Author(s):
Ayuba Aderole Ismail, ayubaismailaderole@gmail.com,
Yusuf Adeniyi Jamiu, yusufadeniyijamiu@gmail.com,
Abstract:
Nigeria, over the decades has been known to have economic stability, which other countries in Africa relied
on which made it to be called giant of Africa. But it has recently been affected by recession due to the rise
and fall in the price of crude oil in the market. In addition, the impact of the novel disease of covid-19 has
worsened the nation's economy in which attempts to retain her precedent nature prove abortive. Islamic
economic system adopted over the years by some countries has proven to be a better alternative in
restructuring and revitalizing the economy. This paper therefore, examines the challenges of Nigeria’s
economy and how the Islamic economic system can improve the accessibility of welfares of the society
through these well-structured channels such as Zakat, Interest-Free loans, Gharar, Market mechanism, and
policymaking
IWF