In a bid to diversify its economy and explore new avenues for growth, Nigeria is turning its attention to the lucrative Halal economy. The government has announced plans to tap into this rapidly expanding market, which is projected to add a whopping $1.5 billion to the nation’s GDP by 2027.
The Halal economy, which is based on Islamic principles, offers a wide range of products and services that adhere to religious guidelines. From food and beverages to pharmaceuticals and cosmetics, the Halal market is vast and varied. And with the global Halal economy valued at a staggering $7 trillion, Nigeria is eager to get in on the action.
According to Vice President Kashim Shettima, the government is committed to making Nigeria a key player in the Halal economy. “We are determined to tap into this lucrative market and make Nigeria a hub for Halal products and services,” he said at a recent stakeholders’ engagement programme in Abuja.
The government’s strategy involves bringing together government agencies, private sector leaders, and international partners to capitalize on Nigeria’s position as the eighth-largest Halal economy in the world. This initiative is expected to generate foreign exchange, achieve sustainable growth, and reduce the country’s reliance on oil and foreign investments.
But Nigeria’s foray into the Halal economy is not just about economics; it’s also about promoting cultural and religious tolerance. “Halal is not just about religion; it’s about quality and standards,” said Shettima. “We want to promote a culture of excellence and integrity in all aspects of our economy.”
With over 100 Halal-certified products already present in the country, Nigeria is well on its way to becoming a major player in the Halal economy. And as the government continues to implement its Halal strategy, it’s expected to have a positive impact on the country’s GDP and economy as a whole.
“Nigeria’s entry into the Halal economy is a game-changer,” said one analyst. “It’s a bold move that could pay off big time.”
As Nigeria sets its sights on the Halal economy, one thing is clear: the country is ready to take its place on the global stage.
