Nigerian government to tap from $7trn global Halal market

The Federal Government has evolved a strategy to tap into the seven trillion dollars of burgeoning global Halal market products and services.

Mr Aliyu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), disclosed in a statement issued by the spokesperson of the Vice-President, Mr Stanley Nkwocha, on Monday in Abuja.

Sheriff said that as part of efforts to achieve the strategy, the Federal Government would on Wednesday, September 17, launch a comprehensive strategy to position the country as a leading player in the Halal economy.

The special assistant explained that the project was part of initiatives to diversify the economy through the Halal market that meets Islamic standards of permissibility and embodies ethics, integrity, and universal values.

According to him, the values resonate across cultures and regions.

Sheriff said the initiative would bring together government agencies, private sector leaders, and international partners with a view to capitalising on Nigeria’s position as the eighth-largest domestic Halal economy globally.

“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth.

“By increasing our Halal exports and focussing on strategic import substitution, we project an addition of nearly 1.5 billion dollars to our GDP by 2027,” Sheriff said.

Nigerian government to tap from $7trn global Halal market