Nigeria is taking steps to position itself for a bigger share of the fast growing global halal economy estimated at several trillion dollars in value. The federal government and private sector stakeholders are working together to build structures that will allow the country to benefit from halal trade investment and finance opportunities.
President Bola Tinubu earlier this year launched Nigeria’s National Halal Economy Strategy in Abuja. The policy is designed to help Nigeria tap into the global halal market valued at about 7.7 trillion dollars by promoting standards certification and investments in halal compliant products and services.
According to government projections the strategy could add around 1.5 billion dollars to Nigeria’s Gross Domestic Product by 2027 and unlock up to 12 billion dollars in wider economic value over the next decade. Officials say it will strengthen food security deepen industrial capacity and create new opportunities for small and medium enterprises across the country.
Experts in Islamic finance and halal markets say Nigeria is well positioned because of its large Muslim population strong agricultural base and growing manufacturing sector. They note that Nigeria is already listed among leading halal economies but still captures only a small share of export and investment flows compared with its potential.
The halal strategy covers sectors such as food and beverages pharmaceuticals cosmetics fashion logistics tourism and non interest financial services. It aims to improve standards and certification so that Nigerian products can confidently enter global halal value chains and markets in member countries of the Organisation of Islamic Cooperation.
Stakeholders including the Senate Committee on Finance industry groups and investment promoters have praised the initiative. They describe it as a strategic way to diversify away from oil build export capacity attract foreign direct investment and create decent jobs for young people.
Analysts however stress that Nigeria must move quickly to implement clear regulations strengthen certification bodies and support businesses with finance and capacity building. Without this they warn the country could miss out while other African and Middle Eastern economies consolidate their positions in the global halal ecosystem.
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