The Federal Government has signed a strategic agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a key player in the $7.7 trillion global halal market.

Vice President Kashim Shettima, represented by Deputy Chief of Staff Ibrahim Hadejia, described the deal as a major economic milestone that will drive job creation, attract foreign investment, and diversify Nigeria’s economy.

“The halal economy extends beyond Muslim consumers. Non-Muslim-majority countries like Brazil, Australia, and Thailand are already leveraging this sector for substantial export growth,” Shettima’s media aide, Stanley Nkwocha, quoted him as saying.

Signed in Saudi Arabia, the agreement facilitates investment, technical cooperation, and market access in key sectors such as food production, pharmaceuticals, finance, and livestock.

HPDC, a subsidiary of the Saudi Public Investment Fund, was represented by CEO Fahad Alnuhait, alongside Saudi Arabia’s Minister of Commerce, Majid bin Abdullah Al-Qasabi.

Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, highlighted that the pact builds on Nigeria’s expanding Islamic finance sector, which has seen the rise of Sukuk bonds and financial institutions like Jaiz Bank, Taj Bank, and Lotus Bank.

Additionally, the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will provide capacity building, regulatory framework development, and financial support for the initiative.

The Nigerian delegation included top government officials and industry leaders, such as Minister of Trade and Investment Jumoke Oduwole (represented by Ambassador Nura Rimi), Minister of Finance Wale Edun (represented by Nur Muftau Baba Ahmed), and CEO of the Nigeria Export Promotion Council, Nonye Aneyi (represented by Mustapha Aminu).

The agreement aims to establish Nigeria as a dominant force in the halal economy while unlocking new growth opportunities for local businesses in the global market.