Federal Government Launches Plan To Capture $7.7trn Global Halal Market

President Bola Tinubu has inaugurated Nigeria’s National Halal Economy Strategy, positioning the country to tap into the estimated $7.7 trillion global halal market and diversify its economic base.
The strategy was unveiled by Vice-President Kashim Shettima, who represented the president at the event.
Mr Tinubu said the initiative is expected to add an estimated $1.5 billion to Nigeria’s Gross Domestic Product by 2027 and create jobs across agriculture, manufacturing, finance, and tourism.
“It is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy. This document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value,” the president said.
He said the strategy would focus on halal-compliant food exports, pharmaceutical and cosmetic value chains, ethical finance, and halal-friendly tourism by 2030.
Addressing concerns linking Halal strictly to religion, Mr Tinubu said the global Halal economy is now driven by quality, safety, traceability, and ethical production rather than faith alone.
He noted that countries such as the UK, France, Germany, the United States, Canada, and Australia had already integrated halal standards into their export systems, proving its commercial appeal.
The strategy was developed in partnership with the Halal Products Development Company, a subsidiary of Saudi Arabia’s Public Investment Fund, Dar Al Halal Group Nigeria, and supported by institutions including the Islamic Development Bank.
The Halal market is the segment of the global economy that produces and sells goods and services that comply with Islamic (Sharia) law.
It covers food and beverages prepared according to Islamic rules (no pork, no alcohol, animals slaughtered in a prescribed way); Islamic banking and investments that avoid interest (riba), excessive uncertainty, and unethical industries; pharmaceuticals and cosmetics free from prohibited ingredients like alcohol or pork derivatives; modest clothing aligned with Islamic values;Halal hotels, halal food services, prayer facilities, and content and services aligned with Islamic ethics.