The Nigerian government is setting up a plan to position the country as a leader in the global Halal economy, with expected returns of $1.5 billion to Nigeria’s GDP by 2027.
According to Aliyu Bunu Sheriff, the Special Assistant to the President on Export Expansion, this initiative will encourage collaboration among government agencies, business leaders, and international partners, leveraging Nigeria’s position as the 8th largest Halal economy in the world.
The Halal economy goes beyond religion, referring to products and services that comply with Islamic law while also upholding integrity, universal values, and ethical principles. Sheriff emphasized that expanding Halal exports and adopting strategic import substitutions can significantly boost Nigeria’s economy.
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“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 to our GDP by 2027,”
Sheriff said.
Moreover, Halal principles, while rooted in Islamic law, can drive innovation and market growth benefiting Nigeria, as demonstrated by the success of Sukuk bonds and the rising popularity of Islamic banking in the country.
Sheriff further explained that focusing on the Halal economy offers Nigeria the chance to tap into a lucrative market, enhancing the overall quality and competitiveness of Nigerian businesses on a global scale.
In essence, Nigeria aims to foster innovation, drive sustainable growth, and strengthen its position in the international marketplace by adopting this strategy.
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