At the heart of global economic development, the Halal Economy sector represents a significant opportunity for Nigeria, as highlighted during the Halal Economy Stakeholder Consultation Programme. At the event held at the Burin, State House, Abuja, the Vice President stressed the importance of Nigeria leveraging its economic and demographic size to invest vibrantly in the Halal Economy sector, which is estimated to have a market value of $7.7 trillion by 2025.
For Nigeria to become a hub of opportunity in the global Halal Economy, it is imperative to prioritise its strengths and reassess its weaknesses. This cannot be achieved without working closely with key international organisations to develop a comprehensive Halal ecosystem and develop strategies that will position Nigeria as a leading Halal exporter, targeting high value-added markets.
The Vice President acknowledged the significant contributions of the private sector in boosting the halal economy, particularly in the financial sector, while encouraging all stakeholders to partner with the administration of President Bola Tinubu to make this ecosystem a reality. He stressed the need to attract international investment by showcasing the vast opportunities offered by Nigeria’s halal sector through investor summits, roadshows and business matchmaking events.
A key point raised was the importance of expanding regional trade, particularly through the African Continental Free Trade Area (AfCFTA), thereby providing an opportunity to become a leading supplier of halal goods and services across Africa. To achieve this ambition, it is crucial to increase public awareness through strategic orientation campaigns and specialized training programs, while strengthening engagement with the global market to increase the visibility and competitiveness of Nigeria’s Halal ecosystem.
In this sense, the Vice President emphasized that the Halal economy is an area that welcomes all actors and stakeholders, offering considerable potential in line with the core objectives of President Bola Ahmed Tinubu. He also noted that the lack of clarity and understanding surrounding investment compliance in the Halal economy has limited immense potential for savings, business ventures and investments.
Establishing robust Halal certification programs and increasing consumer awareness of Halal products are among the key objectives of this initiative, aimed at positioning Nigeria as a leader in the Halal economy, not only in Africa but also globally. Finally, it is interesting to note that Nigeria’s agriculture and food sector recorded domestic expenditure reaching about $107 billion in 2022, with a projection of growth to $180 billion by 2027, thus placing the country as the 8th largest domestic halal economy in the world, and the second largest in Africa.
Thus, while the halal sector is booming and offers considerable opportunities for Nigeria, it is clear that collaboration, innovation and long-term vision will be the keys to success in positioning the country as a major player in the global halal economy.