The Federal Government of Nigeria has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a key player in the global halal market, which is valued at $7.7 trillion.
The agreement, signed at the Makkah Halal Forum in Saudi Arabia on Wednesday, aims to facilitate investment, technical cooperation, and market access in key sectors such as food production, pharmaceuticals, finance, and livestock.
Vice President Kashim Shettima, represented by the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, described the partnership as a transformative opportunity to establish Nigeria as a global hub for halal products.
“This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player,” Shettima said. “We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with President Bola Tinubu’s Renewed Hope Agenda.”
The agreement was signed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait. The signing ceremony was attended by Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organising Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi; and Chairman of the Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.
Speaking on the impact of the partnership, Special Assistant to the President on Export Promotion, Aliyu Sheriff, noted that Nigeria’s growing Islamic finance sector, including Sukuk bonds and Islamic banks such as Jaiz Bank, Taj Bank, and Lotus Bank, provides a strong foundation for expansion into the halal market.
He also highlighted the support of the Islamic Development Bank and the Arab Bank for Economic Development in Africa, which will contribute to regulatory framework development, capacity building, and financing opportunities.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy,” Sheriff stated. “The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth.”
The Nigerian delegation at the signing included prominent government and private sector representatives, such as the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole (represented by Nura Rimi); and Minister of Foreign Affairs, Yusuf Tuggar (represented by Mahmoud Lele).
Others in attendance were the Chairman of the Nigeria-Saudi Chamber of Commerce, Ibrahim Usman; Minister of Finance, Mr. Wale Edun (represented by Nur Muftau Baba Ahmed); CEO of the Nigeria Export Promotion Council, Mrs. Nonye Aneyi (represented by Mustapha Aminu); Deputy President of NACCIMA, Jani Ibrahim; and Managing Director of the Bank of Industry, Mr. Olasupo Olusi (represented by Mrs. Jelilat Ismaila-Ayinde).
Vice President Shettima had previously underscored the economic potential of the halal sector during a stakeholders’ engagement at the Presidential Villa in September 2023. He noted that increasing Nigeria’s halal exports to the Organisation of Islamic Cooperation (OIC) markets from 2% to 6% could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
