FG to tap from $7trn global Halal market

The Federal Government has evolved a strategy to tap into the seven trillion dollars of burgeoning global Halal market products and services.

Mr Aliyu Sheriff, Special Assistant to the President on Export Expansion (Office of the Vice President), made the disclosure in a statement issued by the spokesperson of the Vice-President, Mr Stanley Nkwocha, on Monday in Abuja.

Sheriff said that as part of efforts to achieve the strategy, the Federal Government would on Wednesday, Sept. 17, launch a comprehensive strategy to position the country as a leading player in the halal economy.

The special assistant explained that the project was part of initiatives to diversify the economy through the halal market that meet Islamic standards of permissibility and embody ethics, integrity, and universal values.

According to him, the values resonate across cultures and regions.

Sheriff said the initiative would 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 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 focussing on strategic import substitution, we project an addition of nearly 1.5 billion dollars to our GDP by 2027,” Sheriff said.

“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,” he explained.

The presidential aide noted that the Halal economy extends beyond religious compliance, embodying principles of ethics, integrity, and quality that resonate across cultures.

Sheriff added that strategic focus on the Halal economy opens up new avenues for Nigerian businesses to compete on the global stage.

“It’s not just about tapping into a market; it’s about elevating our standards and practices to world-class levels,” he pointed out.