Vice President Kashim Shettima says Nigeria will become number one hub of opportunities in the global halal economy.
He said the nation’s economic and demographic size puts it in a vantage position to map out a vibrant investment sector for the global halal economy projected to reach a market value of $7.7 trillion by 2025.
Senator Shettima said this during the Halal Economy Stakeholders Engagement Programme in Abuja, he noted however that Nigeria must first reassess its weaknesses and prioritize its strength to achieve this economic feat.
The Vice President commended the private sector for its immense “contributions to driving the halal economy, particularly in the financial sector”, even as he encouraged all stakeholders to partner with the administration of President Bola Ahmed Tinubu in delivering the halal ecosystem.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, provided key statistics, saying, “Nigeria’s domestic spending on Halal products and services reached approximately 107 billion dollars in 2022.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said, “Halal products are not just for Muslims. There are over 125 products that are produced in the Halal way. This presents a huge opportunity for rapid growth and improved competitiveness, enhancing our ability to export.”
He explained that the government is collaborating with international bodies such as the Islamic Development Bank (ISDB), Arab Bank for Economic Development in Africa (BADEA), and Halal Product Development Company, Saudi Arabia (HPDC) to ensure Nigerian Halal products meet global standards.
