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, Alhaji Aminu Ado Bayero, said the market was expected to grow at an annual growth rate of 10.7 per cent.
Bayero said that the growth was expected to move from 107 billion dollars in 2022 to 180billion dollars by 2027.
The emir said this showed 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 economic growth especially in Agriculture, food processing, film industry and logistics sector.
”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 the fastest growing market in the world today estimated at 6.3 trillion dollars.
Ahmed said the market would help inspire individual investment to grow, simplify faith, lead to regulations as well as increase consumers awareness.
”The Halal industry in Nigeria is at a early stage but remained strategic economy for overall development in 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 wealth is not depleted but preserved, so this economy is aimed at simplifying trade regulations and foster 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 Nigeria’s consumer economy market for Halal products and services was worth 107 billion dollars with projection to grow at estimated 10.7 per cent CAGR.
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 comprehensive view of Halal market opportunities roadmap for Nigeria.
He called on Africa and member countries to key into the opportunities Halal market offers.
He, therefore, stressed that the universal concept of the Halal economy was not only for Muslims alone but also for other faiths.(NAN)