Nigeria is targeting more than $12 billion in investment as the Federal Government steps up efforts to secure a larger share of the global halal economy and expand the country’s non-oil exports.
The renewed push comes under Nigeria’s National Halal Economy Strategy, with the government seeking to turn the country’s large consumer market, agricultural resources and manufacturing capacity into greater participation in international halal trade.
Speaking in Lagos, Vice President Kashim Shettima said Nigeria could no longer afford to remain largely a consumer of halal products while other countries dominate production and exports.
The government is looking to attract investment into sectors including food and agriculture, pharmaceuticals, cosmetics, fashion, tourism and Islamic finance.
The latest push builds on the National Halal Economy Strategy launched earlier this year. The strategy is aimed at positioning Nigeria to benefit from a global market valued at more than $7 trillion and is expected to support exports, job creation and broader economic diversification.
For Nigerian businesses, however, the opportunity will depend on more than the size of the market.
Access to recognised halal certification, consistent product standards, financing and export infrastructure will be critical for companies seeking to sell beyond Nigeria.
That challenge is particularly important for manufacturers and agricultural businesses. Nigeria already has access to raw materials and a large domestic market, but competing internationally will require businesses to meet the certification, quality and supply requirements of export markets.
The government’s investment target also raises the question of where the capital will come from and how quickly projects can move from policy announcements to commercially viable businesses.
If the strategy is successfully implemented, the halal economy could create new opportunities for Nigerian companies beyond traditional oil exports. The bigger test, however, will be whether local businesses can build products and brands capable of competing in global markets rather than simply serving domestic demand.
