Article Summary
- Nigeria’s Halal Market is expected to grow 10.7 per cent annually.
- Benefits included potential for job creation and economic growth, especially in agriculture, food processing, the film industry, and logistics
- The Halal market comprises food, cosmetics, supply chain, pharmaceutical, media/creation, and fashion to meet the needs of Muslims globally.
Nigeria’s Halal Market is expected to grow from 107 billion dollars in 2022 to 180 billion dollars by 2027.
This was disclosed by the Emir of Kano, Alhaji Aminu Bayero, during the presentation, of the 2023 Halal Markets report, as the report revealed that the market is expected to grow at an annual growth rate of 10.7 per cent.
Halal growth
In the presentation of the 2023 Halal Markets report to drive domestic economic growth in the country, the Emir of Kano, Alhaji Aminu Bayero, stated that the market is expected to grow at an annual growth rate of 10.7 per cent from 107 billion dollars in 2022 to 180 billion dollars by 2027.
He added that there would be opportunities for businesses and investments capitalisation on the growing demand for the Halal economy, adding:
- ”One of the benefits is the potential for job creation and economic growth, especially in agriculture, food processing, the film industry, and logistics.
- ”It will contribute to the overall development of the country as the market presents an opportunity to grow businesses.
- ‘Investment in the Halal market can help to enhance the country’s global reputation and attract more foreign investment.
Global Market
The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, said the Halal economy was one of the fastest growing markets in the world, estimated at 6.3 trillion dollars, as she also added that it would also enable and boost investments as well as lead to regulations and increase consumer awareness.
- ”The Halal industry in Nigeria is at an early stage but remains a strategic economy for the overall development of Nigeria.
- ” To achieve the reality of getting a Halal economy, the government has to create the right regulations to support the value chain from research to development.
- ”The Halal market comprises food, cosmetics, supply chain, pharmaceutical, media/creation, and fashion to meet the needs of Muslims globally.
- ”The essence of investment is to ensure that wealth is not depleted but preserved, so this economy is aimed at simplifying trade regulations and fostering trade relationships.”
Nigerian Market
Chief Executive Officer, of Dinar Standard, Rafi-Uddin Shikoh, said Nigeria was the second largest consumer market for service in Africa.
He added that the Halal market is capable of boosting the Nigerian market by 1.6 billion dollars annually within four years, through incremental growth, as he further cited that the universal concept of the Halal economy was not only for Muslims but also for other faiths.
