Nigeria seals landmark halal deal with Saudi Arabia

Nigeria has taken a bold step toward becoming a global player in the $7.7 trillion halal market by signing a strategic agreement with Saudi Arabia’s Halal Products Development Company (HPDC).

At the signing ceremony in Saudi Arabia on Wednesday, Vice President Kashim Shettima, represented by Deputy Chief of Staff to the President, Ibrahim Hadejia, described the deal as a “game-changer” that will transform Nigeria into a halal economic powerhouse.

“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy,” Shettima’s media aide, Stanley Nkwocha, quoted him as saying. He emphasized that non-Muslim-majority countries like Brazil, Australia, and Thailand are already capitalizing on the halal economy for export growth.

The Saudi Public Investment Fund subsidiary HPDC was represented by CEO Fahad Alnuhait, with dignitaries including Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Qasabi, Chairman of the Makkah Halal Forum’s Organizing Committee His Excellency Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry His Excellency Abdullah bin Saleh Kamel.

Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, highlighted that the deal builds on Nigeria’s expanding Islamic finance sector, including Sukuk bonds and Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.

The agreement will facilitate investment, technical cooperation, and market access in food production, pharmaceuticals, finance, and livestock, marking a pivotal moment for Nigeria’s economic diversification strategy.