DETERMINING THE REAL CAUSES AND SOLUTIONS OF NIGERIAN ECONOMIC RECESSION: A PERSPECTIVE OF ISLAM

Abstract

As Nigerian economy continue to face constant economic recession, despite abundant of both natural and human resources in Nigeria due to adoption of falsehood economic system of capitalism inherent in its economic system. The purpose of this study therefore, is to determine the real causes and solutions of Nigerian economic recession from Islamic perspective. It will also at the same time deal with the concept of economic recession and the Islamic economic system. This study will be conducted purposefully by collecting authentic guidelines in Islam such as the Glorious Qur'an and Ahadith and exploring the view of Muslim Scholars. Library materials books, journals, interment, magazine and Islamic manuscripts will be accessed. The study is an indication that, the economic system either capital or socialism which has proved to be failures for centuries has proved that, the only solution to the present economic recession is Islamic economic system as it is purely based on fairness, justice, social responsibility, transparency, trust worthiness, and Shar'ia compliance. It is thus concluded that, economic recession in contemporary Nigeria could be prevented or lessened by adopting Islamic economic and finance laws and regulations, especially the main pillars of Islamic financial system, namely the prohibition of riba (usury or interest), prohibition of maysir (gambling and game of chance or speculation) and prohibition of gharar (excessive uncertainty), in their many forms.