ACCI makes case for adoption of Halal financial economy

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 in Abuja, stating that if the economy is as big as $3 trillion for any part of the world that will embrace this economy then there is a need for the nation’s industrial sector to key into it.

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The ACCI president lamented the exploitation by the commercial banks most of who fix their interest rates at 25 per cent, which he described as being on the high side.

According to him, the Bank of Industry, Development Bank of Nigeria and other banks who claim they are supporting Small and Medium scale Enterprises (SMEs) are actually strangulating businesses with their exorbitant interest rates.

He however, said the Halal economy which is worth at least $3 trillion, offers a lot of reliefs for prospective businesses, adding that “the world is moving and we must move with the world; the Halal economy is huge and we must be 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 that “as the President of the ACCI where all my people are SMEs and I see poverty, I feel that we should charge non-interest free loans.

“If small businesses access interest free loans through Halal funding, all well and good for everyone. This is what is new and we must try it because we cannot continue doing the same thing every time and expect a different result.”