FG Targets $7.7 Trillion Halal Market With New National Economic Strategy

FG Targets $7.7 Trillion Halal Market With New National Economic Strategy

The Federal Government has inaugurated a National Halal Economy Strategy aimed at positioning Nigeria to benefit from the rapidly expanding $7.7 trillion global halal market, as part of efforts to diversify the economy and boost non-oil revenues.

The strategy was unveiled in Abuja at the Presidential Villa, with Vice President Kashim Shettima representing President Bola Ahmed Tinubu. The government said the initiative would unlock new investment opportunities, create jobs, and enhance Nigeria’s competitiveness in global trade.

According to officials, the halal economy strategy covers key sectors including halal-certified food production, agriculture, pharmaceuticals, cosmetics, ethical finance, logistics, and halal tourism. These sectors are expected to provide significant opportunities for small and medium-sized enterprises (SMEs) and local manufacturers.

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The government noted that Nigeria’s large population, expanding agricultural base, and strategic location give it a strong advantage to become a leading hub for halal-compliant products and services in Africa and beyond. By aligning local standards with international halal certification requirements, Nigeria hopes to increase exports and attract foreign direct investment.

Under the new framework, a multi-stakeholder implementation committee will oversee execution of the strategy, working closely with private sector players, regulatory agencies, and international halal certification bodies. The goal is to ensure quality assurance, improve market access, and strengthen confidence in Nigerian halal products.

The administration stated that the initiative aligns with its broader economic diversification agenda, which seeks to reduce reliance on oil revenues, grow non-oil exports, and improve foreign exchange earnings. The halal market, officials said, represents a major untapped opportunity capable of contributing significantly to GDP growth in the coming years.

The launch of the strategy signals Nigeria’s intention to compete more aggressively in global value chains while promoting inclusive growth and sustainable development.

FG Targets $7.7 Trillion Halal Market With New National Economic Strategy