Nigeria taps $7.7trn halal market as FG launches national economy strategy

President Bola Ahmed Tinubu has launched Nigeria’s National Halal Economy Strategy, a move aimed at positioning the country to tap into the $7.7 trillion global halal market and further diversify the economy.

The President said the strategy signals Nigeria’s readiness to secure a significant share of the rapidly expanding global halal economy, which has been embraced by leading nations and is projected to add about $1.5 billion to Nigeria’s GDP by 2027.

Speaking on Thursday at the Presidential Villa, Abuja, during the unveiling of the strategy, Tinubu, represented by Vice President Kashim Shettima, called for disciplined, inclusive and measurable implementation to ensure the strategy delivers jobs, boosts exports and promotes shared prosperity nationwide.

“It is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy. This document is a declaration of our commitment to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value,” he said.

Shettima explained that the strategy sets clear targets, 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 by 2030.

According to him, these efforts are projected to unlock over $12 billion in economic value, while strengthening food security, deepening industrial capacity and creating opportunities for small and medium-sized enterprises across the country.

He added that the implementation will be chaired by the Minister of Industry, Trade and Investment.

Addressing concerns linking halal strictly to religion, the vice president said the global halal economy has moved beyond narrow interpretations.

He noted that it is now driven by standards that emphasise quality, safety, traceability and ethical production—values that appeal to a broad range of consumers and investors.

He pointed out that several advanced economies, including the United Kingdom, France, Germany, the Netherlands, the United States, Canada, Australia and New Zealand, have integrated halal systems into their export and quality-assurance frameworks, emerging as leading producers and exporters of halal products.

Shettima said the strategy aligns with the Tinubu administration’s commitment to export diversification, foreign direct investment and sustainable job creation.

He added that it was developed in partnership with the Halal Products Development Company, a subsidiary of the Saudi Public Investment Fund, and Dar Al Halal Group Nigeria, with technical support from the Islamic Development Bank and the Arab Bank for Economic Development in Africa.

Earlier, Chairman and CEO of Dar Al Halal Group Nigeria, Alhaji Muhammadu Dikko Ladan, described the strategy as a landmark opportunity that would expand market access and attract foreign investment, noting that an export programme is already underway to onboard Nigerian firms into the Saudi market.

Also speaking, the French Ambassador to Nigeria, Marc Fonbaustier, represented by Carole Lebreton, said France stands ready to support Nigeria’s export drive, particularly in food, cosmetics and pharmaceuticals.

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.