Nigeria Targets $7.7tn Global Halal Market with New Economic Strategy

Nigeria has unveiled its National Halal Economy Strategy, seeking to capitalize on the $7.7 trillion global halal market and strengthen its position in international trade and investment.

President Bola Tinubu, represented by Vice President Kashim Shettima at the Presidential Villa in Abuja, said the strategy could add $1.5 billion to the nation’s GDP by 2027, creating jobs and expanding exports.

The strategy focuses on halal food exports, pharmaceuticals, cosmetics, halal tourism and ethical finance, with potential revenues of $12 billion by 2030. It also aims to enhance food security and support SMEs.

Highlighting quality, safety, traceability and ethics, the President cited global leaders like the UK, US, France, Germany, Canada, Australia, and the Netherlands as benchmarks.

Developed with Saudi Arabia’s Halal Products Development Company and Dar Al Halal Group Nigeria, and supported by the Islamic Development Bank, the strategy seeks to attract foreign investment and strengthen Nigeria’s export competitiveness.

Safiya Muhammed Bello