The Nigerian government has entered into a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company to explore the $7.7 trillion global halal market.
The announcement was made in a statement issued by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications at the Office of the Vice-President, on Thursday in Abuja.
This agreement will open doors for investment, technical cooperation, and market access across critical sectors, including food production, pharmaceuticals, finance, and livestock, benefiting both countries. HPDC, a subsidiary of Saudi Arabia’s Public Investment Fund, was represented by its CEO, Fahad Alnuhait, during the signing.
The event was also attended by Saudi Arabia’s Minister of Commerce, Majid bin Abdullah Al-Qasabi, alongside Fawaz bin Talal Al-Harbi, Chairman of the Makkah Halal Forum’s Organizing Committee. Abdullah bin Saleh Kamel, Chairman of the Makkah Chamber of Commerce and Industry, was also present at the ceremony.
During the signing, Vice President Kashim Shettima, represented by Ibrahim Hadejia, the Deputy Chief of Staff to the President, called the partnership a transformative opportunity that could position Nigeria as a global leader in the halal economy. Shettima emphasized that the collaboration marked a significant step toward Nigeria’s ambition to tap into the thriving halal market.
“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,” Vice President Shettima stated.
Aliyu Sheriff, the Special Assistant to the President on Export Promotion, also highlighted that the partnership was built on the foundation of Nigeria’s growing Islamic finance sector, which has seen success through initiatives such as Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz, Taj, and Lotus Banks.
Sheriff noted that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) would provide support for the initiative through capacity building, regulatory framework development, 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 added. He also pointed out that the halal economy is not limited to Muslim consumers alone, with non-Muslim majority countries such as Brazil, Australia, and Thailand already capitalizing on the sector for significant export growth.
