Nigeria is working to become a leader in the global halal market, which is expected to reach $7.7 trillion by 2025. Vice President Kashim Shettima emphasized this goal during the Halal Economy Stakeholders Engagement Programme in Abuja. He highlighted the nation’s strong economy and large population as key advantages that can propel it forward in this growing sector.
Nigeria Aims Top Spot in $7.7 Trillion Global Halal Market
To fully realize this potential, Shettima stressed that Nigeria must focus on its strengths and address any weaknesses. He urged stakeholders to collaborate with President Bola Tinubu’s administration to build a strong halal ecosystem. Together, they can target high-value markets through initiatives like investor summits and trade shows, helping Nigeria stand out internationally.
Additionally, Shettima pointed to opportunities in the African Continental Free Trade Area (AfCFTA). By tapping into this, Nigeria can become a major supplier of halal goods and services across Africa. He noted that raising awareness about halal finance is essential, as limited understanding of halal investment rules has slowed the sector’s growth. Once more Nigerians embrace these principles, the sector can truly thrive.
Private sector contributions, especially from the financial industry, have already supported the growth of the halal economy. For example, Aliyu Sheriff, the Special Assistant to the President on Export Expansion, explained that increasing Nigeria’s halal exports to Organization of Islamic Cooperation (OIC) countries from 2% to 6% in four years could add $548 million to the country’s GDP.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, added that Nigeria spent $107 billion on halal products in 2022. He expects this figure to grow by 10.7% each year, reaching $180 billion by 2027. This expansion would place Nigeria among the top halal economies globally.
Furthermore, Minister of Finance Wale Edun highlighted the growth potential of the halal sector. Over 125 halal-compliant products offer significant opportunities for expansion, increasing Nigeria’s competitiveness and its ability to export to global markets.
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