FAITH-BASED INVESTMENT FOR SUSTAINABLE DEVELOPMENT: A CATALYST FOR ECONOMIC GROWTH IN NIGERIA

This paper explores the role of faith-based investment as a catalyst for sustainable development and economic growth in Nigeria. In a country marked by socio-economic challenges such as poverty, unemployment, and infrastructural deficits, conventional development strategies have often fallen short. Faith-based investment—defined as the strategic deployment of financial resources by religious institutions and adherents in alignment with spiritual and moral values—offers a promising alternative for inclusive development. Nigeria's deeply religious population, comprising over 90% Christians and Muslims, provides a unique opportunity to harness faith-driven capital for social and economic transformation. Drawing on Christian principles of stewardship and Islamic financial tools such as zakat, waqf, and sukuk, faith-based investments have already made visible contributions in sectors like education, healthcare, and low-income housing. However, challenges such as regulatory gaps, limited financial literacy, and a lack of coordination hinder the full realization of this potential. The study argues that structured faith-based investments, when aligned with the United Nations Sustainable Development Goals (SDGs), can drive inclusive growth and poverty reduction. It concludes with policy recommendations to formalize the faith-investment ecosystem through interfaith collaboration, capacity building, and strategic alignment with national development priorities.