Nigeria to lead $7.7 trillion Global Halal Market by 2025 — Shettima

Vice-President Kashim Shettima has emphasized Nigeria’s ambition to become a global leader in the $7.7 trillion halal market, positioning the country as a hub for halal opportunities.

He made this statement on Wednesday during the Halal Economy Stakeholders Engagement Programme, held at the Banquet Hall of the Presidential Villa, Abuja.

Shettima highlighted Nigeria’s economic and demographic advantages, noting that these factors place the country in a prime position to carve out a vibrant investment sector within the global halal economy, projected to reach a market value of $7.7 trillion by 2025.

However, he stressed the importance of reassessing the nation’s weaknesses and leveraging its strengths to achieve this goal.

“To become a hub of opportunities in the global halal economy, we must prioritize our strengths and reassess our weaknesses,” Shettima stated.

“Today’s engagement offers a platform to collaborate with key international organizations, allowing us to develop a comprehensive halal ecosystem and agree on strategies to position Nigeria as a top halal exporter.”

Shettima also commended the private sector, particularly the financial sector, for its role in advancing the halal economy.

He called on stakeholders to partner with President Bola Tinubu’s administration to build a thriving halal ecosystem.

To attract international investment, Shettima proposed organizing investor summits, roadshows, and business matchmaking events to showcase Nigeria’s halal sector.

He also highlighted the potential for regional trade expansion, particularly through the African Continental Free Trade Area (AfCFTA), to position Nigeria as a leading supplier of halal goods and services across Africa.

Shettima emphasized the need to raise public awareness about halal products and services through strategic campaigns, training programs, and deeper global market engagement to boost Nigeria’s halal competitiveness.

He described the halal economy as inclusive, aligning with President Tinubu’s overarching economic agenda.

Shettima noted that outdated concerns about halal investments had previously stifled economic potential but expressed optimism that Nigerians are now embracing opportunities within the sector.

Earlier, Sen. Ibrahim Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), reiterated Nigeria’s commitment to becoming a leader in the global halal economy, while Special Assistant to the President on Export Expansion, Aliyu Sheriff, highlighted the potential to boost Nigeria’s GDP by $548 million through increased halal exports.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, noted that Nigeria’s domestic spending on halal products reached $107 billion in 2022, with projections of 10.7% growth annually, positioning Nigeria as the 8th largest halal economy globally.

Minister of Finance, Wale Edun, emphasized that halal products extend beyond religious boundaries, offering over 125 certified products with significant growth potential and export opportunities.