The Federal Government will on Wednesday, September 17, launch a comprehensive strategy to position the country as a leading player in the halal economy.
The strategy is part of the initiatives to tap into the $7 trillion of burgeoning global Halal market products and services.
Special Assistant to the President on Export Expansion (Office of the Vice President), Mr Aliyu Sheriff, announced the initiative in a statement issued by the spokesperson of the Vice-President, Mr Stanley Nkwocha in Abuja on Monday.
Sheriff said that the strategy to be launched was part of efforts 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 meets Islamic standards of permissibility and embodies 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 focusing 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 a 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. (NAN)
