Nigeria eyes $1.5b share in global $7.7tr halal market

The Federal Government yesterday launched Nigeria’s National Halal Economy Strategy, as it moved to position the country to tap into the $7.7 trillion global halal market and diversify the economy through exports, industrial value chains and ethical finance.

President Bola Tinubu unveiled the strategy at the State House, Abuja, describing it as a signal of Nigeria’s readiness to take a “huge chunk” of a global market expected to add an estimated $1.5 billion to the nation’s gross domestic product (GDP) by 2027.

 Represented by Vice President Kashim Shettima, President Tinubu said “it is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy”.

 In a statement by his Senior Special Assistant on Media and Communications, Office of the Vice President, Stanley Nkwocha, Tinubu said “this document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value”.

 The Vice President called for “disciplined, inclusive, and measurable” implementation, stressing that the strategy must translate into “jobs, exports, and shared prosperity across our nation.”

 He announced that the strategy committee would be chaired by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, whom he described as “supremely competent.”

Shettima outlined the plan’s key ambitions up to 2030, including expanding halal-compliant food exports, developing pharmaceutical and cosmetic value chains, positioning Nigeria as a halal-friendly tourism destination, and mobilising ethical finance at scale.

According to him, the combined efforts “are projected to unlock over twelve billion dollars in economic value, while strengthening food security, deepening industrial capacity, and creating opportunities for small-and-medium-sized enterprises across our states.”

Addressing concerns linking halal to religious affiliation, Shettima said the global halal economy had outgrown “parochial interpretations,” explaining that it is now defined by “trust,” with systems that emphasise “quality, traceability, safety, and ethical production.”

He noted that these principles appeal widely to consumers and investors seeking certainty in how goods are produced, financed and delivered.

The Vice President also said several western economies have integrated halal into their export and quality-assurance systems, naming the United Kingdom, France, Germany, the Netherlands, the United States, Canada, Australia and New Zealand as among leading producers, certifiers and exporters of halal food, pharmaceuticals, cosmetics and financial products.

“The halal economy is a global market framework rooted in standards, safety, and consumer trust, not geography or belief,” he said.

Shettima said the strategy was inspired by the Tinubu administration’s commitment to diversify exports, attract foreign direct investment and create sustainable jobs across the federation.

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He disclosed that it was developed through partnerships involving the Halal Products Development Company (HPDC), a subsidiary of the Saudi Public Investment Fund, alongside Dar Al Halal Group Nigeria, with technical backing from institutions including the Islamic Development Bank and the Arab Bank for Economic Development in Africa.

The Vice President also linked the initiative to Nigeria’s recent state visit to Türkiye, which he said reinforced the country’s drive to build a globally competitive halal ecosystem.

A major outcome of that visit was the signing of an agreement on Halal Quality Infrastructure between Nigeria and Türkiye, aimed at strengthening standards, accreditation, certification and quality assurance systems to boost international acceptance of Nigerian halal products and services.

Speaking at the event, Oduwole said the strategy was a public-private collaboration shaped through extensive stakeholder engagement.

She said the private sector led the drive to make it a “whole-of-government and whole-of-country intervention,” with the Office of the Vice President coordinating ministries, departments and agencies, while her ministry played a pivotal role.

“What the Halal Strategy has done for Nigeria is to position us among countries that export Halal-certified goods across the world,” she said.

Oduwole added that Nigeria would leverage the African Continental Free Trade Area (AfCFTA) to expand exports of halal-friendly goods across Africa and beyond, stressing that participation would be voluntary.

Also speaking, Chairman and CEO of Dar Al-Halal Group Nigeria Limited, Alhaji Muhammadu Dikko Ladan, said an export programme was already underway through the Ministry of Industry, Trade and Investment to onboard Nigerian companies into the Saudi Arabian market and other destinations.

He described the strategy as a landmark opportunity that would create market access and attract foreign direct investment.

In a message from the French Embassy, Financial Counsellor Carole Lebreton, representing French Ambassador Marc Fonbaustier, said the strategy was significant for Nigeria–France relations, noting that France was exploring more ways to build socio-economic bridges with Nigeria.

She said the French government was ready to support Nigeria’s export drive, especially in food, cosmetics and pharmaceuticals.

Other dignitaries at the unveiling included the CEO of the Nigeria Export Promotion Council, Mrs. Nonye Ayeni; Managing Director of the Bank of Industry, Mr. Olasupo Olusi; and the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle Johnson.

The strategy, developed by HPDC of Saudi Arabia, is an outcome of the bilateral cooperation agreement signed between Nigeria and HPDC in February 2025 at the Makkah Halal Forum, aimed at deepening Nigeria–Saudi economic relations, improving market access and integrating Nigeria into international halal value chains.