The Federal Government will launch a strategy on Wednesday to position Nigeria as a leader in the Halal economy, projected to add $1.5 billion to the gross domestic product (GDP) by 2027 in a global market valued at $7 trillion.
This initiative is part of broader efforts to diversify the economy and capitalize on the burgeoning global Halal market, which encompasses products and services adhering to Islamic standards of permissibility while embodying ethics, integrity, and universal values.
The announcement, made on Monday by Aliyu Bunu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), emphasized that the initiative will unite government agencies, private sector leaders, and international partners to leverage Nigeria’s position as the eighth-largest domestic Halal economy in the world.
This information was conveyed in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President).
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth.
“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 emphasized that the Halal economy is not limited to mere religious compliance; it encompasses broader principles of ethics, integrity, and quality that resonate with diverse cultures around the world, allowing for a richer and more meaningful engagement with various communities and fostering mutual respect and understanding.
Sheriff highlighted that the success of Sukuk bonds and the growing appeal of Islamic banking demonstrate the compatibility of Halal principles with global economic standards. He noted that this compatibility suggests that adopting these principles can yield significant benefits for all Nigerians.
He stated, “The success of Sukuk bonds and the growing appeal of Islamic banking illustrate that Halal principles are not only compatible with global economic standards but also offer significant benefits for all Nigerians.”
In addition, he pointed out that a strategic focus on the Halal economy opens up new avenues for Nigerian businesses to compete on the global stage.
This approach, Sheriff pointed out, is not merely about entering a lucrative market; it involves elevating Nigeria’s standards and practices to world-class levels. Emphasizing quality and excellence will help position Nigerian products and services favourably in the international arena.
Sheriff stressed that by adopting this strategy, Nigeria can harness the potential of the Halal economy to foster innovation, drive sustainable growth, and enhance its competitive edge in the global marketplace.