Targets $1.5bn GDP through strategic initiatives by 2027
The Federal Government is poised to unveil a comprehensive strategy aimed at establishing Nigeria as a key player in the global Halal economy. This announcement comes ahead of the Halal Stakeholders Engagement Programme bill scheduled for Wednesday.
It emphasised that this initiative is part of broader efforts to diversify the economy and leverage the expanding global Halal market. The Halal economy encompasses products and services that adhere to Islamic standards, promoting ethics, integrity, and universal values that resonate across diverse cultures.
With a significant Muslim population and increasing global demand for Halal products, the government aims to tap into this multitrillion-dollar industry.
The strategy is expected to enhance Nigeria’s economic landscape by creating jobs and fostering investment in the Halal sector, ultimately contributing to national growth and development, according to Special Assistant to the President on Export Expansion, (Office of the Vice President), Aliyu Bunu Sheriff.
Sheriff said that the initiative will 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, according to a statement issued by Vice President’s media aide, Stanley Nkwocha.
“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 extends 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 strategic focus on the Halal economy opens 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.
Daily Sun