Nigeria Signs Pact with Saudi Arabia to Boost $7.7 Trillion Halal Economy
The Nigerian Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a leading player in the global halal market, valued at $7.7 trillion.
The agreement, signed at the Makkah Halal Forum in Saudi Arabia, aims to facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock.
Vice President Kashim Shettima, represented by Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, described the partnership as a game-changing opportunity to transform Nigeria into a global halal economy powerhouse.
“This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player,” Shettima stated during the signing ceremony.
The agreement will be executed by HPDC, a subsidiary of the Saudi Public Investment Fund, and is expected to unlock significant economic benefits for Nigeria.
During the Halal Economy Stakeholders Engagement Programme held at the Presidential Villa, Abuja, in September 2024, Vice President Shettima highlighted the economic potential of the sector. He noted that increasing Nigeria’s halal exports to Organization of Islamic Cooperation (OIC) markets from 2% to 6% could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
The partnership underscores Nigeria’s commitment to diversifying its economy and leveraging its vast agricultural and industrial resources to tap into the growing global demand for halal products.
