Ola Akinwunmi
In a groundbreaking move, Nigeria has signed a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to establish itself as a major player in the global halal market, valued at $7.7 trillion.
The agreement, signed at the Makkah Halal Forum in Saudi Arabia, aims to promote investment, technical collaboration, and market access across key sectors such as food production, pharmaceuticals, finance, and livestock. This partnership is expected to create new jobs, attract foreign investment, and diversify Nigeria’s economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Vice President Kashim Shettima, represented by Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, hailed the partnership as a “game-changing opportunity” to transform Nigeria into a global halal economy powerhouse. Shettima emphasized that Nigeria is committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify its economy.
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. 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.
The global halal market extends beyond Muslim consumers, with non-Muslim majority countries like Brazil, Australia, and Thailand already leveraging the sector for substantial export growth. As Nigeria seeks to tap into this lucrative market, the partnership with Saudi Arabia is poised to unlock new opportunities for economic growth and development.
The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
Shettima, represented by the Deputy Chief of Staff to the President, (Office of the Vice President), Senator Ibrahim Hassan Hadejia, 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 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 Organising 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.
