In a bid to find lasting solutions to numerous economic crises bedeviling the country, the National President of Al-Hayat Relief Foundation, an Islamic Cooperative Society, Dr Asif Olatubosun Azeez, has urged federal and state governments to support farmers with interest-free loans, which will encourage youths to go back to farming.
Azeez, who is also a senior lecturer at SikiruAdetona College of Education, Science and Technology, Omu-Ijebu, spoke against the backdrop of current economic reality and importance of zero-interest loans at this critical time, saying that for the nation to overcome its current economic challenges and rapid fall of naira, governments should, as matter of urgency, encourage farmers by way of granting them free interest loans.
He said that the organisation is working towards creating a foundation that would be generating money and the proceeds of the endowment being used to cater for the less-privileged in the society.
Azeez, however, said that governments should collaborate with Islamic organisations like Al-Hayat Relief Foundation and route many of the interventions through it to cushion the effects of the current economic downturn to get the needed results.
He further said that the fall of the naira was due to the collapse of SMEs’ structure in the country, adding that they need the financial and more enabling environment to succeed.
President of the Foundation pointed out that part of the challenges faced by the organisation is how to penetrate the northern region of the country to help reduce poverty rate through zero-interest rate that will have a significant impact on the nation’s Gross Domestic Products (GDP).
The expert also noted that for Islamic banking to contribute its quota meaningfully to the nations’ economy, the Department for Islamic Banking at the Central Bank of Nigeria (CBN) should be allowed to grow like micro insurance.
He, therefore, urged the governments to fully support the SMEs to boost the nation’s GDPs and limit reliance on foreign goods.
Also speaking, General Manager of the Foundation, Waidi Raimi, said the Foundation, which is founded to cater for the interest of Muslim brothers and sisters, has branches in all the South-West states, including Kwara.
He said efforts were being geared towards penetrating the northern part of Nigeria to eradicate poverty within the Muslim fold.
