Nigerian official: Halal economy offers major opportunities for developing countries

The halal economy offers significant opportunities for economic transformation in developing countries, Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President of Nigeria, said.

Report informs that he made the remarks at the "Halal Economy for Sustainable Regional Integration" event held in Baku as part of the 51st Annual Meeting of the Islamic Development Bank (IsDB) Group.

He said the halal economy had become a key driver of trade, investment, industrial development, food security, financial inclusion and sustainable growth worldwide.

"Today, the global halal economy is estimated to be worth more than $7 trillion and covers food and beverages, livestock, agriculture, pharmaceuticals, cosmetics, tourism, logistics, healthcare, manufacturing and Islamic finance. It represents one of the fastest-growing segments of the global economy," Hadejia said.

According to him, for Nigeria, the halal economy is not merely a religious or cultural offering, but an economic opportunity.

"As Africa's largest economy by GDP and one of the continent's most populous nations, with more than 230 million people, Nigeria has the key potential needed to become a leading halal economy hub in Africa," he said.

Hadejia noted that Nigeria has vast agricultural resources, one of the largest livestock populations on the continent, a developing Islamic finance ecosystem, strategic access to regional and international markets, and a vibrant entrepreneurial population seeking to participate in global value chains.