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The Nigerian Federal Government has sealed a partnership with Saudi Arabia’s Halal Products Development Company (HPDC), positioning Nigeria to claim a prominent stake in the $7.7 trillion global halal market, a sector ripe with economic promise.
Speaking at the agreement’s signing ceremony in Saudi Arabia on Wednesday, February 26, 2025, Vice President Kashim Shettima hailed the deal as a pivotal breakthrough, signaling Nigeria’s bold entry into a transformative economic arena.
He stressed that this collaboration is set to elevate Nigeria into a heavyweight contender in the worldwide halal economy, unlocking new avenues for growth and influence on the international stage.
“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.
“The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries,” Shettima’s media aide Stanley Nkwocha quoted his principal as saying in a statement issued on Thursday.
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Shettima was represented by the Deputy Chief of Staff to the President, (Office of the Vice President) Ibrahim Hadejia who said, “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 accord was cemented with the Halal Products Development Company (HPDC), an arm of Saudi Arabia’s sovereign wealth entity, with its top executive, Fahad Alnuhait, putting pen to paper. The signing took place on Wednesday, February 26, 2025, in Saudi Arabia, graced by dignitaries including the kingdom’s Commerce Minister Majid bin Abdullah Al-Qasabi, Makkah Halal Forum overseer Fawaz bin Talal Al-Harbi, and Makkah’s commerce chief Abdullah bin Saleh Kamel.
At the gathering, Aliyu Bunu Sheriff, the President’s aide on export advancement, highlighted how this partnership taps into Nigeria’s thriving Islamic financial ecosystem—a realm bolstered by Sukuk instruments funding major projects and the emergence of banks like Jaiz, Taj, and Lotus, paving the way for a deeper economic footprint.
