Nigeria: Why Nigeria should key into $180bn Halal markets

Frank Ikpefan, Abuja – The Nation

Emir of Kano, His Royal Highness, Alhaji Aminu Ado Bayero has urged Nigerians to take advantage of the huge opportunities created by the emerging Halal industry.

The monarch said the market was expected to grow at an annual growth rate of 10.7 percent.

Bayero said the growth was expected to move from 107 billion dollars in 2022 to 180 billion dollars by 2027.

The emir said this showed significant opportunities for businesses and investments capitalisation on the growing demand for Halal economy.

He spoke during the unveiling of the 2023 Nigeria Halal Markets Opportunity and Prospects Report in Abuja.

The Halal market prospect report was produced by Dar Al Halal in partnership with DinarStandard.

The Halal report provides a comprehensive view of Nigeria’s Halal market opportunities and a roadmap to unlock its full potential.

Bayero said: ”One of the benefits is the potential for job creation and economic growth, especially in agriculture, food processing, film industry, and logistics sector.

”It will contribute to the overall development of the country as the market presents an opportunity to grow businesses. ‘Investment in the Halal market can help to enhance the country’s global reputation and attract more foreign investment.”

Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Halal economy was one of the fastest growing markets in the world today estimated at 6.3 trillion dollars.

Ahmed said the market would help inspire individual investment to grow, simplify faith, lead to regulations as well as increase consumers’ awareness.

She said the market remained a strategic economy for the overall economic development of the country.

She said: “The reality of getting the Halal economy to contribute even more significantly to the Nigeria economy and to make this a reality, the government needs to create the right regulation and the enabling environment for entrepreneurs, organisations, associations, and accreditation bodies to support the entire value chain.”