Mkpoikana Udoma
Port Harcourt — Nigeria has signed a landmark cooperation agreement with Saudi Arabia’s Halal Products Development Company, HPDC to position the country as a major player in the $7.7 trillion global halal economy, spanning food production, pharmaceuticals, finance, and livestock.
The agreement, signed at the Makkah Halal Forum in Saudi Arabia, will drive investment, enhance market access, and promote technical collaboration between the two nations.
Vice President Kashim Shettima, represented by his Deputy Chief of Staff, Senator Ibrahim Hassan Hadejia, who signed the pact, described the deal as a game-changer in Nigeria’s economic diversification agenda.
“This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player,” Shettima said.
“We are committed to leveraging this partnership to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” he added.
The agreement was executed with HPDC, a subsidiary of Saudi Arabia’s Public Investment Fund, represented by its CEO, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi and other high-ranking officials.
Speaking on the significance of the partnership, Aliyu Bunu Sheriff, Special Assistant to the President on Export Promotion, highlighted the broader economic implications.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and expanding Nigeria’s export base,” he said.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” Sheriff added.
He further revealed that Islamic finance institutions, including the Islamic Development Bank and the Arab Bank for Economic Development in Africa, would support the initiative through capacity building, regulatory framework development, and financing opportunities.
The deal builds on Nigeria’s rapidly expanding Islamic finance sector, which has already seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Vice President Shettima had previously emphasized the economic potential of the halal industry, stating that increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
