The Federal Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to establish Nigeria as a leading player in the global halal market valued at $7.7 trillion.
The agreement would facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
Speaking on Wednesday during the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima pointed out that the partnership represents a game-changing opportunity to transform Nigeria into a global halal economy powerhouse.
Represented by the Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, Vice President Shettima said: “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.
“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organising Committee, His Excellency Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Abdullah bin Saleh Kamel.
Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing, and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) would support the initiative through capacity building, regulatory framework development, and financing opportunities.
