Nigerian government aims to cash in on $7 trillion global Halal market with new strategy

The Federal Government will launch a comprehensive strategy on Wednesday to make Nigeria a leading participant in the global Halal economy.

The initiative aims to diversify the country’s economy and tap into the growing Halal market, which includes products and services that adhere to Islamic standards of permissibility and embody ethics, integrity and universal values.

Ahead of Wednesday’s Halal Stakeholder Engagement Program at the State House Conference Center in Abuja, Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), discussed the initiative.

He noted that the event will bring together government agencies, private sector leaders and international partners to capitalize on Nigeria’s status as the world’s eighth largest domestic Halal economy.

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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 is a tremendous opportunity for Nigeria to diversify its economy, generate foreign exchange and achieve sustainable growth. By increasing Halal exports and focusing on strategic import substitution, we project an addition of almost $1.5 billion to our GDP by 2027.”

He stressed that the Halal economy is not limited to religious observance but also reflects the principles of ethics, integrity and quality that appeal to a wider audience. “The success of the Sukuk bonds and the growing appeal of Islamic banking demonstrate that Halal principles are in line with global economic standards and can benefit all Nigerians,” Sheriff explained.

Sheriff also stressed that focusing on the Halal economy could open up new opportunities for Nigerian businesses on the global stage. “It’s not just about entering the market; it’s about raising our standards and practices to world-class levels,” he concluded.

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