The Nigerian government has signed a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a key player in the $7.7 trillion global halal market.
The deal aims to boost investment, technical collaboration, and market access in sectors such as food production, pharmaceuticals, finance, and livestock. Speaking at the signing ceremony during the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima, represented by Deputy Chief of Staff Senator Ibrahim Hassan Hadejia, highlighted the agreement as a transformative step for Nigeria’s economic diversification.
“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,” Shettima stated, emphasizing job creation, foreign investment, and alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The agreement was executed with HPDC, a subsidiary of Saudi Arabia’s Public Investment Fund, represented by CEO Fahad Alnuhait, alongside Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and key officials from the Makkah Halal Forum.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, noted that the partnership builds on Nigeria’s growing Islamic finance sector, supported by institutions such as Jaiz Bank, Taj Bank, and Lotus Bank. He added that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will provide regulatory and financial backing for the initiative.
Shettima previously highlighted the sector’s economic potential, stating that increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost GDP by $540 million, with import substitution adding nearly $1 billion by 2027.
Source: Swifteradio.com
