The Nigerian Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company to establish Nigeria as a leading player in the global halal market valued at Seven point seven trillion dollars.
The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
Vice President Kashim Shettima during the signing ceremony at the Makkah Halal Forum in Saudi Arabia pointed out that the partnership represents a game-changing opportunity to transform Nigeria into a global halal economy powerhouse.
Represented by Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, the collaboration is an important step in the ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.
The agreement will be executed by HPDC, a subsidiary of the Saudi Public Investment Fund.
Vice President Shettima had during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, in September last year emphasized the economic potential of the sector, noting that increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost the country’s GDP by 540 million dollars, while strategic import substitution could add nearly 1 billion dollars by 2027.
~NTANewsNow