Shettima Announces Nigeria’s Ambition To Lead in $7.7 Trillion Global Halal Sector

Shettima Announces Nigeria’s Ambition To Lead in $7.7 Trillion Global Halal Sector

Vice President Kashim Shettima has announced that Nigeria is poised to become a leading hub in the global halal economy. He highlighted that the country’s economic and demographic strengths position it advantageously to capitalize on the halal market, which is projected to reach $7.7 trillion by 2025…..CONTINUE READING 

Speaking at the Halal Economy Stakeholders Engagement Programme at the Presidential Villa in Abuja, Shettima emphasized the need for Nigeria to reassess its weaknesses and focus on its strengths to achieve this goal. He stressed that collaboration with international organizations is essential for developing a robust halal ecosystem and positioning Nigeria as a top exporter in this sector.

Shettima praised the private sector for its contributions, particularly in finance, and encouraged stakeholders to support President Bola Tinubu’s administration in advancing the halal economy. He noted that attracting international investment and expanding regional trade, especially through the African Continental Free Trade Area (AfCFTA), are crucial steps.

The Vice President underscored that the halal market’s vast potential aligns with President Tinubu’s agenda and highlighted Nigeria’s unique advantages due to its size and economic capabilities. He noted that while the global halal economy is attracting attention from both Muslim-majority and non-Muslim countries, Nigeria must overcome existing challenges to fully realize its potential.

Shettima acknowledged the growing interest among Nigerians in halal finance and investment, citing the success of Islamic finance instruments like Sukuk. He also pointed out the need for increased clarity on halal compliance to unlock further investment opportunities.

Minister of Agriculture and Food Security, Abubakar Kyari, reported that Nigeria’s domestic spending on halal products reached $107 billion in 2022 and is projected to grow to $180 billion by 2027. This positions Nigeria as the 8th largest domestic halal economy globally and the second largest in Africa.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, added that halal products offer significant growth opportunities, with over 125 halal-certified products available. The government is working with international bodies to ensure Nigerian halal products meet global standards.

Ambassador Isiaka Abdulqadir Imam, Secretary-General of the D-8 Organization for Economic Cooperation, highlighted the economic potential of the D-8 countries, with a combined population of 1.16 billion and a GDP of $4.92 trillion. He emphasized the organization’s efforts to boost intra-trade and develop the halal industry, noting that current trade figures do not fully reflect the market’s potential.