Demography positions Nigeria to lead $7.7trn halal market – Shettima

Vice President Kashim Shettima has projected that Nigeria is on the path to becoming a major player in the global halal economy, which is expected to reach a market value of $7.7 trillion by 2025.

Speaking during the Halal Economy Stakeholders Engagement Programme at the banquet hall of the Presidential Villa in Abuja on Wednesday, Shettima said Nigeria’s demographic and economic size provide a strong foundation for positioning the country as a key player in the halal market.

Shettima highlighted the importance of reassessing the nation’s strengths and addressing its weaknesses to achieve this economic milestone.

He stated that the engagement with international stakeholders will help develop a comprehensive halal ecosystem and strategies that will allow Nigeria to tap into high-value global markets.

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He praised the private sector for its contributions, especially in the financial sector, and called for further collaboration to deliver a robust halal economy.

He also urged stakeholders to support the administration of President Bola Ahmed Tinubu in creating a thriving halal ecosystem.

Shettima further noted the importance of attracting international investment through summits, roadshows, and business matchmaking events, emphasising that regional trade expansion via the African Continental Free Trade Area (AfCFTA) offers Nigeria a platform to become a leading supplier of halal goods and services across Africa.

Aliyu Bunu Sheriff, the Special Assistant to the President on Export Expansion, highlighted the economic potential of the halal sector.

He explained that increasing Nigeria’s halal exports to countries in the Organisation of Islamic Cooperation (OIC) from 2% to 6% over the next four years could boost the country’s GDP by $548 million.

Senator Abubakar Kyari, Minister of Agriculture and Food Security, provided key statistics, noting that Nigeria’s domestic spending on halal products and services was approximately $107 billion in 2022.