The Federal Government will on Wednesday launch a comprehensive strategy to position Nigeria as a leading player in the $7 trillion global Halal economy.
The Halal market includes food and beverages, fashion, cosmetics, tourism and even fertiliser. It also includes everything related to a respectful, healthy lifestyle, according to Islamic practices.
It also includes having restaurants and hotels with only Halal food, no alcohol served anywhere, hotels with prayer rooms, beaches and pools exclusive to women.
The project is part of initiatives to diversify the economy and tap into the burgeoning global Halal market- products and services that meet Islamic standards of permissibility and embody ethics, integrity, and universal values that resonate across cultures and regions.
Speaking on Monday ahead of Wednesday’s Halal stakeholders engagement programme billed to hold at the State House Conference Centre in Abuja, Aliyu Sheriff, the special assistant to the president on export expansion, (Office of the Vice President), 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 its economy, generate foreign exchange, and achieve sustainable growth.
He estimated the gains that will accrue to Nigeria, including the expansion of the country’s gross domestic product (GDP), at $1.5 billion by 2027.
“By increasing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027,” Sheriff said.
The presidential aide noted that the Halal economy extends beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.
“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.
Sheriff added that a 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 noted.(BusinessDay)
