Nigeria has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company to enhance its presence in the $7.7 trillion halal market. The partnership focuses on investment and market access in sectors like food and pharmaceuticals, aimed at job creation and economic diversification. Senior officials emphasized the importance of leveraging this collaboration to strengthen Nigeria’s position in the halal economy.
The Federal Government of Nigeria has entered a cooperation agreement with Saudi Arabia’s Halal Products Development Company to strategically position Nigeria within the $7.7 trillion global halal market. This partnership is set to enhance investment, technical collaboration, and market access across significant sectors such as food, pharmaceuticals, finance, and livestock.
During the signing ceremony at the Makkah Halal Forum, Vice President Kashim Shettima underscored the deal as a transformative opportunity for Nigeria’s global halal economy. He emphasized the commitment to utilize this collaboration to create job opportunities, attract foreign investments, and diversify the country’s economic landscape.
The agreement was concluded with HPDC, a subsidiary of the Saudi Public Investment Fund, with notable dignitaries present. Senior Special Assistant to the VP, Stanley Nkwocha, highlighted the implications of this partnership on Nigeria’s ambitions within the halal sector, reinforcing a focus on job creation and economic diversification under President Bola Tinubu’s Renewed Hope Agenda.
Aliyu Sheriff, the Special Assistant to the President on Export Promotion, noted the significance of this partnership in enhancing Nigeria’s Islamic finance sector. He indicated that support from the Islamic Development Bank and the Arab Bank for Economic Development in Africa would foster capacity building and create new financing opportunities, aligning with the broader economic strategy.
Furthermore, VP Shettima previously highlighted that increasing halal exports to Organisation of Islamic Cooperation (OIC) markets could elevate Nigeria’s GDP significantly. His remarks pointed to a potential boost of $540 million by enhancing halal exports and an additional $1 billion through strategic import substitutions by 2027.
The Nigerian delegation included several key figures from various sectors, reflecting a solid commitment to the halal economy. This underscores the intention to harness the growing halal market, which not only appeals to Muslim consumers but has also been successfully leveraged in non-Muslim-majority countries for substantial export growth.
The partnership between Nigeria and Saudi Arabia aims to create a prominent position for Nigeria in the global halal market valued at $7.7 trillion. This initiative is expected to generate jobs, draw foreign investments, and ultimately contribute to the diversification and growth of Nigeria’s economy. The emphasis on collaboration in the halal sector reflects both countries’ commitment to mutual economic development and the broader objective of enhancing Nigeria’s export capabilities.
Original Source: punchng.com
