Muslim professionals lament Nigeria’s economic slide

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Muslim professionals in business and other sectors of the nation’s economy, under the aegis of The Companion, on Saturday lamented Nigeria’s decline from Africa’s largest economy to fourth place, and from 24th position to 27th in the world, despite the ongoing economic reforms of the present federal government.

Speaking at the public lecture of the group’s biennial elective national conference, organised to discuss possible solutions to the nation’s economic challenges, its National Amir, Engineer Kamil Olalekan, expressed displeasure over Nigeria’s current GDP ranking of 53rd globally despite the nation’s abundant resources.

Themed ‘Thriving Amidst Adversity: Strategies for Survival in Nigeria’s Challenging Economy’, the conference urged all tiers of government to place the welfare and well-being of Nigerians above all other considerations in policy-making.

The Amir also urged Nigerians to confront the nation’s economic downturn with resilience, creativity, and strategic adaptation, describing the current challenges as a call to innovate rather than despair.

“Our country is battling high inflation, a weak naira, fiscal strain, unemployment, insecurity, and corruption. More than 70 per cent of Nigerians now live in multidimensional poverty,” he said, adding that, “Yet, if we embrace creativity, diversify our incomes, and adopt sound financial habits, we can survive and even grow.”

He identified agriculture, technology, and services as sectors brimming with potential, calling on governments to prioritise people’s welfare over political interests and invest in agriculture, education, security, and healthcare.

“We must deliberately patronise ‘Made in Nigeria’ products to stimulate production and strengthen the economy,” he said.

The guest lecturer at the event, Dr. Sulayman Ibrahim, advised Nigerians to adjust their lifestyles, acquire relevant skills, and avoid reckless investments. “Only invest in what you understand and what you can afford to lose. Lifestyle change is paramount, and we must keep praying for Nigeria while putting the nation first,” he said.

Also speaking, the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), praised the initiative of the organisation as timely, urging participants to seize economic opportunities highlighted in the discussions.

Similarly, the Olupo of Ajase-Ipo, Oba Ismail Yahaya Alebiosu, challenged members to put the lessons into action and think beyond conventional boundaries.

In line with the Amir’s speech, an entrepreneur and member of The Companion, Dr. Sulayman Ibrahim, cautioned Nigerians against blaming the country’s economic crisis solely on the current administration.

Sulayman stressed that each successive government inherits a weaker economy than its predecessor, noting, “Nigerians are the problem of Nigeria, not any government.”

“The problem of Nigeria is rooted in corruption, unstable policies, poor infrastructure and the mentality of the youths in waiting for government work without doing anything important to their lives,” he said.

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He urged Nigerians to change their mindset and lifestyle while calling on the government to address infrastructure gaps. “We need a change in our orientation about the way we see things,” he said, adding that, “the government must provide adequate infrastructure, but we as citizens must also adopting new habits, supporting local production, and living within our means.”

The event was attended by the Kwara State Commissioner for Health, Dr. Amina Ahmed El-Imam; Oba Ismail Yahaya Alebiosu, Olupo of Ajase-Ipo; Oba Abdul Fatai Oladega Talabi, Aala of Ilala; the Amira of the female wing of the association, The Criterion; and other dignitaries, who shared their goodwill messages.

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