By Ayomide Otitoju
The Federal Government has signed a strategic partnership agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a major player in the $7.7 trillion global halal market.
At the signing ceremony in Saudi Arabia on Wednesday, Vice President Kashim Shettima described the agreement as a “game-changer” that aligns with the Renewed Hope Agenda by fostering job creation, attracting foreign direct investment, and diversifying the economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim-majority countries like Brazil, Australia, and Thailand are already leveraging this sector for substantial export growth. This agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock,” Shettima’s media aide, Stanley Nkwocha, quoted him as saying in a statement on Thursday.
Shettima was represented at the event by the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, who emphasized Nigeria’s commitment to leveraging the collaboration to establish itself as a leading global player in the halal economy.
The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, and was represented by its CEO, Fahad Alnuhait. Also in attendance were Saudi Arabia’s Minister of Commerce, Majid bin Abdullah Al-Qasabi, and key stakeholders from both nations.
Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, noted that the deal builds upon Nigeria’s growing Islamic finance sector, citing the success of Sukuk bonds for infrastructure financing and the expansion of Islamic banking institutions like Jaiz Bank, Taj Bank, and Lotus Bank.
The initiative will also receive support from the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) through capacity building, regulatory framework development, and financing opportunities.
The Nigerian delegation included high-profile representatives from the government and private sector, reaffirming the country’s dedication to strengthening its position in the halal market.
