ISLAMIC APPROACH TO MORALITY: A PANACEA TO ECONOMIC RECESSION IN NIGERIA
Files
Date
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Nigeria suffers from political volatility, unemployment, corruption, undeveloped infrastructure, moral decadence, complete dependence on the oil sector and non-diversification of the economy which has adversely affected the standard of living and increased tension among the citizenry. Consequently, these cause poor management of the economy of the country that subsequently paved way to severe financial crisis, economic imbalance, high rate of poverty and inflation, which constitutes the basis of Nigerian economic recession. Through contextual analysis of the existing literatures on morality and economic recession, the paper examines the Islamic approach to morality as panacea to economic recession in Nigeria. The paper explicates that moral responsibility and accountability based on Islamic approach to morality will help in uprooting the unprecedented menace of corruption, economic imbalance, social and moral decadence pervading the Nigerian economy. Therefore, the areas covered by the paper include; an overview of the meaning of morality and Islamic principles and dimensions of morality as well as the concept, history, causes and challenges of economic recession in Nigeria. Finally, the paper recommends that; the Islamic Socio-economy and political alternative based on Islamic morality is the best panacea for reviving the Nigerian economy and taking it out of recession.