FG to exploit $7 trn global Halal market, targets $1.5bn GDP by 2027

The federal government would on Wednesday launch a comprehensive strategy to position the country as a leading player in the Halal economy.

Special Assistant to the President on Export Expansion in the Office of the Vice President Mr Aliyu Bunu Sheriff sai this on Monday.

He said the project is part of initiatives to diversify the economy and tap into the burgeoning global halal market’s products and services.

He said the initiative would bring together government agencies, private sector leaders and international partners to capitalise 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 focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027,” he said.

He said the halal economy extends beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.

“The success of Sukuk bonds and the growing appeal of Islamic banking demonstrate that Halal principles are compatible with global economic standards and can benefit all Nigerians,” he said.

He said the focus on the halal economy opens up new avenues for Nigerian businesses to compete on the global stage.

“It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he said.