The Federal Government has signed an agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a major player in the global halal market, which is valued at $7.7 trillion.
Speaking at the signing ceremony in Saudi Arabia on Wednesday, Vice President Kashim Shettima described the deal as a transformative step that will turn Nigeria into a global halal economic powerhouse.
“This agreement aligns with the Renewed Hope Agenda by creating jobs, attracting foreign direct investment, and diversifying our economy.
The halal economy is not limited to Muslim consumers—non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging it for significant export growth,” Shettima’s media aide, Stanley Nkwocha, quoted him as saying in a statement on Thursday.
Represented by the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, Shettima emphasized that the partnership would drive investment, technical cooperation, and market access in key sectors such as food production, pharmaceuticals, finance, and livestock.
The agreement was signed with HPDC, a subsidiary of Saudi Arabia’s Public Investment Fund, in the presence of Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi, Chairman of the Makkah Halal Forum’s Organizing Committee Fawaz bin Talal Al-Harbi, and Chairman of the Makkah Chamber of Commerce and Industry Abdullah bin Saleh Kamel.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, highlighted that the deal builds on Nigeria’s expanding Islamic finance sector, which has successfully introduced Sukuk bonds for infrastructure financing and established Islamic banks such as Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff added that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.
The Nigerian delegation included key government and business figures such as the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Mansur Muhtar; Minister of Trade and Investment, Jumoke Oduwole (represented by Ambassador Nura Rimi); and Minister of Foreign Affairs, Ambassador Yusuf Tuggar (represented by Ambassador Mahmoud Lele).
Others present were the Chairman of the Nigeria-Saudi Chamber of Commerce, Ibrahim Usman; Minister of Finance, Wale Edun (represented by Nur Muftau Baba Ahmed); CEO of the Nigeria Export Promotion Council, Nonye Aneyi (represented by Mustapha Aminu); Deputy President of NACCIMA, Jani Ibrahim; and Managing Director of the Bank of Industry, Olasupo Olusi (represented by Jelilat Ismaila-Ayinde).
The agreement is expected to enhance investment and cooperation between Nigeria and Saudi Arabia, expanding opportunities in halal food production, pharmaceuticals, finance, and livestock.
