Nigeria Could Become A Leading Hub For Global Halal Market, Says Vice President

Vice President Kashim Shettima believes Nigeria could become the top global hub for economic opportunities in the halal investment sector, which is expected to be worth $7.7 trillion by 2025.

Shettima added that the country's large economy and population give it a strong position to develop a dynamic halal investment sector.

During the Halal Economy Stakeholders Engagement Program in Abuja on Wednesday, the vice president emphasized that Nigeria needed to address its weaknesses and focus on its strengths to reach this economic goal.

"For Nigeria to become a hub of opportunities in the global halal economy, we must prioritize our strengths and reassess our weaknesses. Today's engagement provides a platform for us to collaborate with key international organizations," Shettima said, as per the official X (formerly known as Twitter) handle.

"This will allow us to develop a comprehensive halal ecosystem and agree on strategies that will position Nigeria as a top halal exporter, targeting high-value markets."

The vice president praised the private sector for its major role in advancing the halal economy, especially in finance, and urged all stakeholders to work with President Bola Ahmed Tinubu's administration to develop the halal ecosystem.

He added that attracting international investment is key and to do this, Nigeria should highlight its halal sector opportunities through investor summits, roadshows and business matchmaking events.

The vice president explained that expanding regional trade, especially through the African Continental Free Trade Area (AfCFTA), can help Nigeria become a leading supplier of halal goods and services in Africa.

He stressed the need for increased public awareness through targeted campaigns, specialized training and stronger global engagement to boost the visibility and competitiveness of Nigeria's halal sector.

Shettima described the halal economy as inclusive of all participants and highlighted its potential, which aligns with Tinubu's broader goals.

"With the global halal economy projected to reach a market value of $7.7 trillion by 2025, this opportunity is not only recognized by Muslim-majority countries but also seized by non-Muslim nations, which have become leading exporters of halal products," the vice president said.

He added, "They understand that the halal ecosystem is designed to meet the highest standards of quality, safety, and sustainability preferred by specific consumers."