ACCI eyes $150bn investment inflow to boost Halal businesses in Nigeria
The Abuja Chamber of Commerce and Industry (ACCI) is looking to open up opportunities for Halal market activities in Nigeria which is projected to drive investment worth $150 billion into the Nigerian economy.
Abubakar Al-Mujtaba, President, ACCI disclosed this at the 2021 Halal Expo in Abuja where he mentioned that this is also part of the chamber’s efforts to drive partnership that will translate to economic benefits for participants in Nigeria and beyond.
Other than driving economic growth, he said this will also improve trade activities with and outside the country with the Halal business worth over $4 trillion globally, out of which Nigeria is currently optimizing about $50 billion worth of trade.
Halal is an Arabic word meaning permissible according to Islamic Sharia law and can refer to both goods and services acceptable to Muslims. Halal businesses cover finance, manufacturing, hospitality, fashion and cosmetics, agribusiness, and livestock among others.
“The investment would target Nigeria’s cosmetic, pharmaceutical and tourism sectors, adding that the expo would also serve as a launchpad to attract new businesses for Nigeria and Africa at large,” he said.
He pointed out that a whole lot of foreign companies in the Middle East are seeking ways to enter the Nigerian market not just to bring in their products, but to also expand their manufacturing activities in the country.
Al-Mujtaba said the 2021 Halal Expo aims to create awareness about the Halal industry in Nigeria by harmonizing and galvanizing Halal registration for ease of accessibility and availability by businesses interested in investing in the sector.
“It will expand Nigeria’s outlook in the Halal market globally while it also intensifies the investment opportunities inherent in the industry which investors can optimize,” he said.
Victoria Akai, Director-General, ACCI, said the Halal business group will bring unique and significant contributions to business in Nigeria, adding that to increase investment opportunities between Nigeria and other global Halal players, Nigeria should leverage the Halal business economy.
“The expo would also give Nigerian exporters the opportunity to break even into the Middle East markets through the Halal certification,” she said.