Nigeria Embraces Halal Economy, Targets $1.5bn Boost to GDP by 2027
Vice President Kashim Shettima has announced that Nigeria has officially embraced the Halal economy, with a goal to add $1.5 billion to the country’s GDP by 2027. The statement was made during the Nigeria Halal Economy Stakeholders engagement program in Abuja, which aimed to stimulate the country’s economy by increasing investments in the Halal market.
The term “Halal” originates from Arabic, meaning “lawful” or “permissible.” Currently, there are over 100 Halal-certified products in Nigeria, and the global Halal economy has reached a staggering $7 trillion, projected to grow to $7.7 trillion by 2025.
Shettima highlighted the vast potential of the Halal economy, stating that it aligns with the economic agenda of President Bola Tinubu. Nigeria plans to target high-level markets by developing a comprehensive Halal strategy, which will involve exploring opportunities in the halal market.
Interestingly, Shettima emphasized that Halal has no connection to religious agendas, instead focusing on the economic benefits it brings. The federal government will work to capitalize on these opportunities, seeking to position Nigeria as a major player in the global Halal market.
The move comes as Nigeria seeks to diversify its economy and create new revenue streams. The country’s reliance on oil exports has led to fluctuations in its economy, and the government is exploring alternative sectors to drive growth. The Halal economy has the potential to become a significant contributor to Nigeria’s GDP, and the country’s decision to embrace it could have far-reaching benefits for its economy and global trade.
