The Nigerian government has announced plans to launch a comprehensive strategy on Wednesday to position itself as a key player in the $7 trillion global Halal economy. The government also aims to boost its Gross Domestic Product (GDP) by $1.5 billion by 2027 through targeted initiatives.
Aliyu Sheriff, Special Assistant to the Vice President on Export Expansion, made this known on Monday, ahead of the Halal Stakeholders Engagement Programme, set to take place at the State House Conference Centre in Abuja.
According to a statement by the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, Sheriff said the initiative will bring together government agencies, private sector leaders, and international partners to leverage Nigeria’s position as the eighth-largest domestic Halal economy globally.
Titled ‘FG Set to Exploit $7 Trillion Global Halal Market,’ the statement highlights the project as part of the government’s broader effort to diversify the economy and tap into the expanding global Halal market. This market comprises products and services that adhere to Islamic standards of permissibility while embodying ethics, integrity, and universal values shared across cultures and regions.
“The Halal economy offers a significant opportunity for Nigeria to diversify, generate foreign exchange, and achieve sustainable growth. By increasing our Halal exports and focusing on strategic import substitution, we expect to add nearly $1.5 billion to our GDP by 2027,” Sheriff stated.
He emphasized that the Halal economy is not just about religious compliance but also represents principles of ethics, integrity, and quality that appeal to diverse cultures.
Sheriff also highlighted the success of Sukuk bonds and the rising popularity of Islamic banking in Nigeria, stating that these demonstrate how Halal principles align with global economic standards and can benefit all Nigerians.
Focusing on the Halal economy, he noted, would create new opportunities for Nigerian businesses to compete on the global stage. “It’s not just about entering a market; it’s about raising our standards and practices to meet world-class levels,” he added.