By implementing strategic initiatives, the Nigerian government intends to present a comprehensive plan to become a major player in the $7 trillion halal market and increase the country’s GDP to $1.5 billion by 2027. The project aims to leverage Nigeria’s standing as the world’s eighth-largest domestic halal economy by bringing together government agencies, leaders in the commercial sector, and foreign partners. The announcement, “FG set to exploit $7trillion global halal market,” is a part of efforts to broaden the economy and take advantage of the growing global halal market, which comprises goods and services that adhere to Islamic law and uphold morality, integrity, and principles that are shared by people of all backgrounds and cultures. This initiative will not only boost economic growth but also create job opportunities for the Nigerian population. By tapping into the global halal market, Nigeria can position itself as a key player in the industry and attract foreign investment.
“Nigeria has a huge opportunity to diversify its economy, earn foreign cash, and experience sustained growth through the halal economy.
By boosting halal exports and emphasizing strategic import substitution, we anticipate growing our GDP by around $1.5 billion by 2027,” Sheriff stated.
Beyond only religious compliance, the presidential adviser noted that the Halal economy encompasses characteristics of ethics, honesty, and quality that transcend cultural boundaries.
The popularity of Islamic banking and the success of Sukuk bonds show that Halal principles are compatible with international economic standards and can benefit all Nigerians.”
Sheriff went on to say that concentrating strategically on the halal economy creates new opportunities for Nigerian companies to compete internationally.
“It’s about raising our standards and practices to world-class levels; it’s not just about tapping into a market,” he said.
Embracing the halal economy can lead to increased investment and economic growth in Nigeria. He believes that by adhering to halal principles, Nigerian companies can gain a competitive edge in the global market.
