In a strategic move to position Nigeria within the expansive $7.7 trillion global halal economy, the Federal Government has entered into a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC). This partnership aims to facilitate investment, technical collaboration, and market access across sectors such as food production, pharmaceuticals, finance, and livestock.
The signing ceremony took place at the Makkah Halal Forum in Saudi Arabia, with Vice President Kashim Shettima representing Nigeria. Shettima emphasized that this collaboration is a pivotal step toward transforming Nigeria into a significant player in the global halal market. He stated, “We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
Representing HPDC, a subsidiary of the Saudi Public Investment Fund, CEO Fahad Alnuhait expressed optimism about the mutual benefits of the agreement. The event was also attended by Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and other key officials, underscoring the significance of the partnership.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, highlighted that this partnership builds upon Nigeria’s burgeoning Islamic finance sector. The country has previously seen success with Sukuk bonds for infrastructure projects and the establishment of Islamic banks such as Jaiz Bank, Taj Bank, and Lotus Bank. Sheriff noted that institutions like the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) are poised to support this initiative through capacity building, regulatory framework development, and financing opportunities.
This agreement signifies a concerted effort by Nigeria to diversify its economy and integrate into the global halal market, which extends beyond Muslim-majority countries. Nations like Brazil, Australia, and Thailand have already leveraged this sector for substantial export growth, and Nigeria aims to follow suit through this strategic alliance.
