Nigeria is positioning itself to harness the economic potential of the halal industry, with Vice President Kashim Shettima emphasizing the sector's capacity to significantly boost the nation's economy.
Speaking at the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, Shettima projected that expanding Nigeria's halal exports to Organisation of Islamic Cooperation (OIC) markets from the current 2% to 6% could inject an estimated $540 million into the country's GDP.
Additionally, strategic import substitution in the sector could contribute nearly $1 billion by 2027.
The high-level engagement brought together key government and private sector stakeholders, underscoring Nigeria's commitment to developing its halal economy.
Read also:
Among those present were representatives from the Ministry of Trade and Investment, Ministry of Foreign Affairs, Standard Organization of Nigeria, Nigeria-Saudi Chamber of Commerce, Nigeria Export Promotion Council (NEPC), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), and the Bank of Industry (BOI).
Discussions at the event focused on Nigeria's potential to become a major player in the $2.3 trillion global halal market by strengthening local production, improving regulatory frameworks, and increasing exports.
The stakeholders emphasized the need for enhanced infrastructure, certification processes, and strategic partnerships to unlock the full benefits of the halal economy for Nigerian businesses and SMEs.
