The federal government has announced plans to increase Nigeria’s halal exports, aiming to add $1.5 billion to the country’s Gross Domestic Product (GDP) by 2027.
Gatekeepers News reports that Aliyu Sheriff, Special Assistant to the President on Export Expansion, revealed that the government will unveil a comprehensive strategy on September 17 to position Nigeria as a key player in the $7 trillion global halal economy.
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth,” Sheriff said.
“By increasing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027.”
The halal market encompasses various sectors, including food and beverages, pharmaceuticals, cosmetics, garments, tourism, finance, and banking. Sheriff emphasized that Nigeria’s eighth-largest domestic halal economy globally provides a solid foundation for growth.
“The success of Sukuk bonds and the growing appeal of Islamic banking demonstrate that Halal principles are compatible with global economic standards and can benefit all Nigerians,” he noted.
Sheriff stressed that the initiative will elevate Nigeria’s standards and practices to world-class levels, enabling Nigerian businesses to compete globally.
“The strategic focus on the halal economy opens up new avenues for Nigerian businesses to compete on the global stage. It’s not just about tapping into a market, but about elevating our standards and practices,” he added.
