Unethical Factors Contributing to Nigeria's Economic Underdevelopment: Analysis from an Islamic Perspective

Abstract

If the human and natural resources a country is endowed with are the yardsticks for its greatness and development, it is undisputable that Nigeria is destined to be great. However, in the global economy system today, Nigeria is conspicuously located in the periphery of the periphery despite its abundant resources. This is attributed to various unethical factors like mismanagement of resources and large-scale embezzlement that have hindered its development and contributed to its economic backwardness. This paper explores these factors. It relies on both primary and secondary sources of data. Viewing ethics and unethical practices from an Islamic perspective, it argues that unethical practices which Islam strongly prohibits have been normalized in Nigeria's economic and sociopolitical milieu. This consequently worsens the country's economic woes with little prospect for redemption. It observes that serious attention has not been paid to how these factors undermine development. Drawing on some verses of the Qur'an and prophetic traditions, this paper analyzes how revenue should be generated, utilized, and geared towards economic development. It concludes that economic practices in Nigeria are, in most cases, a departure from Islamic ethical principles of economics despite the fact that, demographically, the Muslims are the majority. These ethics, if observed, benefit not only the Muslims but the country. To liberate the country from the clutches of underdevelopment, this paper strongly recommends that Islamic ethics should be mainstreamed in government activities - particularly in law making, budgeting, policy formulation, and policy execution. This consideration will greatly help to revamp the economy and enhance development.