Nigeria’s domes
tic halal market is booming, ranking as the world’s eighth-largest with a 2022 spending of US$107 billion. Expected to grow to US$180 billion by 2027, the Nigeria Halal Economy Report 2023 provides a blueprint for enhancing Nigeria’s halal industry. Key strategies include simplifying trade regulations and leveraging technology in agriculture.
The report suggests that Nigeria could significantly boost its GDP by focusing on exports and reducing imports. By increasing its halal exports to OIC countries from 2% to 6%, Nigeria could see a US$548 million GDP increase. A 15% reduction in halal product imports could contribute another US$938 million to the GDP.
The report presents 16 strategic priorities to help Nigeria achieve a US$1.6 billion GDP increase by 2027, emphasizing export growth, international investment, and regional trade deals.
Full report here.
Source: Dinar Standard
