…To Tap $7.7trn Global Market
The Senate Committee on Finance has commended President Bola Ahmed Tinubu for launching Nigeria’s National Halal Economy Strategy, describing it as a bold and strategic move to position the country within the lucrative global halal market, estimated at $7.7 trillion.
In a statement signed by its Chairman, the committee praised the initiative as timely and aligned with international best practices.
Several countries, including the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand, and Singapore, have successfully used halal frameworks to boost manufacturing, agricultural exports, financial markets, and foreign investment.
The committee highlighted Nigeria’s strong advantages for success in this space, including its vast agricultural resources, large domestic market, youthful population, growing manufacturing sector, and expanding services industry.
It noted that the strategy fits seamlessly into the Tinubu administration’s broader economic reforms, such as boosting non-oil revenue, diversifying exports, creating jobs, supporting small and medium enterprises (SMEs), and increasing foreign exchange earnings.
President Tinubu, represented by Vice President Kashim Shettima, officially unveiled the strategy on Thursday, February 6, 2026, at the Presidential Villa in Abuja.
The framework, developed in collaboration with Saudi Arabia’s Halal Products Development Company (HPDC) following a bilateral agreement signed in February 2025 at the Makkah Halal Forum, aims to enhance quality standards, certification processes, and competitiveness across sectors like food, pharmaceuticals, cosmetics, tourism, and ethical finance.
The committee described the strategy as inclusive, market-driven, and globally oriented, while fully respecting Nigeria’s diverse and pluralistic society.
It is projected to contribute significantly to the economy, with estimates suggesting it could add around $1.5 billion to Nigeria’s GDP by 2027 and unlock billions more in domestic value over the coming decade through expanded exports and investment.
The Senate Committee on Finance pledged its full legislative support, oversight, and cooperation to ensure smooth implementation, regulatory clarity, and long-term fiscal sustainability in the national interest.
“This decisive step reinforces Nigeria’s readiness to adopt proven international models, unlock new economic frontiers, and establish itself as a competitive player in the evolving global economy,” the statement concluded.
