Nigeria targets $7tn halal economy to drive non-oil exports

Nigeria is positioning itself to capture a larger share of the more than $7 trillion global halal economy.

This is even as the federal government is targeting over $12 billion in investment and moving to establish national standards aimed at making Nigerian products more competitive in international markets.

Sheikh Yousef Hassan Khalawi, secretary-general of the Islamic Chamber of Commerce and Development (ICCD), said Nigeria has the population, natural resources, entrepreneurial capacity and market access required to become a major production and investment hub in the global halal economy, but must move beyond exporting raw materials to processing, manufacturing and branding.

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Speaking at the Lagos Halal Leadership Reception, Sheikh Yousef said Nigeria had an opportunity to become a leading production and investment hub within an economy valued at more than $7 trillion.

However, he disclosed that the country currently accounts for less than one percent of the global halal market despite its significant agricultural and manufacturing potential.

While rooted in Islamic principles, the halal economy extends well beyond religious observance or food certification. It includes agriculture, finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing and digital commerce, with standards centred on quality, safety, traceability and responsible production.

“Nigeria should not be satisfied with supplying raw materials to markets that capture most of the value. The country already has the resources, the entrepreneurs and access to a wider African market. The opportunity now is to build the processing capacity, trusted standards and Nigerian brands that can compete internationally and secure a far greater share of an economy worth more than $7 trillion,” Sheikh Yousef posited.

He pointed to shea as a clear example of the gap between Nigeria’s productive strength and the value it retains.

Nigeria produces around 40 percent of the world’s raw shea nuts but captures only about one percent of the revenue generated across the global shea-products market. Greater investment in local processing, manufacturing and branding could allow Nigerian businesses to retain more of that value while creating jobs and strengthening non-oil exports.

The reception was held at Eko Hotel, Lagos. It was organised by Halal 360 and the Metropolitan Law Firm, in partnership with the Islamic Chamber of Commerce and Development, Halal Products Development Company, Nigeria Halal Economy Strategy Implementation Committee Secretariat and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture

Kashim Shettima, the vice president of the republic of Nigeria, represented by Doris Uzoka-Anite, minister of State for Budget and Economic Planning, said the federal government intends to make Nigeria a leading voice in shaping the global halal economy.

The vice president said Nigeria intended to play a leading role in shaping the global halal economy and welcomed partnerships that could turn the country’s potential into measurable commercial results.

“Nigeria does not come to this gathering merely to listen. We come to report on work already under way, to welcome partnership, and to state plainly that Nigeria intends to be a leading voice in shaping the global halal economy,” he added.

Shettima said success would be measured by the number of Nigerian businesses that become export-ready, the value of products leaving the country’s ports, investments in processing and manufacturing, jobs created and the recognition of Nigerian brands in international markets.

He described the halal economy as an important part of the Federal Government’s plans for economic diversification, non-oil export growth and job creation under the Renewed Hope Agenda.

The Nigeria Halal Economy Strategy Implementation Committee, inaugurated in March 2026, has activated four workstreams and organised its implementation programme into 13 delivery clusters. The strategy is targeting more than $12 billion in investment.

The federal government is also developing a national governance framework, a National Halal Mark and a Halal Accreditation and Verification Platform to strengthen trust in Nigerian products and improve access to international markets.

Jani Ibrahim, national president of NACCIMA and a member of the ICCD board of directors, said the private sector would be central to converting the strategy into trade and investment. “We must convert our potential into products, our products into trade, and our trade into sustainable economic value,” he added.

Ibrahim called for greater coordination between government, businesses, financial institutions, standards bodies and investors to help more Nigerian companies meet international requirements and enter new markets, stressing that the commercial opportunity was open to Nigerians across sectors and backgrounds.

“The principles that underpin the halal economy – quality, safety, traceability, ethical production and responsible finance – have wider application. This opportunity belongs to farmers, manufacturers, exporters, financial institutions, technology companies, investors and entrepreneurs, irrespective of faith or background. It is an economic opportunity for Nigeria as a whole,” the national president of NACCIMA affirmed.

Halal 360 CEO Mahmood Godel attended the reception alongside senior figures from government, business and international development institutions. His participation, together with Halal 360’s role as co-organiser, reflected the growing international attention being paid to Nigeria’s potential.

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The Lagos reception also placed Nigeria within a wider international dialogue that Halal 360 has helped advance across markets including Makkah, Kuala Lumpur, London and São Paulo.

With its large domestic market, agricultural and manufacturing base, entrepreneurial private sector and access to the African Continental Free Trade Area, Nigeria is well placed to serve demand across Africa and beyond.

The focus must now turn to helping Nigerian businesses process more at home, meet trusted international standards and build brands that can compete around the world.

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