NewStats: 3,263,645 , 8,180,888 topics. Date: Saturday, 07 June 2025 at 02:52 AM 5w5f2p

By Modupe Gbadeyanka

Nigeria has commenced discussions with the Islamic Development Bank (IDB) on how to obtain sukuk to probably fund the 2017 budget.

Specifically, Nigeria is speaking with the investment arm of the Saudi Arabia-based IDB, the Islamic Corporation for the Development of the Private Sector (ICD), about this.

This, the Africa’s biggest economy, desperately needs as a way to get different sources of funding to reflate its dwindling economy.

Sukuk is an Islamic bond structured to generate returns to investors without infringing Islamic law, which prohibits interests or riba.

Chief Executive Officer of ICD confirmed on Tuesday at the Africa Islamic Finance Forum 2016 in Cote d’Ivoire that his organisation was in talks with Nigeria on a possible sukuk deal.

He noted that as soon as Nigeria agrees , the deal would be sealed.

Nigeria has struggled revive its economy, which fell into recession largely due to drop in the price of crude oil, its major source of revenue.

Also, renewed attack on oil installations by militants in the Niger Delta region of the country, where the oil is extracted from, has contributed to it.

Nigeria also majority imports what it consumes and this has weakened the country’s currency, the Naira, against major international currencies, including the Dollar, Pounds and Euro.

http://www.businesspost.ng/2016/10/20/nigeria-talks-saudis-islamic-bank-sukuk-deal/

I Hope it won't lead to a Sunni Imperial financial domination in Nigeria

The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..

(once Nigeria agrees to the conditions the deal will be signed) which other conditions, they said no interests; right? Why can't they just hand over the cash and face the other way..

Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws.. Before you know it they are making mind boggling profits coded in an angle to continue to exploit the gullibility of many Nigerians..

By the time you calculate all it would take to access and continue to maintain the loan, the criminal IMF would have been looking like saints..

All those Zombies quoting me 'upandan' may think other African (Islamic) countries who are not soliciting for this so called 'No or low' interest loans are fools..

Buhari and his team are up for it the same way they miscalculated every step that ushered us into the oblivion.. So they are fools and criminals!!

Buhari remains a beast!!

Some mofos are already here thinking Buhari wanted to Islamise Nigeria

This is a welcome development and should be encouraged

CHIJIOKE1314:
The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..

(once Nigeria agrees to the conditions the deal will be signed) which other conditions, the said no interests, just hand over the cash and face the other way..

Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws..

Buhari remains a beast!!

You didn't make sense at all, can you see where interest has put Nigeria now (economic recession).
The only solution to this is Islamic banking. Buh because of you guys hatred for Islam you only reason with your ass.

Our economic team is not just working for me

veekid:

Tufia!

Smile

SamuelAnyawu:
I Hope it won't lead to a Sunni Imperial financial domination in Nigeria

SamuelAnyawu:
I Hope it won't lead to a Sunni Imperial financial domination in Nigeria

God forbid!
It'll be dead on arrival

I am not understanding. Borrow from Saudi to fund 2017 budget, has the 2016 budget been funded already? to apc 2016 is done and dusted? without a single achievement other than the arranged return of the chibok girls who are looking as healthy as the children in abj the apc are already on to 2017? its really a shame some group of people led everyone to this hell of a government. I ask again as I have been asking; the trillions in TSA and the trillions recovered from the Almighty looters, who is the owner? what is it for? where and when are they going to be used?
meanwhile, following me see

Good move, not all Muslims are terrorists and not all Christians are saints... let's bring in foreign investors to Nigeria. Put religion out of this.

CHIJIOKE1314:
The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..

(once Nigeria agrees to the conditions the deal will be signed) which other conditions, the said no interests, just hand over the cash and face the other way..

Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws..

Buhari remains a beast!!

I understand your frustration

I wonder why we still borrow from the World Bank and IMF when Islamic Banking is there.

Oya Haters come and start what you're best at doing.

CHIJIOKE1314:
The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..

(once Nigeria agrees to the conditions the deal will be signed) which other conditions, the said no interests, just hand over the cash and face the other way..

Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws..

Buhari remains a beast!!

Receive brain..

My people, make una tread with caution.
Can any good thing come out of Nazareth?...a saying as well as an adage

Conspiracy theorists are always welcome

SamuelAnyawu:
I Hope it won't lead to a Sunni Imperial financial domination in Nigeria

....ofcourse!!!..what else??..buhari and his apc cohorts are up to something sinister..but they shall be stopped

MadCow1:
I wonder why we still borrow from the World Bank and IMF when Islamic Banking is there.

There is nothing free even in Freetown. I'm sure it'll have some evil compliance directives
before it'll be implemented

gurunlocker:
The China yen film display you acted earlier this year, we haven't seen result.... Be taking loan to fund budget everywhere, soon you will put the country on Ebay

Patiently

CHIJIOKE1314:
The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..
(once Nigeria agrees to the conditions the deal will be signed) which other conditions, the said no interests, just hand over the cash and face the other way..
Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws..
Buhari remains a beast!!

SamuelAnyawu:
I Hope it won't lead to a Sunni Imperial financial domination in Nigeria

d33types:
Are they the best lenders?

Critics are showing themselves.

Do you all have to be critical of every ideas?

CHIJIOKE1314:
The wicked silly old rag-tag 'general' is handing us over economically to his terrorist Islamic brothers..

(once Nigeria agrees to the conditions the deal will be signed) which other conditions, the said no interests, just hand over the cash and face the other way..

Ohh.. I understand, they must have spiced it up with some trade down overlaps to shadow the fake Islamic laws..

Buhari remains a beast!!

can't u appreciate good news for once in ur life?..hoping to hear bad news always cox u hate Buhari..it makes u worst than him

Are they the best lenders at this time?

I mean, why is this leadership hell bent on courting controversy at this time where everybody is crying about islamisation agenda?.

I am seriously regretting the stupidity and senselessness of Buhari.

The China yen film display you acted earlier this year, we haven't seen result.... Be taking loan to fund budget everywhere, soon you will put the country on Ebay

veekid:
Some mofos are already here thinking Buhari wanted to Islamise Nigeria

They all lost their sense of reasoning immediately GEJ lost that election, sometimes I weep for this kinda youths cuz they tend to live a frustrated life

veekid:
Some mofos are already here thinking Buhari wanted to Islamise Nigeria

Before nko?

What da fvck is that?

Islamization of Nigeria in progress, so we have to borrow before financing federal budget, chai buhari you have useless Nigeria