Nigeria Targets $7.7 Trillion Halal Economy with New Saudi Arabia Agreement
The Federal Government has entered into a cooperation agreement with Saudi Arabia’s Halal Products Development Company, aiming to position Nigeria as a major player in the global halal market valued at $7.7 trillion.
This agreement will promote investment, technical collaboration, and market access across vital sectors such as food production, pharmaceuticals, finance, and livestock for both nations.
During the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima emphasized that this partnership presents a transformative opportunity to elevate Nigeria into a global halal economy leader.
Stanley Nkwocha, Senior Special Assistant to the VP on Media and Communication, announced the agreement in a statement titled “Nigeria Signs Pact with Saudi Arabia to Boost $7.7 Trillion Halal Economy.”
Represented by Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President, Shettima remarked, “This collaboration is a significant step in our goal to access the lucrative halal market and establish Nigeria as a prominent global player.”
He further stated that the partnership would create jobs, attract foreign investment, and diversify the economy in alignment with President Bola Tinubu’s Renewed Hope Agenda.
The agreement was signed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by CEO Fahad Alnuhait, and witnessed by Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, among other dignitaries.
Aliyu Sheriff, the Special Assistant to the President on Export Promotion, noted that this partnership builds on Nigeria’s expanding Islamic finance sector, which has seen success through Sukuk bonds and the establishment of Islamic banks such as Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank and the Arab Bank for Economic Development in Africa would support the initiative through capacity building, regulatory development, and financing opportunities.
“This agreement aligns perfectly with the Renewed Hope Agenda by generating new jobs, attracting foreign direct investment, and diversifying our economy. The halal economy also appeals to non-Muslim consumers, as demonstrated by countries like Brazil, Australia, and Thailand, which leverage this sector for significant export growth,” he said.
The Nigerian delegation included key figures such as Alhaji Muhammadu Ladan Dikko, Chairman of Dar Al Halal Group; Dr. Mansur Muhtar, Chairman of the Board of Directors of the Bank of Industry; and Dr. Jumoke Oduwole, Minister of Trade and Investment, among others.
During a Halal Economy Stakeholders Engagement Programme at the Presidential Villa in September, VP Shettima highlighted the sector’s economic potential, stating that increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost the GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
