Nigeria eyes $1.5bn revenue boost from Halal economy by 2027

Business a.m.

Nigeria is looking to tap into the lucrative Halal economy in an effort to boost the nation’s GDP by $1.5 billion by 2027.

Vice President Kashim Shettima announced the country’s intention to leverage the opportunities presented by the Halal market at the Nigeria Halal Economy Stakeholders engagement programme held in Abuja, recently.

The Halal economy, which is based on Islamic principles, offers a range of products and services that adhere to religious guidelines, and Nigeria is positioning itself as a key player in this growing industry.

With the global Halal economy already valued at a $7 trillion, Nigeria is keen to claim its share of the rapidly expanding pie. 

According to market data, the global Halal economy is expected to reach $7.7 trillion by 2025, presenting an enormous opportunity for the country to tap into this lucrative market.

The event, which was held under the theme “Building A Vibrant Halal Economy: Unlocking Nigeria’s Potential”, aimed to underscore the potential of the Halal market and encourage stakeholders to seize the opportunities presented by this expanding sector.

Amid declining revenues from oil and foreign investments, Nigeria, under the leadership of President Bola Tinubu, has been actively seeking new avenues to increase its investments and revenues, and the Halal market has emerged as a promising opportunity.

Halal, an Arabic word that means “lawful”, “permit”, or “permissible”, encompasses a range of investments in tangible, productive assets that align with Islamic principles, rather than speculative instruments.

Dismissing any suggestions of religious motives, the Shettima clarified that Halal is purely an economic endeavor with significant potential for Nigeria.

The vice president further acknowledged the current presence of over 100 Halal-certified products in the country, reflecting a promising Halal market in Nigeria.

Emphasising the synergy between the Halal economy and President Tinubu’s economic agenda, Shettima asserted that the Halal market holds vast potential for Nigeria.

Shettima indicated that Nigeria’s Halal strategy would focus on penetrating high-level markets by developing a comprehensive plan that leverages the country’s existing resources and strengths.