The Federal Government has entered into a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a key player in the $7.7 trillion global halal market.
The deal, signed at the Makkah Halal Forum in Saudi Arabia, will drive investment, technical collaboration, and market access in sectors such as food production, pharmaceuticals, finance, and livestock.
Vice President Kashim Shettima, represented by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, described the partnership as a major step toward transforming Nigeria into a global halal economy hub.
“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 Tinubu,” he said.
HPDC, a subsidiary of Saudi Arabia’s Public Investment Fund, was represented by its CEO, Fahad Alnuhait. The event was attended by Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and other top officials.
Special Assistant to the President on Export Promotion, Aliyu Sheriff, highlighted the deal’s alignment with Nigeria’s growing Islamic finance sector, which has seen success with Sukuk bonds and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff noted that the Islamic Development Bank and the Arab Bank for Economic Development in Africa would provide support through capacity building, regulatory frameworks, and financing opportunities.
“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 added.
Nigeria’s delegation included top government officials and industry leaders, including representatives from the Bank of Industry, the Ministry of Trade and Investment, and the Nigeria-Saudi Chamber of Commerce.
At a Halal Economy Stakeholders Engagement Programme in Abuja last year, Shettima projected that increasing Nigeria’s halal exports to Organisation of Islamic Cooperation (OIC) markets from 2% to 6% could boost the country’s GDP by $540 million, with import substitution potentially adding nearly $1 billion by 2027.