Nigeria
has signed a strategic cooperation agreement with Saudi Arabia’s Halal
Products Development Company (HPDC) to position itself as a major player
in the global halal market, which is valued at $7.7 trillion.
The
agreement, signed at the Makkah Halal Forum in Saudi Arabia on
Wednesday, will promote investment, technical collaboration, and market
access across key sectors such as food production, pharmaceuticals,
finance, and livestock.
Vice President Kashim Shettima,
represented at the event by Deputy Chief of Staff to the President
(Office of the Vice President), Senator Ibrahim Hassan Hadejia,
described the deal as a transformative step for Nigeria’s economy.
According
to a statement issued by Senior Special Assistant to the President on
Media and Communications Office of the Vice President Stanley Nkwocha,
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 Organizing Committee, His Excellency Mr. Fawaz bin
Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry,
His Excellency Mr. Abdullah bin Saleh Kamel.
Also
speaking, Special Assistant to the President on Export Promotion, Aliyu
Bunu Sheriff, said 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) will support the initiative through
capacity building, regulatory framework development, and financing
opportunities.
“This agreement aligns perfectly with the Renewed
Hope Agenda by creating new jobs, attracting foreign direct investment,
and diversifying our economy.
“The halal economy extends
beyond Muslim consumers. Non-Muslim majority countries like Brazil,
Australia, and Thailand are already leveraging the sector for
substantial export growth,” he said.
The Nigerian
delegation also included the Chairman of Dar Al Halal Group, Alhaji
Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of
Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr.
Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of
Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador
Mahmoud Lele, and R’representative of the Standard Organization of
Nigeria, Hajiya Amina.
Others are the Chairman,
Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of
Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of
Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by
Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and
Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by
Mrs. Jelilat Ismaila-Ayinde.
VP Shettima had during the Halal
Economy Stakeholders Engagement Programme held at the Banquet Hall of
the Presidential Villa, Abuja, in September last year emphasized the
economic potential of the sector, noting that “increasing Nigeria’s
halal exports to OIC markets from 2% to 6% could boost the country’s GDP
by $540 million, while strategic import substitution could add nearly
$1 billion by 2027.
https://thenationonlineng.net/nigeria-saudi-arabia-sign-pact-to-tap-into-7-7trn-halal-economy/ (Quote) (Report) 9 Likes (Like) (Share) 
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In case you don't understand
Here is a summary!!!
Okay,
imagine Nigeria is like a big shop, and Saudi Arabia has a special
company that helps make things "halal." Halal means things are made in a
way that's good for everyone, especially for people who follow certain
rules about food and other products.
Big Deal! Nigeria and Saudi
Arabia have made a special agreement. This means they'll work together
to make lots of halal things, like yummy food, medicine, and even make
sure animals are treated well.
More Jobs and Money: This agreement
will help Nigeria make more things to sell to other countries, which
means more jobs for people and more money for Nigeria.
Helping Each
Other: Saudi Arabia will teach Nigeria how to make the best halal
products, and they'll help them sell these products all over the world.
Growing Bigger: Nigeria wants to become a big seller of halal products, just like other countries that are already doing it.
Good for Everyone: Even people who don't follow the same rules can enjoy halal products, because they are made with care.
So, Nigeria is going to work hard to make lots of good things, and this will help the country grow! (Quote) (Report) 37 Likes (Like) 6 Shares (Share) |
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