* Strategy will cut oil dependence, create jobs, boost SMEs, attract investments: IIFP
The strategy, developed by the Halal Products Development Company of Saudi Arabia, is an outcome of the bilateral cooperation agreement signed between Nigeria and HPDC in February 2025 at the Makkah Halal Forum.
President Bola Ahmed Tinubu on Thursday in Abuja unveiled Nigeria’s National Halal Economy Strategy, a landmark policy framework designed to position the country to tap into the estimated $7.7 trillion global halal market, diversify the economy, and create sustainable jobs.
The strategy was unveiled at the Presidential Villa by Vice President Kashim Shettima, who represented the President. Tinubu described the initiative as a clear signal of Nigeria’s readiness to join the fast-growing global halal economy, already embraced by leading nations across Europe, Asia, the Middle East, and the Americas.
Speaking at the event, the President called for disciplined, inclusive, and measurable actions to ensure that the strategy delivers tangible benefits to Nigerians.
He said the framework defines Nigeria’s future market direction and is projected to add about $1.5 billion to the nation’s Gross Domestic Product (GDP) by 2027. 
“It is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy,” Tinubu said.
“This document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value.
“What follows must be action that is disciplined, inclusive, and measurable, so that this strategy delivers jobs, exports, and shared prosperity across our nation.”
The President disclosed that implementation of the strategy would be overseen by a high-level structure chaired by the Minister of Industry, Trade and Investment, whom he described as “supremely competent,” to ensure effective coordination and delivery.
According to Tinubu, the strategy sets clear and measurable ambitions to be achieved by 2030, including the expansion of halal-compliant food exports, development of pharmaceutical and cosmetic value chains, positioning Nigeria as a halal-friendly tourism destination, and mobilisation of ethical and non-interest finance at scale.
He explained that these cumulative efforts are projected to unlock over $12 billion in economic value, strengthen food security, deepen industrial capacity, and create new opportunities for small and medium-sized enterprises (SMEs across the federation.
Addressing concerns from those who often associate halal strictly with religion, the President stressed that the global halal economy has evolved far beyond parochial interpretations.
“The halal economy is no longer defined solely by faith, but by trust, through systems that emphasise quality, traceability, safety, and ethical production,” he said.
“These principles resonate far beyond any single community and speak to consumers, investors, and trading partners who increasingly demand certainty in how goods are produced, financed, and delivered.”
Tinubu noted that several advanced Western economies, including the United Kingdom, France, Germany, the Netherlands, the United States, Canada, Australia, and New Zealand, have fully integrated halal standards into their export and quality-assurance systems and are now among the world’s leading producers and exporters of halal-certified food, pharmaceuticals, cosmetics, and financial products.
According to him, their experience confirms that the halal economy is a global market framework rooted in standards, safety, and consumer trust, not geography or belief.
The President further explained that the National Halal Economy Strategy is the outcome of careful study and deliberate partnerships aimed at diversifying exports, attracting foreign direct investment, and creating sustainable jobs.
He said the framework was developed in collaboration with the Halal Products Development Company (HPDC), a subsidiary of the Saudi Public Investment Fund, alongside Dar Al-Halal Group Nigeria, with technical backing from institutions such as the Islamic Development Bank and the Arab Bank for Economic Development in Africa.
Tinubu also recalled that during his recent state visit to the Republic of Türkiye, Nigeria signed an agreement on Halal Quality Infrastructure to strengthen standards, accreditation, certification, and quality assurance systems, with the goal of enhancing international acceptance of Nigerian halal products and services.
Stakeholders at the unveiling hailed the initiative as a major economic milestone. The Chairperson of the National Halal Strategy Committee and Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the launch as the product of extensive public-private collaboration.
She explained that the private sector played a leading role in shaping the strategy, while the Office of the Vice President coordinated relevant ministries, departments, and agencies, with her ministry playing a pivotal role in driving the process.
According to her, the strategy positions Nigeria among countries that export halal-certified goods globally and provides a platform to leverage the African Continental Free Trade Area (AfCFTA) to access markets across Africa and beyond, stressing that participation in the halal economy remains voluntary.
Also speaking, Chairman and Chief Executive Officer of Dar Al-Halal Group Nigeria Limited, Muhammadu Ladan, described the strategy as a landmark opportunity that opens new markets and attracts foreign direct investment.
He disclosed that an export programme is already underway to onboard Nigerian companies into the Saudi Arabian market and other international destinations.
International partners also welcomed the initiative. The French Ambassador to Nigeria, Marc Fonbaustier, represented by the Financial Counsellor at the French Embassy, Carole Lebreton, said the strategy strengthens Nigeria–France economic relations.
She expressed France’s readiness to support Nigeria’s export drive, particularly in food, cosmetics, and pharmaceuticals.
The Nigerian delegation at the event included the Chief Executive Officer of the Nigeria Export Promotion Council, Mrs. Nonye Ayeni; the Managing Director of the Bank of Industry, Mr. Olasupo Olusi; and the Special Adviser to the President on Job Creation and MSMEs, Temitola Johnson, among others.
The strategy, developed by the Halal Products Development Company of Saudi Arabia, is an outcome of the bilateral cooperation agreement signed between Nigeria and HPDC in February 2025 at the Makkah Halal Forum.
The partnership aims to deepen Nigeria–Saudi Arabia economic relations, attract investment, improve market access, and integrate Nigeria into global halal value chains.
IIFP hails FG’s halal economy strategy, pledges support for implementation
Similarly, the Institute of Islamic Finance Professionals (IIFP), Nigeria, commended the FG for what it described as a historic and visionary initiative.
In a statement signed by Mr. Isiaq Bamidele Bisiriyu on behalf of the management, the Institute said Nigeria’s entry into the $7.7 trillion global halal economy signals a strong commitment to economic diversification, global competitiveness, and sustainable development.
The IIFP disclosed key benefits of the strategy, including reduced dependence on oil revenue, job creation, growth of small and medium-sized enterprises (SMEs), increased foreign direct investment, expansion of non-interest finance, and the development of halal-friendly tourism.
The Institute pledged its technical, advisory, and capacity-building support to ensure the successful implementation of the strategy. It also called for broad collaboration among government institutions, regulators, financial institutions, academia, and the private sector.
With growing endorsement from the legislature, industry stakeholders, and international partners, the National Halal Economy Strategy is expected to open a new chapter in Nigeria’s economic transformation, positioning the country as a leading halal economy hub in Africa and beyond.
Meanwhile, the Senate Committee on Finance has commended President Tinubu for launching the strategy, describing it as bold, timely, and aligned with global best practices. In a statement signed by its Chairman, Senator Sani Musa, the committee said countries such as the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Türkiye, Brazil, Thailand, and Singapore have successfully leveraged halal frameworks to boost exports, manufacturing, and investment.
The committee identified Nigeria’s vast agricultural resources, large domestic market, youthful population, expanding manufacturing base, and growing services sector as strong fundamentals for success in the halal economy.
It added that the initiative aligns with the Tinubu administration’s broader reforms aimed at boosting non-oil revenue, creating jobs, supporting SMEs, and increasing foreign exchange earnings.
Describing the strategy as inclusive, market-driven, and globally oriented, the Senate committee pledged full legislative support and oversight to ensure effective implementation and long-term fiscal sustainability.
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