FG to tap into $7 trillion global Halal market
… targets $1.5bn GDP boost by 2027
By Kunle Sanni
The Nigerian government is set to launch a comprehensive strategy on Wednesday aimed at positioning the country as a key player in the $7 trillion global Halal market. This initiative is part of efforts to diversify the economy and harness the potential of the fast-growing Halal industry, which includes products and services that meet Islamic standards of permissibility while reflecting ethics, integrity, and universal values.
The plan was revealed in a statement on Monday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President).
The announcement comes ahead of the Halal Stakeholders Engagement Programme scheduled for Wednesday at the State House Conference Centre in Abuja.
Aliyu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), said the initiative will bring together key players from government agencies, the private sector, and international partners to leverage Nigeria’s position as the eighth-largest domestic Halal economy globally.
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth,” Sheriff said. “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.”
Sheriff emphasized that the Halal economy goes beyond religious compliance, representing principles of ethics, integrity, and quality that appeal to diverse cultures worldwide. He highlighted the success of Sukuk bonds and the growing popularity of Islamic banking as proof that Halal principles are compatible with global economic standards and can benefit all Nigerians.
Focusing on the Halal economy, Sheriff added, opens new doors for Nigerian businesses to compete internationally. “It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he noted.
The Halal Stakeholders Engagement Programme is expected to further boost Nigeria’s involvement in the global Halal market, driving economic growth and expanding the country’s reach in this lucrative sector.
