FG set to exploit $7trillion global Halal market

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On Wednesday, the Federal Government will unveil a strategy aimed at positioning Nigeria as a global leader in the Halal economy, a sector projected to contribute $1.5 billion to the country’s GDP by 2027.

This initiative, announced by Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion, is part of broader efforts to diversify Nigeria’s economy and tap into the expanding global Halal market, valued at $7 trillion.

The strategy will unite government agencies, private sector leaders, and international partners to enhance Nigeria’s role as the eighth-largest domestic Halal economy in the world.

The Halal economy, which adheres to Islamic standards of permissibility and reflects principles of ethics, integrity, and quality, is seen as a significant opportunity for economic diversification and sustainable growth.

Sheriff highlighted that Nigeria’s focus on increasing Halal exports and strategic import substitution could add nearly $1.5 billion to the GDP by 2027.

He emphasized that Halal principles, demonstrated through the success of Sukuk bonds and Islamic banking, align with global economic standards and offer broad benefits.

By adopting these principles, Nigeria aims to improve its global competitiveness and foster innovation and growth in the international market.

Source: The Sun

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