The Nigerian government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a key player in the $7.7 trillion global halal market.
The agreement, signed on Wednesday at the Makkah Halal Forum in Saudi Arabia, aims to boost investment, technical collaboration, and market access across sectors such as food production, pharmaceuticals, finance, and livestock.
Speaking at the signing ceremony, Vice President Kashim Shettima, represented by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, highlighted the partnership’s transformative potential.
“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,” Shettima stated. “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.”
The agreement was formalized with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait. Present at the event were Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, Mr. Fawaz bin Talal Al-Harbi; and Chairman of Makkah Chamber of Commerce and Industry, Mr. Abdullah bin Saleh Kamel.
Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, emphasized that the partnership aligns with Nigeria’s expanding Islamic finance sector, which has benefited from Sukuk bonds for infrastructure development and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff noted that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will provide support through capacity building, regulatory framework development, and financing opportunities.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he explained.
The Nigerian delegation included key government officials and business leaders, such as the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; and Minister of Trade and Investment, Dr. Jumoke Oduwole, represented by Ambassador Nura Rimi.
Others in attendance were Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele; Chairman of the Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; and Managing Director of the Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.
During the Halal Economy Stakeholders Engagement Programme held at the Presidential Villa in Abuja last September, Vice President Shettima highlighted the sector’s economic potential, stating that increasing Nigeria’s halal exports to OIC markets from two percent to six percent could boost GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
