Nigeria Partners with Saudi Arabia to Capture $7.7 Trillion Halal Market

Nigeria has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company to establish itself in the $7.7 trillion halal market. The partnership aims to enhance investments and access in key sectors, promoting job creation and economic diversification. The initiative is part of the country’s Renewed Hope Agenda, leveraging Nigeria’s Islamic finance sector to foster growth in halal exports.

The Federal Government of Nigeria has entered into a cooperative agreement with Saudi Arabia’s Halal Products Development Company. This partnership aims to position Nigeria as a significant participant in the global halal market, anticipated to be worth $7.7 trillion. The agreement facilitates investments, technical collaboration, and market access across sectors such as food production, pharmaceuticals, finance, and livestock between the two nations.

During the signing ceremony at the Makkah Halal Forum, Vice President Kashim Shettima emphasized that the collaboration offers a transformative opportunity for Nigeria to emerge as a global leader in the halal economy. The Vice President, represented by Senator Ibrahim Hassan Hadejia, remarked on the significance of this agreement in pursuing the nation’s ambitions to enter the halal market effectively.

The agreement, finalized with the Saudi Public Investment Fund’s subsidiary, was attended by notable figures, including Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi. Senior Special Assistant to the Vice President, Stanley Nkwocha, provided details in a statement affirming the pact’s potential to generate jobs and attract foreign investments consistent with President Bola Tinubu’s Renewed Hope Agenda.

Aliyu Sheriff, the Special Assistant to the President on Export Promotion, noted that this collaboration builds on Nigeria’s expanding Islamic finance sector, which has experienced growth through Sukuk bonds and the establishment of Islamic banks. He asserted that organizations such as the Islamic Development Bank would support these endeavors through regulatory and capacity-building initiatives.

The Nigerian delegation at the signing included the Chairman of Dar Al Halal Group and various ministers, underscoring the significance of this agreement in enhancing Nigeria’s halal exports to Organization of Islamic Cooperation markets. VP Shettima previously indicated that increasing halal exports could substantially impact Nigeria’s GDP.

The agreement significantly aligns with Nigeria’s goal to boost its economy, create job opportunities, and attract direct foreign investments. Beyond Muslim consumers, the halal economy presents opportunities for countries across the globe to leverage its potential, promising substantial export growth.

In summary, Nigeria’s collaboration with Saudi Arabia marks a pivotal moment in establishing the nation as a key player in the global halal economy, valued at $7.7 trillion. The agreement is set to enhance investment, create jobs, and diversify Nigeria’s economy in line with its strategic growth objectives. With strong support from various governmental and financial institutions, this initiative positions Nigeria for significant economic advancement within the halal sector.

Original Source: punchng.com