The federal government says increasing halal exports will add $1.5 billion to Nigeria’s gross domestic product (GDP) by 2027.
Aliyu Sheriff, the special assistant to the president on export expansion, announced on Monday in a statement by Stanley Nkwocha, spokesperson to the vice-president, in Abuja.
The halal market refers to the global trade in products and services that comply with Islamic law.
Halal also means permissible or lawful in Arabic, hence halal products and services refer to goods and services that are produced and provided in accordance with Islamic law.
The halal market encompasses a wide range of sectors including food and beverages, pharmaceuticals, cosmetics, garments, tourism, finance and banking.
Sheriff said the government will unveil a comprehensive strategy on September 17 aimed at positioning Nigeria as a leading player in the $7 trillion global halal economy.
The project, he said, is part of initiatives to diversify the economy and tap into the burgeoning global halal market- products and services that meet Islamic standards of permissibility and embody ethics, integrity and universal values that resonate across cultures and regions.
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth,” Sheriff said.
“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.”
According to the presidential aide, the initiative will 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 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,” Sheriff said.
He added that a strategic focus on the halal economy opens up new avenues for Nigerian businesses to compete on the global stage.
Sheriff said it is not just about tapping into a market but elevating Nigeria’s standards and practices to world-class levels.