The federal government has devised a strategy to capitalize on the seven trillion dollars of developing global Halal market products and services.
Mr. Aliyu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), made the announcement in a statement published by the Vice President’s spokesperson, Mr. Stanley Nkwocha, in Abuja on Monday.
Sheriff stated that, in order to achieve the objective, the Federal Government will launch a comprehensive strategy on Wednesday, September 17, to position the country as a leader in the halal economy.
The special assistant added that the project was part of an endeavor to diversify the economy through the halal market, which adheres to Islamic permissibility requirements while also embodying ethics, integrity, and universal values. According to him, the values resonate across cultures and regions.
Sheriff said the initiative would bring together government agencies, private sector leaders, and international partners with a view to capitalising on Nigeria’s position as the eighth-largest domestic Halal economy globally.
“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 focussing on strategic import substitution, we project an addition of nearly 1.5 billion dollars to our GDP by 2027,” Sheriff said.
“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.
The presidential aide noted that the Halal economy extends beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.
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.
