Abuja, Nigeria – The Nigerian Senate commended the Federal Government for launching the National Halal Economy Strategy. Lawmakers called the move a major boost for Nigeria’s economy.
“This step shows Nigeria’s readiness to adopt international models. As a result, it will unlock new opportunities and strengthen our role in the global economy,” he said.
What the Strategy Covers
The plan focuses on key sectors:
- Food and beverages
- Pharmaceuticals and cosmetics
- Ethical finance
- Tourism and logistics
In addition, experts highlight Nigeria’s strengths in agriculture, manufacturing, and a young workforce. Furthermore, the strategy aligns with global halal standards adopted by Malaysia, Saudi Arabia, and Turkey.
Meanwhile, the government aims to modernize Nigeria’s export and production processes, ensuring competitiveness in the global market.
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Economic Impact
The government expects the halal economy to boost GDP. Analysts project it could add $1.5 billion by 2027 and generate over $12 billion by 2030.
Moreover, the initiative empowers SMEs, attracts foreign investors, and expands export opportunities. Therefore, stakeholders anticipate significant job creation and increased foreign exchange earnings.
Senate Pledges Support
The Senate promised full support for the strategy. Lawmakers stressed the need for strong regulations, transparency, and oversight.
In addition, they highlighted the strategy’s inclusiveness, stating it respects Nigeria’s diversity while following global standards. They also vowed to pass supportive laws and ensure proper implementation.
Looking Ahead
Nigeria’s halal economy goes beyond food. It now covers ethical finance, tourism, and global trade. Furthermore, experts say private sector participation and international partnerships will drive success in this trillion-dollar market.
Finally, the strategy represents a major step toward economic diversification, which will strengthen Nigeria’s global competitiveness and boost sustainable growth.
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