₦airaland Forum

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.

NOETHNICITY:
Oya, watch as hate filled Christian fanatics jump in and start attacking the FG accusing them of Islamization

Dhoneymix:
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!

NothingDoMe:
Where is the pact they signed? An intelligent person should always request for documentation instead of just pulling explanations from the air.

Dhoneymix:
It's just obvious that you're a pessimist! Please, look beyond your pain and anguish! Embrace optimism, it's better for your mental health.

ChizzyBuna:
Alhamdulillah ٱلْحَمْدُ لِلَّٰهِ 🤲🏾