Nigeria has signed a landmark partnership deal with Saudi Arabia’s Halal Products Development Company (HPDC) to position the country as a major player in the $7.7 trillion global halal market. The deal was signed on Wednesday, February 26, 2025, in Saudi Arabia, with Vice President Kashim Shettima describing the agreement as a game-changer that will transform Nigeria into a global halal economic powerhouse.
Vice President Shettima, represented by the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, said the deal will create new jobs, attract foreign direct investment, and diversify the country’s economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu. He noted that the agreement will facilitate investment, technical cooperation, and market access in key sectors such as food production, pharmaceuticals, livestock, and Islamic finance.
Boosting Nigeria’s Halal Market Potential
The halal economy, often associated with Muslim consumers, has become a global industry, with non-Muslim majority countries like Brazil, Australia, and Thailand leveraging the sector for substantial export growth. Nigeria’s entry into the market is expected to boost its economic diversification plans and position the country as a leading player in the halal industry.
Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, explained that the agreement builds on Nigeria’s growing Islamic finance sector. The country has recorded notable successes through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like 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 at the signing ceremony included the Chairman of the Board of Directors of the Bank of Industry, Mansur Muhtar, the Minister of Trade and Investment, Jumoke Oduwole, represented by Ambassador Nura Rimi, and the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele. Others present were the CEO of the Nigeria Export Promotion Council, Nonye Aneyi, represented by Mustapha Aminu, the Deputy President of NACCIMA, Jani Ibrahim, and the Managing Director of the Bank of Industry, Olasupo Olusi, represented by Jelilat Ismaila-Ayinde.
The deal between Nigeria and Saudi Arabia’s HPDC is expected to strengthen Nigeria’s participation in the global halal economy, creating new investment opportunities and enhancing the country’s export capabilities. The agreement marks a significant step in Nigeria’s efforts to diversify its economy and attract foreign direct investment.
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