Nigerian Government and Saudi Arabia’s Halal Products Development Company, HPDC, have signed a deal to make the African country a leading player in the global halal market valued at $7.7 trillion.
Vice President, Kashim Shetimma, who represented the Nigerian government in the signing of the deal in Saudi Arabia on Wednesday, said the agreement is a game-changer.
The VP said that this particular deal will transform the west African country into a global halal economic powerhouse.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he said.
Shettima added through his media, Stanley Nkwocha that “The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.”
The Vice President was represented by the Deputy Chief of Staff to the President, (Office of the Vice President) Ibrahim Hadejia.
He noted that “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 Ahmed Tinubu.”
The pact 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 Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee His Excellency Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry His Excellency Abdullah bin Saleh Kamel.
At the event, the Special Assistant to the President on Export Promotion Aliyu Bunu Sheriff said the agreement 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.