President Bola Tinubu on Thursday launched Nigeria’s National Halal Economy Strategy, a policy initiative aimed at positioning the country to tap into the $7.7 trillion global halal market and accelerate economic diversification.
According to a statement from the Presidency, Tinubu, represented by Vice President Kashim Shettima, unveiled the initiative at the Presidential Villa in Abuja.
The policy is expected to add an estimated $1.5 billion to Nigeria’s gross domestic product by 2027, according to projections shared by the Presidency.
What they are saying
Speaking at the event, Vice President Shettima described the launch as a clear signal of Nigeria’s readiness to compete in the fast-growing global halal economy, which has already been embraced by several leading economies.
He said the strategy provides a defined roadmap for Nigeria’s participation in the halal market, which spans sectors such as food and beverages, pharmaceuticals, cosmetics, logistics, tourism, and finance.
According to the Vice President, the initiative reflects the government’s intention to align Nigerian capacity with global halal standards and convert emerging opportunities into sustainable economic value.
Shettima stressed that the success of the National Halal Economy Strategy would depend on disciplined, inclusive, and measurable implementation, particularly in delivering jobs and expanding export opportunities.
- “It is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy. This document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value,” he said.
He added that the next phase of the strategy must translate policy into action that drives shared prosperity across the country.
- “What follows must be action that is disciplined, inclusive, and measurable, so that this Strategy delivers jobs, exports, and shared prosperity across our nation,” the Vice President stated.
Shettima also disclosed that the implementation of the National Halal Economy Strategy will be chaired by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole.
Flashback
Earlier this year, in January, President Tinubu, during his visit to the Republic of Türkiye, reinforced Nigeria’s commitment to developing a globally competitive halal ecosystem.
A major outcome of that visit was the signing of an Agreement in the Field of Halal Quality Infrastructure between Nigeria and Türkiye, aimed at strengthening standards, accreditation, certification, and quality assurance systems to enhance international acceptance of Nigerian halal products and services.
The government first announced plans to launch the Halal Strategy in 2024, projecting that it would add $1.5 billion to Nigeria’s gross domestic product (GDP) by 2027.
- “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,” Special Assistant to the President on Export Expansion (Office of the Vice President), Aliyu Sheriff, stated at the time.
What you should know
The halal economy refers to a global economic system comprising goods, services, and investments that are permissible under Islamic law (Shariah).
- Valued at over $7 trillion, it extends beyond food to include halal pharmaceuticals, cosmetics, modest fashion, tourism, and Islamic finance, emphasizing ethical, sustainable, and hygienic practices.
- The halal economy has evolved into a significant driver of global trade, with major hubs in Malaysia, Brazil, and Australia.
