A member of the Financial Regulation Advisory Council of Experts in Central Bank of Nigeria (CBN) and a reputable Islamic Financial Expert, Dr. Bashir Umar on Wednesday said the non- interest banking system has the potential to bridge infrastructure gap in Africa which is estimated to cost $134bn from 2011 to 2040.
Dr. Umar was quoted by Dailytrust as saying such costs are certainly beyond the financing of governments or donors hence the need to devise innovative financing approaches.
He stated this while delivering a keynote address on “The Islamic Financial System: A Panacea for National Economic Development” at the business luncheon organized by the Forum for Islamic Education and Welfare in Lagos yesterday.
Making reference to the Programme for Infrastructure Development in Africa, he said access road rate in Africa is only 34%; transport costs are 100 % higher; only 30 % of Africa’s population has access to electricity.
