Nigerian govt. aims to capitalise on $7tr global Halal market
2 min readThe Federal Government, on Wednesday, will unveil a comprehensive strategy to establish Nigeria as a leading participant in the global Halal economy.
This initiative aims to diversify the country’s economy and harness the growing Halal market, which includes products and services adhering to Islamic standards of permissibility and embodying ethics, integrity and universal values.
Ahead of Wednesday’s Halal Stakeholders Engagement Programme at the State House Conference Centre in Abuja, Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), discussed the initiative.
He noted that it will bring together government agencies, private sector leaders, and international partners to leverage Nigeria’s status as the eighth-largest domestic Halal economy in the world.
Sheriff, as quoted by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, said, “The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth. By increasing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027.”
He emphasized that the Halal economy is not limited to religious compliance but also reflects principles of ethics, integrity, and quality that appeal to a broad audience. “The success of Sukuk bonds and the growing appeal of Islamic banking demonstrate that Halal principles are compatible with global economic standards and can benefit all Nigerians,” Sheriff explained.
Sheriff also highlighted that focusing on the Halal economy could open new opportunities for Nigerian businesses on the global stage. “It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he concluded.
