The Nasrul-Lahi-l-Fatih Society (NASFAT) has called on the Federal Government to embed faith-based principles into its financial empowerment programmes, particularly those targeting smallholder farmers.
The appeal followed the recent directive by Vice President Kashim Shettima for the disbursement of ₦250 billion in credit support to farmers at a single-digit interest rate under the Presidential Food Systems Coordinating Unit. While welcoming the initiative as a step toward boosting agricultural productivity and food security, NASFAT stressed the need for more inclusive financing approaches.
The society’s Chief Missioner, Imam Abdul-Azeez Onike, argued that both Islam and Christianity discourage interest-based loans, which he described as exploitative and harmful to social and economic harmony. He noted that many farmers, guided by religious convictions, may hesitate to participate in government credit schemes that impose interest.
Onike urged the government to consult religious leaders in designing alternative financing frameworks, such as profit-sharing or interest-free loan models, that reflect ethical and faith-based values. According to him, such reforms would protect the interests of farmers, foster stronger trust between the government and citizens, and encourage broader participation in agricultural empowerment programmes.
He further explained that an inclusive model of financing would not only address the concerns of faith-driven communities but also contribute to national development by ensuring that no group feels excluded from government initiatives.
NASFAT’s intervention adds to the growing conversation around the role of ethical and faith-based finance in addressing Nigeria’s economic challenges, particularly in agriculture, where smallholder farmers remain the backbone of food production.
