The use of debt financing strategy by the Nigeria government to promote socioeconomic development has rather impacted negatively on the growth potentials of the economy and deepen the country debt in the global community. The survey research design was used in this study. With a sample size of 636 populace, the study used a convenient sampling technique. The Socioeconomic Impact of Islamic Banking Products Survey (SIBP) with high reliability coefficient and descriptive statistics were employed. The findings shows that Islamic banking and services promotes socio-economic development, engendered the growth of SMEs, enhance foreign direct investment (FDI) inflow and create friendly business environment by improving the ease of doing business through access to financial resources. Based on the study, Islamic banking product and services are catalyst that promotes social welfare and reduce poverty rate thereby engendering socio-economic development in Nigeria. Keywords: Islamic banking, So.....

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