ICCD: Nigeria Can Capture Bigger Share of $7trn Halal Market

Sunday Ehigiator

Nigeria has the potential to capture a significantly larger share of the estimated $7 trillion global halal economy if it strengthens local processing, manufacturing, certification and branding, the Secretary-General of the Islamic Chamber of Commerce and Development (ICCD), Sheikh Yousef Hassan Khalawi, has said.

Khalawi made the assertion at the Lagos Halal Leadership Reception held at Eko Hotel, Lagos, where he identified Nigeria’s large population, natural resources, entrepreneurial base and access to the African market as key advantages that could position the country as a major player in the global halal economy.

He, however, said Nigeria must move beyond the export of raw materials and focus on developing finished products and trusted Nigerian brands capable of competing in international markets.

According to him, the halal economy, although rooted in Islamic principles, goes beyond food and religious observance to encompass agriculture, finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing and digital commerce.

He said the economy was increasingly driven by standards around quality, safety, traceability and responsible production.

Despite its considerable resources and market size, Nigeria is estimated to account for less than one per cent of the global halal market.

Khalawi said the situation could be reversed through deliberate investments in processing capacity, standards and product development.

“Nigeria should not be satisfied with supplying raw materials to markets that capture most of the value. The country already has the resources, the entrepreneurs and access to a wider African market,” he said.

“The opportunity now is to build the processing capacity, trusted standards and Nigerian brands that can compete internationally and secure a far greater share of an economy worth more than US$7 trillion.”

He cited the shea industry as an example of the disparity between Nigeria’s production capacity and the value retained within the country.

According to him, Nigeria produces about 40 per cent of the world’s raw shea nuts but captures only about one per cent of the revenue generated across the global shea-products market.

He said greater investment in local processing, manufacturing and branding could enable Nigerian businesses to retain more value domestically, while creating jobs and strengthening the country’s non-oil export base.

The reception was organised by Halal 360 and Metropolitan Law Firm, in partnership with the ICCD, Halal Products Development Company, Nigeria Halal Economy Strategy Implementation Committee Secretariat and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Representing Vice President Kashim Shettima at the event, Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said the Federal Government was committed to positioning Nigeria as a leading participant in the global halal economy.

In an address delivered on his behalf, Shettima said Nigeria was seeking partnerships that would translate the country’s potential into measurable commercial outcomes.

“Nigeria does not come to this gathering merely to listen. We come to report on work already under way, to welcome partnership, and to state plainly that Nigeria intends to be a leading voice in shaping the global halal economy,” he said.

The Vice President said the success of the country’s halal economy strategy would be measured by the number of Nigerian businesses that become export-ready, the value of products leaving the country’s ports, investments in processing and manufacturing, jobs created and the recognition of Nigerian brands in international markets.

He described the halal economy as an important component of the Federal Government’s economic diversification, non-oil export growth and job creation agenda under the Renewed Hope Agenda.

The Nigeria Halal Economy Strategy Implementation Committee, inaugurated in March 2026, has activated four workstreams and structured its implementation programme into 13 delivery clusters.

The strategy is targeting more than $12 billion in investment, while the Federal Government is also developing a national governance framework, a National Halal Mark and a Halal Accreditation and Verification Platform.

The measures are expected to strengthen confidence in Nigerian halal products and improve their access to international markets.

Also speaking, National President of NACCIMA and member of the ICCD Board of Directors, Dr Jani Ibrahim, said the private sector would be critical to translating Nigeria’s halal economy ambitions into increased trade and investment.

“We must convert our potential into products, our products into trade, and our trade into sustainable economic value,” he said.

Ibrahim called for greater coordination among government, businesses, financial institutions, standards bodies and investors to enable more Nigerian companies to meet international requirements and penetrate new markets.

He also emphasised that the halal economy offered opportunities to Nigerians across sectors and religious backgrounds.

“The principles that underpin the halal economy – quality, safety, traceability, ethical production and responsible finance – have wider application,” Ibrahim said.

“This opportunity belongs to farmers, manufacturers, exporters, financial institutions, technology companies, investors and entrepreneurs, irrespective of faith or background. It is an economic opportunity for Nigeria as a whole.”

The event, which was attended by Halal 360 Chief Executive Officer, Mahmood Godel, alongside senior government officials, business leaders and representatives of international development institutions, formed part of a wider international dialogue on Nigeria’s role in the halal economy.

With its large domestic market, agricultural and manufacturing base, entrepreneurial private sector and access to the African Continental Free Trade Area, Nigeria is considered well positioned to serve the growing demand for halal products and services across Africa and beyond.

The speakers, however, stressed that converting this potential into economic gains would depend on Nigeria’s ability to process more raw materials locally, establish trusted standards, attract investment into manufacturing and develop Nigerian brands capable of competing in international markets.