Vice President Kashim Shettima, on Wednesday at the launch of initiatives to tap into the group of 20 top exporters of halal products to D8 countries, with a revenue of at least 6 per cent from the $7tn export opportunities, said it’s not just an Islamic venture.
The halal market refers to the global trade in products and services that comply with Islamic law.
Halal also means permissible or lawful in Arabic, hence halal products and services refer to goods and services that are produced and provided by Islamic law to D8 countries.
D8 or Developing-8, is an organisation for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkiye.
Although Nigeria, is currently said to be exporting 2 per cent of halal products, with the target of 6 per cent export to the D8 countries, the country plans to generate $1bn GDP by the year 2027.
Representing President Bola Tinubu, at the event, themed “Building a Vibrant Halal Economy: Unlocking Nigeria’s Potentials”, Shettima said the launch represents the country’s efforts at revitalizing the economy.
He said, “The concept is not just about religion, but now a growing global economy market, into which Nigeria must key.
“Nigeria will now fully key into the practices to advance critical infrastructure projects, including roads, agriculture, tourism, amongst others to maximize the country’s benefits from halal economy
“We must reassess our weaknesses to reposition ourselves into the highly lucrative global economy.”The Minister of, the Federal Ministry of Agriculture and Food Security, (FMAFS) Abubakar Kyari, revealed that the economy’s estimated share export of halal products was estimated at $107bn, from the $2.3tn trade of 2023.
According to the minister Nigeria targets 22 per cent of exports to African countries, noting that for Nigeria’s Islamic finance to grow, the nation must grow the tourism sector, to attract patronage, enhance production and create consumer awareness. The global halal market includes food and beverages, fashion, cosmetics, tourism and even fertiliser while others include restaurants and hotels with only halal food, without alcohol, with prayer rooms, beaches and pools exclusive to women.
Also speaking, the Secretary General D8 Organisation for Economic Cooperation, Abdulqadri Imam said Nigeria must strengthen several sectors, including the regulatory framework, consumer awareness, infrastructure, and investments both foreign and local, to maximise halal benefits.
He said, “We cannot afford to ignore the 1.3b people that make up the D8 nations, Nigeria must set up an international halal certification standard body, develop halal-friendly infrastructure, participate in international halal trade fairs, as well as organise annual halal expo to promote halal products
“Others include the establishment of a research organisation or endowment in halal development in Universities to develop local halal models to enhance high-quality products, as well as leverage on the D8 platform to enhance the promotion of halal practices” Imam said.
