, grow them and employ others. We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive. That is important for jobs, incomes and the wider economy,” he said.
The President said the project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
The Centre has also been designed to accommodate women and persons with disabilities. It will include accessible facilities and crèche services for women with young children.
While construction is ongoing, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to build a wider support system around the Centre and identify businesses that can benefit from its programmes.
President Tinubu thanked the Government of the Republic of Korea for the $12 million investment and commended KOICA, UNDP and SMEDAN for bringing the project to the construction stage.
He said Nigeria would continue to welcome investments and partnerships that strengthen local businesses, deepen enterprise development and create more jobs.
Business and Economy
Dangote IPO Not a Magic Wand to wealth
The high expectation for immediate profit as being expressed especially by new investors who participated in the Dangote IPO from their investment may land them in disappointment, after all.
This much has been highlighted by BusinessDay’s analysis of Ifeoluwa Balogun, as a case study, whether real or an imaginary figure, captures the excitement around Dangote Refinery’s public offer.
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For instance, Balogun optimistically says:
“I bought Dangote shares that are worth N42,000. I am expecting to cash out big time to buy something valuable, at least a piece of land in Imowe-Ibafo, Ogun State.”
To have hope is good. But to be definite about what you are not in control of may trigger unpleasant consequences. For example, the Baloguns may not know that Dangote’s: “N2.15 trillion IPO is creating access to ownership, not a shortcut to wealth. With 4.1 billion shares offered at N525 each and a minimum subscription of just 10 shares, the offer is bringing equity ownership within reach of ordinary Nigerians. What happens to their money after the subscription, however, will depend on the refinery’s future earnings, cash generation and share-price performance,” it has pointed out.
This case study goes further with the analysis: “For Balogun, N42,000 buys 80 shares before applicable charges. If the shares eventually reach N1,050, his holding would be worth N84,000. If they reach N5,250, it would be worth N420,000. Neither outcome has a timetable, and neither price is guaranteed.”
That distinction is becoming important as the Dangote IPO draws first-time investors into Nigeria’s stock market.
The offer is scheduled to close on October 13, having been opened to the public on September with the minimum subscription set at N5,250.
Sure, investors are buying a stake in a business that has recently demonstrated substantial earning power. Dangote Refinery reported $13.91 billion in revenue in the first half of 2026, alongside $2.60 billion in EBITDA and $1.82 billion in net profit, according to BusinessDay. The result marked a sharp turnaround from the loss recorded in 2025.
“Those numbers explain the enthusiasm around the offer. But an equity investor is buying future earnings, not simply the latest six months of profit.” In addition, it’s important to note that:
“The refinery operates in a volatile global business. Its earnings are exposed to crude-oil costs, refined-product prices, refining margins, foreign exchange, demand and international energy-market conditions. A strong first half does not guarantee that future periods will produce the same results.”
The company’s future expansion also matters. Dangote says the refinery has crude-distillation capacity of 700,000 barrels per day and plans to expand that to 1.4 million barrels per day. Basically, ” The wider complex includes petrochemicals, storage, marine infrastructure and logistics.
“For shareholders, therefore, the investment case extends well beyond the IPO. The value of their shares will depend on whether the company can sustain production, expand profitably, manage its financial obligations, generate cash and return value to shareholders. That makes the distance between owning shares and becoming wealthy important.”
If Balogun’s 80 shares rise from N525 to N1,000, his holding would be worth N80,000. But that increase remains a market gain until he sells. If the market price falls below N525, the value of his investment falls instead. The investor therefore has to live with the market’s timing.
Someone who expects the shares to finance a land purchase within a particular period could be forced to sell earlier than planned, potentially at a price below expectation. The market does not adjust its timing to an investor’s financial needs.
It’s in view of these fluctuating realities that the regulator, “The Securities and Exchange Commission has urged prospective investors to read the approved prospectus and understand the terms and risks before subscribing. It has also warned against people or platforms promising guaranteed allocations or returns.”
The significance of the IPO is therefore broader than whether Dangote shares rise after listing. It is introducing more Nigerians to ownership of productive assets at a time when household incomes remain under pressure. But ownership comes with uncertainty: the investor participates in both the gains and the risks of the business.
The punchy end of the discourse is even more important: “For Balogun, the more useful question is not how quickly N42,000 can become enough to buy land. It is whether he can afford to hold the investment long enough for the underlying business to create value. The Dangote IPO can put ownership within reach of ordinary Nigerians. It cannot put a guaranteed fortune within reach overnight.”
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