Nigeria eyes top spot in $7.7 trillion Halal Market, says Shettima
Shettima
Published By: Kazeem Ugbodaga
By Salisu Sani-Idris
Vice President Kashim Shettima has affirmed Nigeria’s determination to become a leading hub in the global halal economy, positioning the country as a key player in a market projected to reach $7.7 trillion by 2025.
Shettima made this statement on Wednesday during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja.
Shettima emphasized that Nigeria’s large economy and demographic strength place it in a prime position to develop a vibrant halal investment sector.
However, he noted that for Nigeria to realize its potential in the halal market, the country must reassess its weaknesses and build on its strengths.
“For Nigeria to become a hub of opportunities in the global halal economy, we must prioritize our strengths and reassess our weaknesses,” Shettima said.
“Today’s engagement provides a platform for us to collaborate with key international organizations to develop a comprehensive halal ecosystem and agree on strategies that will position Nigeria as a top halal exporter, targeting high-value markets.”
Shettima praised the private sector, particularly the financial industry, for its contributions to the development of Nigeria’s halal economy.
He called on all stakeholders to partner with President Bola Tinubu’s administration to build a strong halal ecosystem.
“To ensure this, we must attract international investment by showcasing the vast opportunities within Nigeria’s halal sector through investor summits, roadshows, and business matchmaking events,” Shettima said.
He also highlighted the potential of expanding regional trade through the African Continental Free Trade Area (AfCFTA) to position Nigeria as a leading supplier of halal goods and services across Africa.
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Shettima noted the importance of raising public awareness about the halal economy and deepening engagement with the global market to enhance Nigeria’s visibility and competitiveness.
He described the halal market as inclusive, accommodating all actors and stakeholders, and aligned with President Tinubu’s broader economic agenda.
He also addressed the lack of clarity and understanding surrounding compliance with halal investments, which has stifled potential business ventures, savings, and investments.
He expressed optimism that as more Nigerians embrace the principles of halal finance, the sector will unlock its full potential.
Earlier, Senator Ibrahim Hadejia, the Deputy Chief of Staff to the President (Office of the Vice President), emphasized the importance of positioning Nigeria as a leader in the halal economy, both in Africa and globally.
Special Assistant to the President on Export Expansion, Aliyu Sheriff, highlighted the potential economic gains, noting that increasing Nigeria’s halal exports to Organization of Islamic Cooperation (OIC) countries from 2% to 6% over the next four years could boost the nation’s GDP by $548 million.
He added that establishing a robust regulatory framework for halal certification and increasing consumer awareness were key objectives.
In his remarks, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, revealed that Nigeria’s domestic spending on halal products and services reached $107 billion in 2022.
This sector is projected to grow by 10.7% annually, reaching $180 billion by 2027, making Nigeria the 8th largest domestic halal economy globally and the second largest in Africa.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also noted that halal products offer a significant growth opportunity, stating, “There are over 125 products that are produced in the halal way, presenting a huge opportunity for rapid growth and improved competitiveness, enhancing our ability to export.”
