Nigeria has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company to establish itself as a key player in the $7.7 trillion halal market. The agreement focuses on investment and technical cooperation in various sectors. Vice President Kashim Shettima emphasized its potential to transform Nigeria’s economy, enhance job creation, and attract foreign investment, aligning with national goals for economic diversification.
The Federal Government of Nigeria has entered a partnership with the Halal Products Development Company of Saudi Arabia to position Nigeria as a significant player in the $7.7 trillion global halal market. This agreement aims at enhancing investment, technical collaboration, and market entry in sectors such as food, pharmaceuticals, finance, and livestock for both nations.
At the signing ceremony during the Makkah Halal Forum, Vice President Kashim Shettima characterized this cooperation as a transformative opportunity for Nigeria to establish itself as a halal economy leader. Notably, the Senior Special Assistant on Media and Communication, Stanley Nkwocha, confirmed this partnership through an official statement.
VP Shettima, represented by Senator Ibrahim Hassan Hadejia, emphasized the necessity of this collaboration for accessing the lucrative halal market and promoting foreign investment. He stated, “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 finalized with HPDC, a subsidiary of the Saudi Public Investment Fund, led by CEO Fahad Alnuhait. Key attendees included Saudi Arabia’s Minister of Commerce and representatives from prominent sectors, indicating robust bilateral interests.
Further, Special Assistant to the President on Export Promotion, Aliyu Sheriff, reported that this partnership builds on the success of Nigeria’s Islamic finance sector, which already encompasses Sukuk bonds for infrastructure and Islamic banking institutions. He noted that numerous institutions would support this initiative through regulatory aid and funding opportunities.
Sheriff remarked that the halal sector is not limited to Muslim consumers, as countries like Brazil and Thailand have succeeded in capitalizing on halal exports. He reiterated that the agreement aligns with the Renewed Hope Agenda by fostering new job creation and foreign investment, thereby diversifying the Nigerian economy.
The Nigerian delegation comprised several influential figures, including the Chairman of Dar Al Halal Group and other government ministers, showcasing a strong commitment to the partnership. In a prior engagement, VP Shettima had articulated that enhancing Nigeria’s halal exports could significantly contribute to its GDP by targeting Organization of Islamic Cooperation markets,
Conclusively, this agreement is expected to enable Nigeria to harness the potential of the halal economy, which could generate substantial economic benefits and help diversify the nation’s economic base, in alignment with the government’s strategic objectives.
The signed cooperation agreement between Nigeria and Saudi Arabia represents a strategic move towards establishing Nigeria as a significant participant in the global halal market valued at $7.7 trillion. Leveraging investments and technical cooperation in various sectors, this partnership aims at job creation, attracting foreign investment, and economic diversification. The involvement of both governments signals a robust commitment to realizing the economic potential of the halal economy.
Original Source: punchng.com
