Nigeria is on the verge of becoming a significant player in the burgeoning global halal economy, projected to reach a staggering market value of $7.7 trillion by 2025, according to Vice President Kashim Shettima.

In a recent address during the Halal Economy Stakeholders Engagement Programme at the Presidential Villa in Abuja, Shettima emphasized that Nigeria’s demographic advantages and substantial economic potential create a solid foundation for its growth in the halal market. He stressed the necessity of reassessing national strengths while addressing weaknesses to harness this economic opportunity effectively.

The Vice President underscored the importance of collaboration with international stakeholders to establish a robust halal ecosystem. By implementing strategic initiatives, Nigeria can access high-value global markets and ensure sustainable growth.

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Shettima acknowledged the contributions of the private sector, particularly in finance, and called for enhanced collaboration to build a thriving halal economy. He urged stakeholders to support President Bola Ahmed Tinubu’s administration in nurturing a vibrant halal market.

Moreover, Shettima highlighted the significance of attracting international investments through summits, roadshows, and business matchmaking events. He pointed out that regional trade expansion via the African Continental Free Trade Area (AfCFTA) could position Nigeria as a leading supplier of halal goods and services across Africa.

Aliyu Bunu Sheriff, the Special Assistant to the President on Export Expansion, discussed the halal sector’s economic potential, revealing that increasing Nigeria’s halal exports to the Organisation of Islamic Cooperation (OIC) countries from 2% to 6% within the next four years could boost the country’s GDP by $548 million.

Additionally, Senator Abubakar Kyari, Minister of Agriculture and Food Security, shared compelling statistics, noting that Nigeria’s domestic spending on halal products and services reached approximately $107 billion in 2022.