The Nigerian Federal Government has formalized a cooperation agreement with Saudi Arabia’s Halal Products Development Company, targeting a significant presence in the $7.7 trillion global halal market. This partnership focuses on investment and technical collaboration in various sectors, including food production and finance. Vice President Kashim Shettima underscored the commitment to leverage this opportunity for economic growth and job creation.
Nigeria’s Federal Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company, aiming to position Nigeria as a prominent player in the global halal market, valued at $7.7 trillion. This agreement paves the way for investment and technical cooperation, as well as improved market access across key sectors such as food production, pharmaceuticals, finance, and livestock for both nations.
During the signing event at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima highlighted this partnership as a transformative opportunity for Nigeria to strengthen its role in the halal economy. He emphasized that the collaboration aligns with the administration’s objectives to tap into the lucrative halal market while enhancing job creation and attracting foreign investments.
The Vice President was represented by Senator Ibrahim Hassan Hadejia, the Deputy Chief of Staff to the President. He expressed, “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.” The agreement was executed with the Halal Products Development Company, a subsidiary of the Saudi Public Investment Fund.
Additionally, the Special Assistant to the President on Export Promotion, Aliyu Sheriff, noted the agreement capitalizes on Nigeria’s expanding Islamic finance sector, which has achieved notable successes, including Sukuk bonds for infrastructure and several Islamic banks. He firmly stated that this collaboration would create jobs, attract foreign investments, and diversify the economy.
Sheriff pointed out that the halal economy benefits not only Muslim consumers but also non-Muslim-majority nations, including Brazil, Australia, and Thailand, which are already leveraging the sector for significant export growth. The Nigerian delegation at the forum included key figures from various sectors, further demonstrating the holistic nature of this initiative.
In a prior engagement, Vice President Shettima emphasized the substantial economic potential of the halal sector, asserting that increasing Nigeria’s halal exports could significantly enhance the nation’s GDP. He concluded that strategic efforts could potentially yield hundreds of millions of dollars in economic growth by 2027.
The recent cooperation agreement between Nigeria and Saudi Arabia marks a pivotal step towards establishing Nigeria as a leader in the global halal market. With a projected market value of $7.7 trillion, the partnership aims to drive job creation, attract investments, and diversify the Nigerian economy. By leveraging its growing Islamic finance sector, Nigeria is poised for significant economic growth through this initiative.
Original Source: punchng.com
