Vice President Kashim Shettima said Nigeria has embraced the Halal economy, and is hoping to leverage the opportunities to add the sum of $1.5bn to the country’s GDP by 2027.
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 who stated this on Wednesday, during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, noted however that Nigeria must first reassess its weaknesses and prioritize its strength to achieve this economic feat.
This was contained in a statement issued by the senior special assistant to the president on media and information, Office of the Vice President, Stanley Nkwocha.
“For Nigeria to become a hub of opportunities in the global halal economy, we must prioritise our strengths and reassess our weaknesses. Today’s engagement provides a platform for us to collaborate with key international organisations.
“This will allow us to develop a comprehensive halal ecosystem and agree on strategies that will position Nigeria as a top halal exporter, targeting high-value markets,” Shettima stated.
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.
He said: “To ensure this, we must attract international investment by showcasing the vast opportunities within Nigeria’s halal sector through investor summits, roadshows, and business matchmaking events.
“The expansion of regional trade, particularly through the African Continental Free Trade Area also provides us with a pathway to become a leading supplier of halal goods and services across Africa.
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“Therefore, we must increase public awareness through strategic orientation campaigns, specialised training programmes, and deeper engagement with the global market to elevate the visibility and competitiveness of Nigeria’s halal ecosystem.”
Describing halal as an economy that accommodates all actors and stakeholders, VP Shettima noted that the halal market holds vast potential that aligns “with the overarching agenda of His Excellency, President Bola Ahmed Tinubu.”
On why the nation will become a leading hub for investment in the halal economy, the VP said “Nigeria’s economic and demographic size gives us a unique advantage in developing a vibrant Halal investment sector.
“With the global halal economy projected to reach a market value of $7.7 trillion by 2025, this opportunity is not only recognised by Muslim-majority countries but also seized by non-Muslim nations, which have become leading exporters of halal products. They understand that the Halal ecosystem is designed to meet the highest standards of quality, safety, and sustainability preferred by specific consumers.
“This alignment with ethical principles and rigorous standards provides a compelling avenue for investment and commerce and reinforces our commitment to fostering a dynamic Halal economy in Nigeria.”
The Vice President further noted that the lack of clarity and understanding surrounding compliance with investments in the halal economy had stifled vast potential in savings, business ventures, and investments.
Halal is an Arabic word for lawful, permit or permissible.
Available records indicates that the global Halal economy has hit $7tn and is projected to grow to $7.7 by 2025.
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