Breaking News: The Federal Government of Nigeria will on Wednesday September 18, 2024 launch a scheme to deepen Nigeria’s roots in the $7 trillion global Halal Economy. The initiative is targeted to add at least $1.5 billion to Nigeria’s economy by 2027.
Research results
9am News Nigeria Ogasabi’s research show that the Halal market or Halal economy comprises of a diverse range of products and services that strictly adhere to Islamic tenets and standards as well as placing ethics and integrity at the core of business operations.
Nigeria is currently the eight largest Halal economy in the world.
The Special Assistant to the President on Export Expansion, Aliyu Bunu Sheriff, announced yesterday (Monday) that the Presidency has launched an initiative aimed at propelling Nigeria to a leading position in the global Halal economy.
“The Halal economy represents a tremendous opportunity for Nigeria to diversify our economy, generate foreign exchange, and achieve sustainable growth. By increasing our Halal exports and focusing on strategic import substitution, we project an addition of nearly $1.5 billion to our GDP by 2027” Aliyu Bunu Sheriff who spoke through Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications said.
In A Statement Made
He added in the statement that “The success of Sukuk bonds and the growing appeal of Islamic banking illustrate that Halal principles are not only compatible with global economic standards but also offer significant benefits for all Nigerians.”
Highlighted in his statement He Said, that the increased acceptance of Islamic banking demonstrates that the Halal principles is not only about religious compliance but doing business and banking in a way that puts integrity, ethics, good values and quality at the core and that this ideas resonates strongly with people from a large diversity of faith and culture.
Using the opportunity to celebrate the success of the Sukuk bond, a special Halal based bond sold out by the Federal Government of Nigeria, He emphasized that adopting and incorporating the Halal principles into our economic system would be enormously benefitial to Nigeria.
He noted that the ideals of a Halal economy is not merely about making lucrative profits but about delivering high standards of quality and that such ideals will help position Nigerian businesses to enjoy greater appeal and favor in the international markets.
He concluded that incorporating a Halal based system will help Nigeria to compete better in the global scene.
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