…20 top exporters to 9global halal market
Nigeria on Wednesday, engaged major stakeholders with the launch of initiatives to tap into the group of 20 top exporters of halal products to D8 countries, eyeing at least 6 percent of the $7 trillion export opportunities.
D8 or Developing-8, is an organisation for development co-operation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
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The $7 trillion global halal market includes food and beverages, fashion, cosmetics, tourism and even fertiliser.
Others include restaurants and hotels with only halal food, without alcohol, with prayer rooms, beaches and pools exclusive to women.
Nigeria, currently said to be doing only 2 percent export of halal products, is targeting 6%, with plans to hit $1b GDP by the year 2027, if the country expands export to the D8 countries to 6% share, according to experts at the event.
Vice President Kashim Shettima, who represented President Bola Tinubu, at the event, themed “Building a Vibrant Halal Economy: Unlocking Nigeria’s Potentials”, said the launch represents Nigeria’s comprehensive efforts at further strengthen the ongoing federal government’s economic policies,
He blamed the lack of “understanding”, for stifling the growth of the otherwise highly prosperous Islamic financial practices
“The concept is not just about religion, but now a growing global economy market, into which Nigeria must key,” Shettima said.
“Nigeria will now fully key into the practices to advance critical infrastructure projects, including roads, agriculture, tourism, amongst others to maximize the country’s benefits from halal economy
“We must reassess our weaknesses to reposition ourselves into the highly lucrative global economy.”
He also called on all stakeholders to partner with the government to develop policies that will make Nigeria key into the globally lucrative economy for growth and development.
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Abubakar Kyari, the agriculture and food security minister, revealed that Nigeria’s share of export of halal products was estimated at $107b, out of the $2.3 trillion trade, in 2023, added that the country is targeting, 22% of exports to African countries
He noted that for Nigeria’s Islamic finance to grow, the nation must grow the tourism sector, to attract patronage, enhance production and create consumer awareness.
According to Abdulqadri Imam, the secretary general of the D8 Organisation for Economic Cooperation, the halal economy is driven by ethical choices.
He noted that Nigeria must strengthen several sectors, including the regulatory framework, consumer awareness, infrastructure, and investments both foreign and local, to maximise benefits from the halal economy.
He also called for discipline, and improvements in production activities, adding that Nigeria still lacks behind in Standards and certification, which must be “ worked on to meet the global halal market standards”
“We cannot afford to ignore the 1.3b people that make up the D8 nations,
“ Nigeria must set up an international halal certification standard body, develop halal-friendly infrastructure, participate in international halal trade fairs, as well as organise annual halal expo to promote halal products
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Others include the establishment of a research organisation or endowment in halal development in Universities to develop local halal models to enhance high-quality products, as well as leverage on the D8 platform to enhance the promotion of halal practices”
He also urged the private sector operators to partner and collaborate with other organizations to strengthen trade facilitation.
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