2 months ago
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Vice President Kashim Shettima
The Nigerian government says it will launch a comprehensive strategy on Wednesday to become a leading player in the $7tn Halal economy.
It also announced plans to grow its Gross Domestic Product to $1.5bn by 2027 through strategic initiatives.
The Special Assistant to the Vice President on Export Expansion, Aliyu Sheriff, revealed this on Monday ahead of Wednesday’s Halal Stakeholders Engagement Programme billed to be held at the State House Conference Centre in Abuja.
According to a statement signed by the Senior Special Assistant to the Vice President of Media and Communications, Mr Stanley Nkwocha, Sheriff said the initiative would bring together government agencies, private sector leaders, and international partners to capitalise on Nigeria’s position as the eighth-largest domestic Halal economy globally.
The statement is titled, ‘FG set to exploit $7tn global halal market.’
The project is part of initiatives to diversify the economy and tap into the burgeoning global Halal market—products and services that meet Islamic standards of permissibility and embody ethics, integrity, and universal values that resonate across cultures and regions.
“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 $1.5bn to our GDP by 2027,” Sheriff said.
The presidential aide noted that the Halal economy extends beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.
“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,” he explained.
Sheriff added that a strategic focus on the Halal economy opens up new avenues for Nigerian businesses to compete globally.
“It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he noted.
