Nigeria has officially signed a partnership agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to unlock the potential of the global halal market, valued at $7.7 trillion. This collaboration aims to place Nigeria at the forefront of the halal economy, a rapidly growing sector with far-reaching opportunities.
The agreement was signed at the Makkah Halal Forum in Saudi Arabia, marking a significant milestone for Nigeria’s economic diversification strategy. The partnership will focus on several key sectors, including food production, pharmaceuticals, finance, and livestock. It is expected to increase investment, improve technical cooperation, and provide access to international markets.
Vice President Kashim Shettima, who attended the ceremony, called the partnership a game-changer for Nigeria’s economy. He was represented by Senator Ibrahim Hassan Hadejia, the Deputy Chief of Staff to the President. Shettima highlighted the importance of this agreement in establishing Nigeria as a leader in the global halal market.
“This agreement is crucial in our goal to tap into the halal economy, create jobs, and attract foreign investment,” said Shettima. “It aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which aims to diversify Nigeria’s economy and reduce reliance on oil.”
HPDC, a subsidiary of the Saudi Public Investment Fund, signed the agreement with Nigeria in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and other key officials, including His Excellency Mr. Fawaz bin Talal Al-Harbi, Chairman of the Makkah Halal Forum Organizing Committee.
Aliyu Bunu Sheriff, the Special Assistant to the President on Export Promotion, explained that the partnership builds on Nigeria’s growing Islamic finance sector. The country has already seen success with Sukuk bonds for infrastructure projects and the establishment of Islamic banks, such as Jaiz Bank, Taj Bank, and Lotus Bank.
“This agreement will help expand Nigeria’s Islamic finance industry,” Sheriff said. “With support from the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA), we will strengthen our capacity, develop regulatory frameworks, and secure financing.”
While halal markets are often associated with Muslim-majority countries, non-Muslim nations like Brazil, Australia, and Thailand are already benefiting from halal exports. Nigeria’s entry into this market could open doors for increased trade, job creation, and foreign direct investment.
This partnership is seen as a key step toward a more diversified and resilient Nigerian economy. By tapping into the global halal economy, Nigeria is positioning itself as a major player on the world stage.