By Aaior K. Comfort
Vice President Kashim Shettima has expressed confidence in Nigeria’s potential to become a pivotal hub in the global halal economy, which is projected to reach a staggering $7.7 trillion by 2025. Speaking at the Halal Economy Stakeholders Engagement Programme in Abuja on September 18, 2024, Shettima emphasized Nigeria’s economic and demographic advantages, positioning the country to develop a robust investment sector within the halal economy.
Shettima underscored the necessity for Nigeria to leverage its strengths and address weaknesses effectively to achieve prominence in the global halal market. The event, which gathered key international organizations, aimed to foster collaboration and strategize on establishing a comprehensive halal ecosystem that positions Nigeria as a top exporter in high-value markets.
Acknowledging the significant contributions of the private sector, particularly in financial services, Shettima encouraged stakeholders to collaborate closely with President Bola Ahmed Tinubu’s administration in realizing the halal ecosystem’s potential. He highlighted initiatives such as investor summits, roadshows, and business matchmaking events as crucial to attracting international investment and expanding regional trade under the African Continental Free Trade Area (AfCFTA).
Highlighting the ethical appeal and rigorous standards of the halal economy, Shettima stressed its alignment with President Tinubu’s Renewed Hope Agenda. He noted the sector’s capacity to accommodate diverse stakeholders and its potential to foster economic growth through transparent and ethical practices.
Furthermore, Shettima addressed challenges related to halal investment clarity and compliance, stressing the need for informed consumer choices and enhanced public awareness campaigns. He cited the success of Islamic finance instruments like Sukuk in funding infrastructure projects across Nigeria as evidence of the sector’s viability and appeal.
The programme also featured contributions from key figures including the Deputy Chief of Staff to the President, Sen. Ibrahim Hassan Hadejia, and the Special Assistant to the President on Export Expansion, Aliyu Bunu Sheriff. They outlined strategic objectives such as establishing robust regulatory frameworks, increasing consumer awareness, and enhancing production capacity to boost Nigeria’s halal exports and economic standing.
Ministers present at the event, including Sen. Abubakar Kyari of Agriculture and Food Security, and Wale Edun of Finance, highlighted Nigeria’s burgeoning domestic market for halal products, projecting significant growth opportunities and enhanced competitiveness on the global stage.
In conclusion, the gathering reaffirmed Nigeria’s commitment to becoming a leader in the halal economy, leveraging its economic strength and strategic partnerships to maximize benefits across sectors and regions.