The President, Abuja Chambers of Commerce and Industry (ACCI) Adetokunbo Kayode has urged Nigerian businesses to embrace the Halal financial economy and benefit from the $3trillion business funding used to finance businesses all over the world.
Kayode made this call during a press briefing on the Halal Expo 2020 scheduled for June at the ACCI venue in Abuja, stating that if an economy is as big as $3trillion for any part of the world that will embrace this economy then there is need for the nation’s industrial sector to key into it.
The ACCI President lamented the exploitation by the commercial banks most of who fix their interest rate at 25%, which is on the very high side.
Specifically, he said, the Bank of Industry, Development Bank of Nigeria DBN, and other banks who claim they are supporting small and medium scale enterprises (SMEs) are strangulating businesses with their exorbitant interest rates.
He, however, said the Halal economy which is worth at least $3trillion, offers a lot of reliefs for prospective businesses out there. “The world is moving and we must move with the world, the Halal economy is huge and we must be of part of it. There are Halal fashion, food and a lot of others, why should Nigeria not be part of it. We do not lose anything by being part of it. We can easily reach other African countries and even dominate through the Halal economy. It is still another way of opening doors of opportunity for Nigeria.”
While making a case for halal funding, he said, “As the President of the ACCI where all my people are SMEs and I see poverty I feel that we should charge non-interest fee. If non-interest finance comes by way of Halal finance all well and good. This is what is new and we must try it because we cannot continue to do the same thing the same way every time and expect a different result.”