Nigeria Eyes $12bn Halal Economy, Push to Tap Into $7tn Global Market

Nigeria Eyes $12bn Halal Economy, Push to Tap Into $7tn Global Market

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 at the Lagos Halal Leadership Reception 2026 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, held at Eko Hotel, 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…