Nigeria Partners Saudi Arabia to Tap $7.7 Trillion Halal Economy
By Ibrahim Umar,
Kanempress News,
27th, February ,2025
The Nigerian government has signed a groundbreaking agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a major player in the $7.7 trillion halal market. This agreement, forged at the Makkah Halal Forum, aims to foster collaboration in key sectors like food production, pharmaceuticals, finance, and livestock, enhancing market access and investment opportunities for both countries.
Vice President Kashim Shettima, represented by Deputy Chief of Staff Senator Ibrahim Hassan Hadejia, emphasized the partnership as a game-changer. He stated that it would help diversify Nigeria’s economy, create jobs, and attract foreign investment, aligning with President Bola Tinubu’s Renewed Hope Agenda.
The agreement includes support from Saudi Arabia’s Public Investment Fund and Islamic financial institutions like the Islamic Development Bank (IsDB). The halal sector’s potential extends beyond Muslim consumers, with countries like Brazil, Australia, and Thailand already capitalizing on it for export growth. Nigeria is set to follow suit, expanding its halal exports and boosting GDP.
The signing ceremony was attended by key figures from both nations, including Saudi Arabia’s Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi and various Nigerian government officials. The halal economy could substantially impact Nigeria’s growth, with projections suggesting a potential $540 million GDP boost from increased exports to Organization of Islamic Cooperation (OIC) markets.
This strategic partnership marks a significant milestone in Nigeria’s economic transformation, setting the stage for a thriving halal economy.
