Analysis of the Relevance of Islamic Business Ethics to the Nigerian Economy

This paper analyses the relevance of Islamic business ethics to the development of the Nigerian Economy. As a contribution to the debate on the establishment of Islamic banking in Nigeria, the paper wants broaden the understanding of Islamic business ethics among the Nigerians. Essentially we want demonstrate that Islamic business ethics want promote justice, equity and fair dealings among the market players, and it is pervading in all business transactions, not necessarily in banking and finance. This we expect will go a long way in clearing some misgiving among the opposing views and give way for economic development in Nigeria. The paper draws upon the Qur’an, Hadith and the existing literature on Islamic business ethics. The paper also draws upon the functions of NAFDAC, CPC and SON to make its analysis. As the Islamic business ethics frown on all kinds of exploitation and promote justice, equity and fairness in business dealings, it should be supported by all, since nobody will like to be exploited or dealt with unjustly or unfairly.