With the launch of a comprehensive strategy to position the country as a leading player in the Halal economy, the Federal Government has programmed the country to exploit the $7 trillion market.
The project, to be launched Wednesday, was part of initiatives to diversify the economy and tap into the burgeoning global Halal market- products and services that meet Islamic standards of permissibility and embody ethics, integrity, and universal values that resonate across cultures and regions.
According to a press release issued by a Presidential spokesman in the Office of the Vice President, Stanley Nkeocha, speaking on Monday ahead of Wednesday’s Halal Stakeholders Engagement Programme billed to be held at the State House Conference Centre, Special Assistant to the President on Export Expansion, (Office of the Vice President), Aliyu Bunu Sheriff, said the initiative would bring together government agencies, private sector leaders, and international partners with a view to capitalizing on Nigeria’s position as the eighth-largest domestic Halal economy globally.
“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 $1.5 billion to our GDP by 2027,” Sheriff said.
The presidential aide noted that the Halal economy extended beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.
“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 focus on the Halal economy opened up new avenues for Nigerian businesses to compete on the global stage.
“It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he pointed out.