Business Headline News Nigeria

FG estimates Halal Market growth rate at $180bn

The federal government has presented the 2023 Halal markets report, projecting domestic economy growth in the country to drive from $107 billion in 2022 to $180 billion by 2027.

At the launch of the 2023 Markets report on Thursday in Abuja, the Emir of Kano, Alhaji Aminu Ado Bayero, Minister of Finance, Budget and National Planning, Zainab Ahmed, and other stakeholders agreed that the Halal market can boost economic growth in the country.

According to them, the report, which was produced by Dar Al Halal in partnership with DinarStandard,  provides a comprehensive view of Nigeria’s market opportunities and a road map to unlock its full potential.

In her opening remarks, the Minister of Finance, Zainab Ahmed described the halal economy as “one of the fastest-growing markets in the world today” estimated at $6.3 trillion and the market would help inspire individual investment to grow, lead to regulations as well as increase consumers’ awareness to support the entire value chain.

“The reality of getting the Halal economy to contribute even more significantly to the Nigeria economy and to make this a reality, government needs to create the right regulation and the enabling environment for entrepreneurs, organisations, associations and accreditation bodies to support the entire value chain.

It is one of the fastest growing markets in global economy today. The reports being released today aims to empower government entities, industries and investors to grow Nigeria’s presence in the global economy and foster partnerships to help Nigeria tap into Halal economic opportunities.”

On his part ,the Emir of Kano Alhaji Aminu Ado Bayero, affirmed that the market was expected to grow at an annual growth rate of 10.7% and equally move from $107 billion in 2022 to $180 billion by 2027.

”One of the benefits is the potential for job creation and economic growth, especially in agriculture, food processing, film industry, and logistics. It will contribute to the overall development of the country as the market presents an opportunity to grow businesses and enhance the country’s global reputation thereby attracting more foreign investment.

Chief Executive Officer of Dinar Standard, Rafi-Uddin Shikoh, emphasized that Nigeria was the second largest consumer market for service in Africa and added that the Halal market was capable of driving the Nigerian market by $1.6 billion annually within four years.

Reporting by Julian Osamoto; Editing by Oluwaseyi Ajibade and Tony Okerafor