The Federal Government will tomorrow launch a strategy aimed at positioning Nigeria at the forefront of the global Halal economic space and targeted at adding $1.5 billion to the nation’s Gross Domestic Product (GDP) effective from 2027.
The Special Assistant to the President on Export Expansion (Office of the Vice President), Aliyu Bunu Sheriff, who made this disclosure on Monday, stated that the initiative was part of the broad efforts by the present administration to diversify the nation’s economy and explore the opportunities in the global Halal market, which encompassed products and services adhering to Islamic standards of permissibility, ethics, integrity and universal values.
The President’s aide stressed that the launch of the Halal economic initiative would unite government agencies, the organized private sector, and international partners to leverage Nigeria’s competitiveness in a market in which the country currently ranks as the eight largest globally.
A statement issued by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, on the planned Halal economy launch reads: “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”, it added.
According to the President’s aide, Halal is not limited to mere religious compliance but encompasses broader principles of ethics, integrity, and quality common among diverse cultures globally.
Sheriff highlighted the successes recorded in Sukuk bonds and the growing appeal of Islamic banking, stressing that these demonstrate the compatibility of Halal principles with global economic standards.
He explained: “The success of Sukuk bonds and the growing appeal of Islamic banking illustrate that Halal principles are not only compatible with global economic standards but also offer significant benefits for all Nigerians.”
