In a strategic move to position Nigeria as a key player in the booming global halal economy, the federal government has signed a landmark cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC). This pact, sealed at the prestigious Makkah Halal Forum, is expected to unlock new investment opportunities, foster technical collaboration, and open doors for Nigerian businesses in the $7.7 trillion halal industry.
Vice President Kashim Shettima, represented by Deputy Chief of Staff Senator Ibrahim Hadejia, led the Nigerian delegation to the event, where he described the agreement as a “game-changer” for Nigeria’s economic diversification agenda. With the halal economy encompassing industries such as food production, pharmaceuticals, finance, and livestock, Nigeria stands to gain significantly from this partnership.
The Saudi Public Investment Fund-backed HPDC, represented by its CEO Fahad Alnuhait, expressed confidence in Nigeria’s potential, highlighting the country’s vast agricultural resources and growing consumer market as key drivers of success in the halal sector. The agreement also aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes foreign investment, industrial growth, and job creation.
Industry analysts see this deal as a golden opportunity for Nigeria to capitalize on the global demand for halal-certified products, particularly in Africa, the Middle East, and parts of Asia. With a large Muslim population and a robust agricultural sector, Nigeria is well-positioned to become a leading exporter of halal goods. However, experts caution that the country must address infrastructure challenges, streamline certification processes, and ensure regulatory compliance to fully maximize the benefits of this partnership.
The signing ceremony was attended by high-ranking officials, including Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and Makkah Chamber of Commerce Chairman, Abdullah bin Saleh Kamel. Their presence underscored the importance of this collaboration and the potential economic windfall it promises.
As Nigeria takes this bold step into the halal market, all eyes will be on how effectively the government and private sector harness this opportunity to drive economic growth, boost exports, and solidify the country’s position as a major player in the global Islamic economy.