ECONOMIC CRISIS IN NIGERIA: A CATHOLICON FROMAL-'IQTIṢĀDU'L-'ISLĀMĪ OF AT-TURKĪ

Abstract

Over decades, 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, it is no news that anybody who 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, adopted
qualitative method to glimpse at the shabby state of the Nigerian economy and investigate the causes
of the economic problems. It argues that there are solutions to the economic problems of Nigeria
identified by renowned economists. The economic problems 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 at offering suggestions to the world on how the economic
crisis can be addressed using the provisions of Islamic law. 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 and development.