Nigeria Targets $1.5bn from Halal Economy by 2027

By Adedapo Adesanya

Nigeria has embraced the Halal economy and hopes to leverage the opportunities to add $1.5 billion to the country’s gross domestic product (GDP) by 2027.

This is according to the Vice President, Mr Kashim Shettima, at the Nigeria Halal Economy Stakeholders engagement programme in Abuja on Wednesday.

The event with the theme Building A Vibrant Halal Economy: Unlocking Nigeria’s Potential sought to stimulate Nigeria’s economy by enhancing more investments in the Halal market.

Nigeria under President Bola Tinubu’s administration has been tapping all avenues to increase its investment and revenue based amid dwindling revenues from oil and foreign investments.

Halal is an Arabic word for lawful, permit or permissible. It involves investments in tangible, productive assets rather than speculative instruments.

The VP, however, noted that Halal has no relationship with any religious agenda

He also said that there are currently over one hundred Halal-certified products in Nigeria.

According to available records, the global Halal economy has hit $7 trillion and is projected to grow to $7.7 trillion by 2025 and Nigeria will be looking to take a bite of the pie.

Mr Shettima further said the federal government will explore the opportunities that the halal market offers.

According to him, the Halal economy holds vast potential that aligns with President Bola Tinubu’s economic agenda.

He noted that Nigeria will target high-level markets by developing a comprehensive Halal strategy.