Federal Gov’t Set To Exploit $7trn Global Halal Market

The Nigerian government will on Wednesday launch a comprehensive strategy to position the country as a leading player in the Halal economy.

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 embodies ethics, integrity, and universal values that resonate across cultures and regions.

Speaking on Monday ahead of Wednesday’s Halal Stakeholders Engagement Programme billed to hold at the State House Conference Centre in Abuja, Special Assistant to the President on Export Expansion (Office of the Vice President), Aliyu Bunu Sheriff, said the initiative will bring together government agencies, private sector leaders, and international partners with a view to capitalising on 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.

“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 said.

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According to a statement by the spokesman of the vice president, Stanley Nkwocha, on Monday, 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 strategic focus on the Halal economy opens up new avenues for Nigerian businesses to compete 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 pointed out.