The federal government has unveiled a comprehensive plan to position the country as a major player in the expanding $7 trillion global Halal economy. This initiative is part of the country’s broader efforts to diversify its Economy and reduce reliance on traditional sectors such as oil. As Aliyu Sheriff, the Special Assistant to the Vice President focused on Export Growth, stated, the country plans to enhance its Gross Domestic Product (GDP) by $1.5 billion by 2027 through targeted investments in this emerging market.
This notice precedes an important Halal Stakeholders Engagement Programme at the State House Conference Centre in Abuja on Wednesday. The event will unite essential participants from the public and private sectors and international collaborators to explore ways for the nation to optimise its standing in the global Halal economy. Nigeria ranks as the eighth-largest Halal economy on a national scale globally, a remarkable achievement considering its early stage in sector involvement. However, as the global initiative expands, the government recognises an exceptional chance to leverage this growth for additional benefits.
Foreign reserves will be built to minimise external financial disruptions.
Furthermore, the goal is not merely to increase exports; it also involves prioritising strategic import replacement and ensuring that more domestically consumed products adhere to Halal criteria. The market refers to products and services that comply with Islamic guidelines, particularly around what is considered permissible. However, it also embodies broader ethical standards such as quality, integrity, and environmental responsibility. These values resonate with consumers beyond religious boundaries, which explains why the market has grown so quickly across different cultures and regions.
According to Stanley Nkwocha, the Senior Special Assistant on Media and Communications to the Vice President, this initiative is vital for the country’s extended economic strategy. It aims to create a more diversified economy sustainably, focusing on new global markets that provide growth potential outside of traditional industries. In pursuing this goal, the nation aims to generate its foreign currency reserves and reduce its susceptibility to external financial disruptions. The region’s exploration of the Halal economy goes beyond just exporting food and drinks. Its reach extends widely, including pharmaceuticals, cosmetics, finance, and tourism.
New economic initiatives promise job creation and better living standards.
Also, the nation has successfully advanced in Islamic banking and Sukuk bonds, demonstrating that financial services adhering to its principles can prosper. The government is convinced that this achievement shows Halal principles align with international economic standards and provide advantages to everyone in the country, irrespective of their beliefs. The growth of the economy initiative could also lead to increased job creation and improved living standards for many people. By elevating the country’s production standards to meet world-class levels, the government hopes to create new business opportunities that can compete on the international stage.
However, this focus on raising standards extends beyond compliance with Islamic guidelines and speaks to a broader commitment to quality and ethical production. The project offers more than financial gains; it strengthens the nation’s position within the global market. Given the increasing international demand for its goods and services, the country is ideally situated to emerge as a major provider, especially in agriculture, food production, and textiles. The agricultural sector, for example, has long been underutilised, but with proper Investment and adherence to its standards, it could become a major export hub for its certified goods.
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Sheriff emphasised that the economic initiative is about more than just meeting religious requirements; it is about upholding values that have universal appeal, such as integrity and ethical responsibility. This focus on high standards and ethical practices could help many businesses stand out in an increasingly competitive international market, where consumers are increasingly conscious of the values that underpin the products they purchase. On the other hand, should it prove effective, this approach might serve as a model for other African countries seeking to expand their economic bases and access new global markets.