Nigeria Eyes $12bn Halal Economy, Pushes to Tap into $7tn Global Market

Kayode Tokede

The federal government has moved to convert Nigeria’s potential in the $7 trillion global halal economy into investment, jobs and exports, with a new national strategy targeting $12 billion in capital mobilisation.

This is as the country has declared its intention to become a leading player in the global halal economy, leveraging its large consumer market, agricultural resources, manufacturing capacity and access to the African Continental Free Trade Area (AfCFTA).

Speaking in Lagos on Wednesday, Vice President Kashim Shettima said Nigeria could no longer afford to remain a consumer of halal products while other countries dominate production and trade.

Shettima, who was represented by the Minister of State for Budget and Economic Planning, Dr Doris Uzoka- Anite, said Nigeria must not remain a consumer of halal products while other countries capture the greater value generated from the sector.

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

The Vice President said the global halal economy had expanded beyond food and beverages to encompass Islamic finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing and digital commerce.

He said Nigeria possessed the resources and market strength required to compete for a significant share of the expanding global market, particularly with its population, agricultural and livestock resources, entrepreneurial private sector and strategic position within Africa.

According to him, President Bola Tinubu’s administration views the halal economy as a significant component of its Renewed Hope Agenda, particularly its objectives of economic diversification, non-oil export expansion and job creation.

Shettima recalled that the Nigeria Halal Economy Strategy Implementation Committee was inaugurated on March 3, 2026, with a mandate to coordinate the development and implementation of the national strategy.

He said the committee’s four workstreams had been activated, while the Secretariat had consolidated its implementation plan into 13 delivery clusters with defined milestones and a target of mobilizing more than $12 billion in investment.

The Vice President added that the federal government had taken the initiative to the National Economic Council, while Osun, Katsina and Kano States had indicated interest in domesticating the strategy at the subnational level.

He disclosed that Nigeria was also deepening international partnerships, including engagements with the Islamic Development Bank, the Arab Bank for Economic Development in Africa (BADEA), the D8 Halal Forum and other international institutions.

Shettima further said proposals were being considered for Nigeria’s Halal Accreditation and Verification Platform to serve as a model for the continent, while discussions were also advancing on establishing a regional capacity building centre in Nigeria in collaboration with international partners.

He said the federal government was working to present the Governance Framework, National Halal Mark, Halal Accreditation and Verification Platform and related fees architecture to the Federal Executive Council (FEC).

The Vice President, however, warned that policies and partnerships would have little impact without actual businesses, investments, exports and jobs, stressing that the private sector must remain at the centre of the halal economy.

Earlier, the Managing Partner of The Metropolitan Law Firm and Coordinator of the Lagos Halal Leadership Reception, Ummahani Ahmad Amin, said the gathering was designed as a policy and stakeholder engagement platform rather than a commercial event.

She said Nigeria needed stronger coordination between government, regulators, investors, financial institutions, businesses and professional bodies to transform the country’s enormous halal potential into sustainable economic value.

In his opening address, the National President of NACCIMA and member of the Board of Directors of ICCD, Dr Jani Ibrahim, said Nigeria must move from discussing the potential of the halal economy to implementing policies that would drive investment, trade and market access.

Ibrahim said NACCIMA would work with government and relevant stakeholders to position Nigerian businesses to benefit from emerging opportunities, stressing that halal should be regarded as a trade and investment opportunity rather than merely a certification issue.

The Secretary General of ICCD, Sheikh Yousef Hassan Khalawi, said Nigeria had an opportunity to secure a much larger share of the global halal economy, which he described as one of the world’s fastest growing economic sectors.

Khalawi highlighted Nigeria’s dominant position in shea butter production, arguing that the country should capture greater value by developing local processing, branding and manufacturing capacity instead of exporting raw materials.