- The Nigerian Halal market is expected to grow by 10.7 percent annually.
- The benefits included potential for job creation and economic growth, especially in agriculture, food processing, the film industry, and logistics.
- The Halal market encompasses food, cosmetics, supply chain, pharmaceuticals, media/creation, and fashion to meet the needs of Muslims around the world.
The Nigerian Halal market is expected to grow from $107 billion in 2022 to $180 billion in 2027.
This was revealed by him Emir of Kano, Alhaji Aminu Bayero, during the presentation of the Halal Markets 2023 report, as the rA report revealed that the market is expected to grow at an annual growth rate of 10.7%
In presenting the Halal Markets 2023 report to boost the country’s domestic economic growth, the Emir of Kano, Alhaji Aminu Bayero, stated that the market is expected to grow at an annual growth rate of 10.7% from 107 billion dollars in 2022. to 180 billion dollars by 2027.
He added that there would be opportunities for business capitalization and investment in the growing demand for the Halal economy, adding:
- ”One of the benefits is the potential for job creation and economic growth, especially in agriculture, food processing, the film industry and logistics.
- ”It will contribute to the overall development of the country as the market presents an opportunity to grow businesses.
- ‘Investment in the Halal market can help improve the country’s global reputation and attract more foreign investment.
Finance, Budget and National Planning Minister Hajia Zainab Ahmed said the Halal economy was one of the fastest growing markets in the world, estimated at $6.3 trillion, adding that it would also enable and boost investment. as well as lead to regulations and increase consumer awareness.
- ”The Halal industry in Nigeria is at an early stage, but it is still a strategic economy for the overall development of Nigeria.
- “To achieve the reality of getting a Halal economy, the government has to create the right regulations to support the value chain from research to development.
- “The Halal market encompasses food, cosmetics, supply chain, pharmaceuticals, media/creation and fashion to meet the needs of Muslims around the world.
- “The essence of investing is to ensure that wealth is not depleted but preserved, so this economy is aimed at simplifying business regulations and fostering business relationships.”
Dinar Standard chief executive Rafi-Uddin Shikoh said Nigeria was Africa’s second-biggest services consumption market.
He added that the Halal market is capable of boosting the Nigerian market by $1.6 billion annually within four years, through incremental growth, further citing that the universal concept of the Halal economy was not only for Muslims but also for Muslims. other religions.