Published 2024-01-01
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.