The Nigerian government has announced that it will unveil a comprehensive strategy on Wednesday aimed at establishing the country as a prominent player in the $7 trillion Halal economy.
Additionally, the government outlined plans to boost its Gross Domestic Product to $1.5 billion by 2027 through targeted strategic initiatives.
The Special Assistant to the Vice President on Export Expansion, Aliyu Sheriff, revealed this on Monday ahead of Wednesday’s Halal Stakeholders Engagement Programme billed to be held at the State House Conference Centre in Abuja, according to The Punch.
According to a statement signed by the Senior Special Assistant to the Vice President of Media and Communications, Mr Stanley Nkwocha, Sheriff said the initiative would bring together government agencies, private sector leaders, and international partners to capitalise on Nigeria’s position as the eighth-largest domestic Halal economy globally.
The statement is titled, ‘FG set to exploit $7tn global halal market.’
The project is part of broader efforts to diversify Nigeria’s economy and capitalize on the growing global Halal market. This market encompasses products and services that adhere to Islamic standards of permissibility and reflect ethics, integrity, and universal values appealing across various cultures and regions.
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth.
“By increasing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5bn to our GDP by 2027,” Sheriff said.
The presidential aide emphasized that the Halal economy goes beyond religious compliance, embodying principles of ethics, integrity, and quality that appeal to diverse cultures globally.
“The success of Sukuk bonds and the growing appeal of Islamic banking demonstrate that Halal principles are compatible with global economic standards and can benefit all Nigerians,” he explained.
Sheriff added that a strategic emphasis on the Halal economy presents new opportunities for Nigerian businesses to compete on a global scale.
