As Nigeria grapples with persistent inflation and a desperate need for foreign exchange, Muassasat Nasrul Ilm Wa Da’awat Foundation (MNIDF) has proposed a familiar, yet often misunderstood, solution,  the Halal economy.

Inside the Nurudeen Alao Auditorium at the University of Lagos, MNIDF hosted its first Muslim Economic Summit.

With the theme: ‘Faith, Finance and the Future: Empowering Youths, Women and Businesses for a Prosperous Ummah’,  the event framed the halal market, not merely as a religious requirement, but also as a sophisticated $7.7 trillion global ecosystem with the potential to pull millions of Nigerians out of poverty.

The National President of MNIDF, Alhaji Ibrahim Olayinka Adigun, stressed that the Halal economy is not a parochial venture for Muslims alone, but a universal ethical framework.

“The halal economy is inclusive, ethical, and it doesn’t discriminate. It is another goldmine for Nigeria to explore.”

“Today, the global halal ecosystem is worth $7.7 trillion, and it may surprise you that the leading nations are non-Muslim. Brazil, Thailand and Australia are the leading exporters.”

Adigun announced that the foundation is developing a five-year blueprint, a Roadmap to Halal Economy 2030, which will be presented to policy makers and regulatory agencies. The goal, he said, is a win-win  for the nation’s Gross Domestic Product (GDP) and the livelihoods of its citizens.

A lecturer, Department of Accounting at Ahmadu Bello University, Zaria, Professor Ahmad Bello Dogarawa argued that Nigeria is uniquely positioned to dominate the African market. With a population of over 200 million and vast arable land, the potential for halal food, beverages and livestock exports is marvelous.

However, Dogarawa said the primary hurdle “remains a fear of the unknown.”
“When you say halal ecosystem, it is not about Islamisation or bringing Shariah that will lead to amputation,” Dogarawa clarified.

He said that halal economy  is about investment and growth.”

Look at the Sukuk bonds, the government’s 2025 series was over-subscribed by more than 350 per cent. Humans are naturally afraid of what they don’t know, but people are rational, they will tap into what is beneficial once they are educated.”

The summit also delved into the technicalities of Shariah governance, emphasising that ethics in the Halal sector go beyond prayer, extending to food safety, hygiene and the avoidance of usury (Riba).

The Chief Imam of Lagos, Sheikh Sulaimon Abou-Nolla, lauded the initiative as a welcome development for the state, reminding the audience that in Islamic tradition, knowledge is the lost property of the believer.

Representing the Lagos State Government, the Special Adviser on Islamic Affairs, Mr. Jebe Ahmad, noted that the governor, Mr. Babajide Sanwo-Olu had ensured that small businesses would get access to loan, citing the Lagos State Employment Trust Fund (LSETF) loans. He lamented, however, that many remain unaware of these facilities due to a lack of education.