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Lawyers, others proffer solutions to nation’s economic downturn

By Abdulwahab Abdulah

THE Chief Justice of Nigeria, CJN, Justice Water Onoghen, has said that Nigerian lawyers need to discuss issues relating to the economy and others relevant topics that can promote justice in the country.

Also, an accountant and Managing Director of Credit Bureau, a financial organisation, Mr Ahmed Popoola, has  said that Islamic banking window will help in ending the current economic downturn being experienced in the country.

Popoola made the disclosure in his keynote address at the annual national conference of the Muslim  Lawyers’ Association of Nigeria, MULAN, held in Lagos.

The theme of the conference was: “Pulling Nigeria Out of the Economic Recession.”

The CJN, Justice Onoghen, who was represented by Justice Sidi Bage of the Supreme Court lauded the efforts of the lawyers in organising the event, as he charged them to continue to do all that could promote ethics of the legal profession.

He said legal practitioners cannot afford to look the other way why issues affecting the society is being discussed, as he wished the Muslim lawyers smooth deliberations.

In his address, the keynote speaker, Popoola said  “Islamic finance is an alternative option worth exploring to raise funds for public works and to support the private sector access to finance.

“Worldwide, Islamic finance is no more peripheral to conventional finance as it is being operated in 75 countries, including western nations. People think that the Islamic financial system is based on faith, but it is based on justice for the two parties.

“Besides, Islamic finance system does not allow investments that harm people or the environment, thereby, promoting sustainable finance,” he said.

The accountant, noted that the options Islamic finance offers in funding public infrastructure and empowering small business will help bail the country out of recession.

He also condemned the bogus budget of N125 billion appropriated to the National Assembly in the 2017 budget, adding that the current budget cannot “address the inherent flaws in our budgeting system and resource allocation.”

Popoola, noted that Nigeria was experiencing recession for the second time as the country had experienced recession in the 1980s.

He added that Nigeria was currently exiting the recession and that there had been improvements in the earnings from the oil industry, while he gave suggestions on how the country can come out of recession and get on the path of growth and development.

“There needs to diversify the economy and invest massively in infrastructure, there need for the re-orientation of Nigeria towards appreciating our products is imperative.”







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