The Nigerian Federal Government has established a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to access the $7.7 trillion worldwide halal market. This was communicated in a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications in the Vice-President’s Office.
The agreement aims to bolster investment, technical collaboration, and market access in several significant sectors, including food production, pharmaceuticals, finance, and livestock. The signing occurred during the Makkah Halal Forum in Saudi Arabia, with HPDC represented by its CEO, Fahad Alnuhait. Notable witnesses to the agreement included Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, Fawaz bin Talal Al-Harbi, Chairman of the Makkah Halal Forum’s Organising Committee, and Abdullah bin Saleh Kamel, Chairman of the Makkah Chamber of Commerce and Industry.
Vice President Kashim Shettima, who was represented by Sen. Ibrahim Hadejia, the President’s Deputy Chief of Staff, characterized the partnership as a transformative chance for Nigeria to position itself as a leader in the global halal economy. Shettima stressed that this collaboration is a crucial step towards Nigeria’s goal of establishing a presence in the lucrative halal market. He expressed, “We are dedicated to harnessing this partnership to generate employment, draw in foreign investment, and diversify our economy, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
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Aliyu Sheriff, the Special Assistant to the President on Export Promotion, emphasized the connection between the partnership and Nigeria’s growing Islamic finance sector. He mentioned the sector’s successes, such as the productive issuance of Sukuk bonds for infrastructure development and the establishment of Islamic banks like Jaiz, Taj, and Lotus Banks.
Sheriff also highlighted that both the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) plan to assist this initiative through capacity-building programs, regulatory development, and financing opportunities. He affirmed, “This agreement aligns perfectly with the Renewed Hope Agenda by generating new jobs, attracting foreign investment, and diversifying our economy.” Furthermore, he pointed out the wider implications of the halal economy, indicating that it caters not only to Muslim consumers but also to non-Muslim majority nations like Brazil, Australia, and Thailand, which are already leveraging this sector for substantial export growth.
