The Federal Government is set to unveil a strategic initiative on Wednesday aimed at establishing Nigeria as a global leader in the rapidly expanding Halal economy. This effort is projected to contribute an additional $1.5 billion to the country’s Gross Domestic Product (GDP) by 2027.
The global Halal market, which encompasses a wide range of products and services that meet Islamic standards of permissibility, is currently valued at approximately $7 trillion.
This new strategy aligns with the government’s broader objective to diversify Nigeria’s economy by tapping into the booming Halal market. It includes not just religiously compliant products but also services that emphasize ethical practices, integrity, and universal values.
The goal is to attract global investment, create jobs, and increase foreign exchange earnings while promoting ethical business practices.
The announcement was made on Monday by Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion in the Office of the Vice President.
According to Sheriff, this initiative is designed to bring together key stakeholders, including government agencies, private sector leaders, and international partners. Nigeria’s advantageous position as the eighth-largest domestic Halal economy in the world provides a solid foundation for leveraging this market for economic growth.
A statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), highlighted the significance of this move in the broader context of national economic development.
Sheriff emphasized that the Halal economy represents a vast and largely untapped opportunity for Nigeria, one that goes beyond the bounds of religious observance. He said:
“The Halal economy offers us an incredible chance to diversify our revenue streams, boost foreign exchange, and drive sustainable economic growth. By focusing on increasing our Halal exports and implementing strategic import substitution measures, we expect to see a significant increase in GDP, with projections indicating an additional $1.5 billion by 2027.”
He further noted that the appeal of the Halal economy lies not only in its compliance with Islamic laws but also in its broader principles, which emphasize ethics, quality, and integrity. These values resonate with diverse cultures worldwide, fostering deeper engagement, mutual respect, and understanding across different communities.
By positioning itself as a key player in the global Halal economy, Nigeria is set to strengthen its standing on the international stage while driving meaningful, long-term economic growth that benefits both the nation and its trading partners.
Sheriff emphasized that the success of Sukuk bonds and the rising popularity of Islamic banking demonstrate how Halal principles align with global economic standards, benefiting all Nigerians.
He noted that focusing on the Halal economy not only opens international opportunities for Nigerian businesses but also raises the country’s standards to a world-class level. This approach, he said, would foster innovation, drive sustainable growth, and enhance Nigeria’s global competitiveness.