Nigeria, Saudi Arabia Sign Deal To Boost $7.7trn Halal Economy
The Federal Government has inked a deal with Saudi Arabia’s Halal Products Development Company (HPDC) to make Nigeria a leading player in the global halal market valued at $7.7 trillion.
At the signing of the deal in Saudi Arabia on Wednesday, Vice President Kashim Shettima said the agreement is a game-changer.
According to him, it will transform Nigeria into a global halal economic powerhouse.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth.
“The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries,” Shettima’s media aide Stanley Nkwocha quoted his principal as saying in a statement issued on Thursday.
Shettima was represented by the Deputy Chief of Staff to the President, (Office of the Vice President) Ibrahim Hadejia who said, “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.
“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
The pact was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee His Excellency Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry His Excellency Abdullah bin Saleh Kamel.
At the event, the Special Assistant to the President on Export Promotion Aliyu Bunu Sheriff said the agreement builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he was quoted as saying.
The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; the Chairman of the Board of Directors, Bank of Industry Mansur Muhtar; Minister of Trade and Investment Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and the Representative of the Standard Organization of Nigeria Hajiya Amina.
Others are the Chairman of the Nigeria-Saudi Chamber of Commerce Ibrahim Usman; Minister of Finance Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA Jani Ibrahim, and Managing Director of Bank of Industry Olasupo Olusi, represented by Jelilat Ismaila-Ayinde.
The deal will facilitate investment, technical cooperation, and market access in key sectors like food production, pharmaceuticals, finance, and livestock for Nigeria and Saudi Arabia.
