The Federal Government has struck a landmark deal with Saudi Arabia’s Halal Products Development Company (HPDC), aiming to position Nigeria as a major force in the booming $7.7 trillion global halal market.
The agreement, signed in Saudi Arabia on Wednesday, has been described by Vice President Kashim Shettima as a “game-changer.” This is a strategic partnership that could propel Nigeria into a global halal economic powerhouse.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy,” Shettima said through his media aide, Stanley Nkwocha, in a statement issued on Thursday.
The halal economy, often mistakenly seen as limited to Muslim consumers, extends far beyond religious lines. Nations like Brazil, Australia, and Thailand — with non-Muslim majorities — are already capitalizing on the sector’s vast potential for export growth. Nigeria, through this deal, is setting its sights on similar success.
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Representing Shettima at the signing, Ibrahim Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), emphasized the transformative impact of the collaboration. “This 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. We are committed to leveraging this partnership to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” Hadejia said.
The agreement, signed with HPDC, subsidiary of the Saudi Public Investment Fund, drew high-profile attendees, including Saudi Arabia’s Minister of Commerce, Majid bin Abdullah Al-Qasabi, and Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Fawaz bin Talal Al-Harbi. Representing HPDC was its Chief Executive Officer, Fahad Alnuhait.
This strategic pact will drive investment, technical cooperation, and market access across key sectors such as food production, pharmaceuticals, finance, and livestock. Nigeria’s growing Islamic finance sector, already demonstrating success with infrastructure-financing Sukuk bonds and the rise of institutions like Jaiz Bank, Taj Bank, and Lotus Bank, provides a strong foundation for this expansion.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, noted the importance of this deal in building Nigeria’s halal economy. “The Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support this initiative through capacity building, regulatory framework development, and financing opportunities,” Sheriff said.
The Nigerian delegation comprised of key figures such as the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors at the Bank of Industry, Mansur Muhtar; and Minister of Trade and Investment, Jumoke Oduwole, represented by Ambassador Nura Rimi.
Other attendees included the Minister of Foreign Affairs, Ambassador Yusuf Tuggar; the CEO of the Nigeria Export Promotion Council, Nonye Aneyi; and the Managing Director of the Bank of Industry, Olasupo Olusi.
Source: Ripples
