Effects of Islamic Financial Services on Productivity of Oil and Gas Sector in Nigeria

Authors

  • Festus Taiwo SOLANKE Department of Accounting, Federal University Oye-Ekiti
  • Chiemeriwo Sunday Aniobi Department of Public Administration Federal University, Oye-Ekiti, Ekiti-State, Nigeria.
  • A. O. Efuntade Faculty of Management Sciences, Federal University Oye- Ekiti, Ekiti State, Nigeria
  • Sunday A Olasehinde Federal University, Oye Ekiti, Department of Business Administration
  • D. O Olugbamiye Faculty of Management Sciences, Federal University Oye- Ekiti, Ekiti State, Nigeria.
  • Toriola Maryam MOTUNRAYO Faculty of Management Sciences, Federal University Oye- Ekiti, Ekiti State, Nigeria

Keywords:

Finance, Financial Crisis, Financial Economics, Financial Intermediation Financial Markets

Abstract

The desire to improve performance of financial institution in the country paved way for establishing Islamic
financial services that provided resources used to finance oil and gas sector as only main source of income
in a country. The study was conducted to examine effects of Islamic financial services on productivity of oil
and gas sector in Nigeria. The survey research design was used for the study and primary data was
generated through administering of questionnaires to NNPC personnel and Islamic experts. The findings
showed 71.071 as chi-square result with 9 as a degree of freedom at 1% significant level, as there was
adequate awareness on existence of Islamic financial service but strict conditions restricted oil and gas
sector in assessing funds. The study concluded that insignificant relationship existed between Islamic
financial services and productivity of oil and gas sector in Nigeria, and recommended that government to
lower strict conditions attached to assessing Islamic financial services in Nigeria as more productivity
would be ensured on gross domestic product.

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Published

2025-05-03

Issue

Vol. 2 No. 1 (2024): JANUARY

Section

Articles