Vice President Kashim Shettima announced that Nigeria is embracing the Halal economy, aiming to leverage its potential to contribute an additional $1.5 billion to the country’s GDP by 2027.
He made this statement during the Nigeria Halal Economy Stakeholders Engagement Program in Abuja.
The program, themed “Building A Vibrant Halal Economy: Unlocking Nigeria’s Potential,” aims to stimulate the nation’s economy by attracting more investments into the Halal market.
Halal, an Arabic term meaning lawful or permissible, has become a significant market globally.
Nigeria already boasts over one hundred Halal-certified products, indicating a growing domestic market.
Currently, the global Halal economy is valued at $7 trillion and is expected to grow to $7.7 trillion by 2025.
Recognizing this trend, the Nigerian government plans to explore and capitalize on the opportunities within the Halal market.
Vice President Shettima emphasized that the Halal economy offers vast potential that aligns with President Bola Tinubu’s economic agenda.
To tap into this market, Nigeria intends to develop a comprehensive Halal strategy aimed at targeting high-level markets.
Shettima clarified that the Halal economy is not tied to any religious agenda but is instead focused on economic growth and diversification.
