The Federal Government will launch a strategic plan on Wednesday aimed at positioning Nigeria as a key player in the global Halal economy. The initiative is expected to add $1.5 billion to the nation’s gross domestic product (GDP) by 2027, contributing to Nigeria’s broader efforts to diversify its economy. The global Halal market, valued at $7 trillion, offers Nigeria opportunities for economic growth through ethical and high-quality products and services that adhere to Islamic principles.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion, explained that the initiative would bring together government agencies, private sector leaders, and international partners to strengthen Nigeria’s position as the eighth-largest domestic Halal economy. Sheriff emphasized that the Halal economy goes beyond religious adherence, focusing on integrity, ethics, and universal values, making Nigerian businesses competitive on the world stage.
Sheriff further highlighted the success of Sukuk bonds and the increasing appeal of Islamic banking as proof of the compatibility between Halal principles and global economic standards. He noted that these developments present significant opportunities for Nigeria’s economic growth and international engagement.
The government believes that expanding Halal exports and focusing on import substitution could lead to sustainable economic growth, foreign exchange generation, and improved competitiveness globally.
Credit: Nairametrics (Text Excluding Headline)
