Nigeria’s Halal markets to hit $180bn by 2027
The Nigerian government has presented the 2023 Halal Markets report to drive domestic economy growth in the country.
Speaking at the launch of the report in Abuja on Thursday, the Emir of Kano, Aminu Bayero, said the market is expected to grow at an annual growth rate of 10.7 per cent.
Mr Bayero said that the growth was expected to move from 107 billion dollars in 2022 to 180 billion dollars by 2027.
According to the emir, this shows significant opportunities for businesses and investments capitalisation on the growing demand for Halal economy.
”One of the benefits is the potential for job creation and economy growth, especially in agriculture, food processing, the film industry, and logistics.
”It will contribute to the overall development of the country as the market presents an opportunity to grow businesses.
‘Investment in Halal market can help to enhance the country’s global reputation and attract more foreign investment,” he said.
He commended the efforts of experts for coming up with the report while also urging stakeholders to unlock the potentials the market offered.
Also, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, said the Halal economy was one of the fastest growing markets in the world, estimated at 6.3 trillion dollars.
Ahmed said that the market would help inspire individual investment to grow, simplify faith, lead to regulations as well as increase consumer awareness.
”The Halal industry in Nigeria is at an early stage but remains strategic economy for overall development of Nigeria.
”For us to achieve the reality of getting Halal economy, government has to create the right regulations to support the value chain from research to development.
”The Halal market comprises food, cosmetics, supply chain, pharmaceutical, media/creation, and fashion to meet the needs of Muslims globally.
”The essence of investment is to ensure that wealth is not depleted but preserved, so this economy is aimed at simplifying trade regulations and fostering trade relationships,” she said.
Presenting the report findings, the Chief Executive Officer, Dinar Standard, Rafi-Uddin Shikoh, said Nigeria was the second largest consumer market for service in Africa.
Shikoh said that the Nigerian consumer economy market for Halal products and services was worth 107 billion dollars with projection to grow at estimated 10.7 per cent annually.
He said that the Halal market was capable of boosting the Nigeria market by 1.6 billion dollars annually within four years through incremental growth.
According to him, the report, however, aims to provide a comprehensive view of Halal market opportunities roadmap for Nigeria.
He called on Africa and member countries to key into the opportunities Halal market offered.
He said that the universal concept of the Halal economy was not only for Muslims but also for other faiths.