The Federal Government is set to unveil a strategy on Wednesday to position Nigeria as a global leader in the Halal economy. The initiative aims to contribute $1.5 billion to Nigeria’s GDP by 2027, leveraging a global Halal market valued at $7 trillion.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), announced the plan on Monday. He stated that this initiative will unite government agencies, private sector leaders, and international partners to strengthen Nigeria’s role as the eighth-largest domestic Halal economy worldwide.
“This strategy represents a significant opportunity for Nigeria to diversify its economy, generate foreign exchange, and achieve sustainable growth,” said Sheriff. “By enhancing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027.”
The Halal economy goes beyond religious compliance, encompassing broader ethics, integrity, and quality principles. These principles resonate with diverse cultures globally, facilitating meaningful engagement and fostering mutual respect and understanding.
Sheriff highlighted the success of Sukuk bonds and the growing appeal of Islamic banking as evidence that Halal principles align with global economic standards. He emphasized that embracing these principles could provide substantial benefits for Nigerians.
“The success of Sukuk bonds and the increasing popularity of Islamic banking show that Halal principles are not only compatible with global economic standards but also beneficial for all Nigerians,” Sheriff noted.
He also stressed that focusing on the Halal economy opens new opportunities for Nigerian businesses to compete internationally. This approach is about tapping into a profitable market and elevating Nigeria’s standards to world-class levels.
