The Nigerian government has recently entered into a significant partnership with Saudi Arabia’s Halal Products Development Company (HPDC), with the purpose of positioning Nigeria as a key player in an industry valued at an astonishing $7.7 trillion.
The deal, signed on Wednesday in Saudi Arabia, was hailed as a milestone by Nigeria’s Vice President, Kashim Shettima. He highlighted that this collaboration would not only diversify Nigeria’s economy but also generate employment opportunities and attract investment from abroad.
Shettima emphasised that the halal market’s reach extends far beyond Muslim-majority nations, with countries like Brazil and Australia already reaping significant export benefits from tapping into this growing sector.
The Vice President further elaborated that the deal would provide both countries with opportunities in critical areas such as food production, pharmaceuticals, finance, and livestock.
The signing ceremony saw the participation of several high-ranking officials, including HPDC’s CEO, Fahad Alnuhait, and various prominent Saudi leaders, such as Commerce Minister Majid bin Abdullah Al-Qasabi. This partnership signals a long-term commitment to increasing Nigeria’s footprint in the halal market and fostering greater economic cooperation between the
Additionally, the Nigerian delegation, which included figures like Alhaji Muhammadu Ladan Dikko and the Minister of Trade and Investment, Jumoke Oduwole, recognised the significance of this deal in further expanding Nigeria’s Islamic finance sector. This includes successful initiatives like Sukuk bonds and Islamic banks, such as Jaiz Bank, Taj Bank, and Lotus Bank.
The collaboration also garners support from organizations such as the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA), which will provide expertise in capacity building, regulatory frameworks, and financing.
The Nigerian government has recently entered into a significant partnership with Saudi Arabia’s Halal Products Development Company (HPDC), with the purpose of positioning Nigeria as a key player in an industry valued at an astonishing $7.7 trillion.
The deal, signed on Wednesday in Saudi Arabia, was hailed as a milestone by Nigeria’s Vice President, Kashim Shettima. He highlighted that this collaboration would not only diversify Nigeria’s economy but also generate employment opportunities and attract investment from abroad.
Shettima emphasised that the halal market’s reach extends far beyond Muslim-majority nations, with countries like Brazil and Australia already reaping significant export benefits from tapping into this growing sector.
The Vice President further elaborated that the deal would provide both countries with opportunities in critical areas such as food production, pharmaceuticals, finance, and livestock.
The signing ceremony saw the participation of several high-ranking officials, including HPDC’s CEO, Fahad Alnuhait, and various prominent Saudi leaders, such as Commerce Minister Majid bin Abdullah Al-Qasabi. This partnership signals a long-term commitment to increasing Nigeria’s footprint in the halal market and fostering greater economic cooperation between the two countries.
Additionally, the Nigerian delegation, which included figures like Alhaji Muhammadu Ladan Dikko and the Minister of Trade and Investment, Jumoke Oduwole, recognised the significance of this deal in further expanding Nigeria’s Islamic finance sector. This includes successful initiatives like Sukuk bonds and Islamic banks, such as Jaiz Bank, Taj Bank, and Lotus Bank.
The collaboration also garners support from organizations such as the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA), which will provide expertise in capacity building, regulatory frameworks, and financing.
