The Nation Newspaper

Tag: Halal economy

  • Nigeria can benefit from $7.7trn global halal economy

    Nigeria can benefit from $7.7trn global halal economy

    • As summit targets N250m for SMEs

    Alhaji Ibraheem Olayinka Adigun, President, Muassasat Nasrul IIm Wa Da’awat Foundation (MNIDF), has expressed optimism that Nigeria stands to benefit immensely from the $7.7trillion global halal economy.

    Adigun, spoke at a press conference penultimate Wednesday in Lagos, ahead of the maiden edition of the Muslim Economic Summit 2026.

    A halal economy is an economic system based on Islamic principles, encompassing various sectors like food, finance, tourism, and fashion that adhere to halal (permissible) standards.

    The MNIDF boss who officially announced that the maiden edition of the event will hold on 17-18, January, at the University of Lagos DIL Main Auditorium, with the theme “Faith, Finance & the Future: Empowering Youths, Women & Businesses for a Prosperous Future,” said the summit is designed to ignite a new wave of economic empowerment, skills development, and collaboration across Nigeria’s Muslim and non-Muslim communities.

    According to the organisers, the summit will bring together policy experts, Islamic finance professionals, entrepreneurs, scholars, women leaders, and youth innovators for a period of learning, networking, and practical empowerment, with a plan to raise N250million endowment fund to support businesses.

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    The event will feature keynote lectures, panel discussions, plenary sessions, a Waqf fund launch, certificate presentations, and a trade fair showcasing halal products and services. The organisers emphasised that MES 1.0 is not merely a conference but a catalyst for change aimed at translating faith-based values into measurable economic outcomes.

    “The Muslim Economic Summit is about building a future where no one is left behind. We are creating a generation of Muslim entrepreneurs, professionals, and innovators who can compete globally while remaining true to Islamic values.

    This is a call to our youth, women, and business owners to seize this opportunity for transformation.”

    One of the summit’s most remarkable components is the Pre-Summit Empowerment Training Program, targeted at training over 1,000 youths and women in high-impact skills such as digital marketing, solar installation, mini-import/export, and urban farming. These participants will receive certificates of completion during the summit, marking the start of their journey toward financial independence and ethical entrepreneurship.

  • Nigeria, Saudi Arabia sign pact to tap into $7.7trn halal economy

    Nigeria, Saudi Arabia sign pact to tap into $7.7trn halal economy

    Nigeria has signed a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position itself as a major player in the global halal market, which is valued at $7.7 trillion.

    The agreement, signed at the Makkah Halal Forum in Saudi Arabia on Wednesday, will promote investment, technical collaboration, and market access across key sectors such as food production, pharmaceuticals, finance, and livestock.

    Vice President Kashim Shettima, represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, described the deal as a transformative step for Nigeria’s economy.

    According to a statement issued by Senior Special Assistant to the President on Media and Communications Office of the Vice President Stanley Nkwocha, Shettima said, “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. 

    “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 executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.

    Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, said the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.

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    Sheriff explained 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.

    “This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.

    “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 said.

    The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and R’representative of the Standard Organization of Nigeria, Hajiya Amina. 

    Others are the Chairman, Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.

    VP 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, while strategic import substitution could add nearly $1 billion by 2027.