Nigeria National Halal Economy Strategy marks a major step in Nigeria’s economic diversification drive, targeting jobs, exports, and global market access.
In an effort to diversify the country’s economy and capitalize on the $7.7 trillion global halal market, President Bola Tinubu launched Nigeria’s National Halal Economy Strategy on Thursday.
National Halal Economy Strategy Launch
In order for the strategy to create jobs and shared wealth throughout the nation, President Tinubu urged for measured, inclusive, and disciplined action during the strategy’s launch.
Vice-President Kashim Shettima, speaking on behalf of the country, said the strategy’s announcement was an indication that Nigeria is prepared to join the rest of the world in snatching up a sizable portion of the dominant halal market.
Economic Impact and GDP Projections
It is anticipated to increase the country’s GDP by an estimated $1.5 billion by 2027 and to clearly define the country’s orientation in the market. I formally present the Nigeria National Halal Economy Strategy with this sense of obligation.
“With this agreement, we pledge to match international standards within Nigeria’s capabilities and to turn opportunity into long-term economic benefit.” To ensure that this Strategy creates employment, exports, and shared prosperity throughout our country, the next steps must be measured, inclusive, and rigorous.
Leadership and Strategic Oversight
“The extremely capable Minister of Industry, Trade, and Investment will serve as its chair.” The president outlined how Nigeria would become a halal-friendly travel destination by 2030 through the export of halal-compliant food, the development of pharmaceutical and cosmetic value chains, and the large-scale mobilization of ethical financing.
According to projections, the combined efforts will release an economic value of more than twelve billion dollars. “While expanding industrial capacity, enhancing food security, and generating possibilities for small and medium-sized businesses throughout our states,” he continued.
🌍 Nigeria National Halal Economy Strategy – Key Targets
- Global Market Size: $7.7 trillion halal economy
- GDP Boost: $1.5 billion by 2027
- Projected Value: $12+ billion by 2030
- Core Sectors: Food, pharma, cosmetics, tourism, ethical finance
- SME Impact: Nationwide job and export opportunities
Addressing Religious Misconceptions
President Tinubu allayed the worries of individuals who associate halal with religious affiliation by pointing out that local interpretations were no longer relevant in the global halal economy.
It is now characterized by trust rather than just faith thanks to systems that prioritize safety, quality, traceability, and ethical production. These ideas are applicable to many communities.
Global Consumer Trust Framework
They address the growing demands of customers, investors, and trading partners for assurance regarding the production, financing, and delivery of goods. Nigeria currently situates itself within this larger framework.
According to Tinubu, numerous developed Western economies have since “incorporated the halal economy into their export and quality-assurance systems after realizing its financial and ethical appeal.”
Global Adoption of Halal Standards
The United States, Canada, Australia, New Zealand, France, Germany, the Netherlands, and the United Kingdom were among the developed nations that President Tinubu mentioned.
They presently rank among the “top manufacturers, certifiers, and exporters of financial goods, cosmetics, medicines, and halal food.”
Market Standards Over Geography
“The halal economy is a global market framework built in standards, safety, and customer trust, not geography or belief,” he said, confirming the basic truth of what these industrialized nations have experienced.
The president clarified that considerable research and sober deliberation went into creating Nigeria’s national halal economy plan.
Policy Background and Strategic Partnerships
He went on to say that his administration’s pledge “to diversify exports, attract foreign direct investment, and generate sustainable jobs across the federation” served as inspiration.
Additionally, it is the result of a purposeful collaboration with the Halal Products Development Company, a division of the Saudi Public Investment Fund.
“And Dar Al Halal Group Nigeria, with technical assistance from organizations like the Arab Bank for Economic Development in Africa and the Islamic Development Bank.”
🤝 Public–Private Collaboration Framework
- Lead Ministry: Industry, Trade and Investment
- Private Sector Role: Strategy co-development
- Key Partners: Saudi PIF subsidiary, Dar Al Halal Group
- Financial Support: IsDB & AFDB
- Market Access: Saudi Arabia, Africa, global exports
Government and Private Sector Roles
The strategy’s launch was a public-private partnership that entailed a great deal of engagement with stakeholders, according to Industry, Trade, and Investment Minister Mrs. Jumoke Oduwole.
“The private sector led the lead in making sure that it is a whole-of-government and whole-of-country involvement,” stated Mrs. Oduwole, the chairperson of the National Halal Strategy Committee.
Nigeria has benefited from the Halal approach, the minister emphasized, “by placing us among nations that export Halal-certified items worldwide.”
AfCFTA and Export Expansion
“We will use the African Continental Free Trade Area (AfCFTA) to make sure that we export our Halal-friendly products to the rest of Africa and beyond to any willing markets; membership is voluntary,” the minister stated.
As the Chairperson, she promised that her ministry would meet the goals of the national prosperity strategy.
The Halal Product Development Company worked with the group to establish the plan, according to Mr. Muhammadu Dikko-Ladan, Chairman of Dar Al-Halal Group Nigeria L.td.
In addition to the plan, the Ministry of Trade and Investment is working on an export initiative that would help Nigerian businesses enter the Saudi Arabian market and beyond.
Frequently Asked Questions
1. Describe the National Halal Economy Strategy of Nigeria.
By promoting halal-certified food, medicines, cosmetics, travel, and ethical finance, this national framework aims to assist Nigeria in accessing the $7.7 trillion worldwide halal market.
2. What is the anticipated amount of economic value that the strategy will produce?
According to projections, the approach will increase exports, create jobs, and release over $12 billion in economic value by 2030, adding $1.5 billion to Nigeria’s GDP by 2027.
3. Are religion and the halal economy exclusively related?
No, according to President Tinubu, the halal economy is now a global commercial system rather than a religious one, driven by ethical norms, quality, safety, and traceability.
4. Which industries stand to gain the most from the plan?
Food exports, pharmaceuticals, cosmetics, halal travel, ethical finance, and small and medium-sized businesses (SMEs) throughout Nigeria are important industries.
5. Who are Nigeria’s allies in carrying out this plan?
Developed with the help of the Halal Products Development Company (a Saudi PIF subsidiary), Dar Al Halal Group Nigeria, and backed by organizations such as the Islamic Development Bank and AFDB, the plan was the result of a close public-private relationship.
Conclusion
An important step toward economic diversification, international market integration, and sustainable growth is Nigeria’s National Halal Economy Strategy. By emphasizing globally recognized ethical and quality norms, the nation hopes to establish itself as a competitive supplier of products and services with halal certification.
With robust government support, private sector involvement, and international collaborations, the plan may boost SMEs, generate employment, draw in foreign capital, and guarantee Nigeria a sizeable chunk of the quickly growing global halal market.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or policy advice.
