Nigeria and Saudi Arabia have signed a landmark agreement to bolster cooperation in the rapidly growing halal economy, valued at $7.7 trillion globally. The deal, finalized during a high-level meeting in Saudi Arabia between Nigerian officials and the Saudi Halal Products Development Company (HPDC), aims to unlock investment, technical collaboration, and market access across sectors such as food production, pharmaceuticals, finance, and livestock.

Representing Nigeria’s government, Vice President Kashim Shettima described the pact as a transformative step toward positioning Nigeria as a key player in the halal market. “This partnership aligns with our national agenda to drive job creation, attract foreign investment, and diversify the economy,” Shettima stated through his spokesperson. He emphasized that the halal economy’s potential extends beyond Muslim-majority nations, citing countries like Brazil, Australia, and Thailand as examples of non-Muslim-majority economies capitalizing on halal exports for growth.

The agreement, facilitated by HPDC—a subsidiary of Saudi Arabia’s Public Investment Fund—was signed in the presence of Saudi Commerce Minister Majid bin Abdullah Al-Qasabi and other senior officials. Nigeria’s delegation highlighted the nation’s existing Islamic finance infrastructure, including Sukuk bonds for infrastructure projects and institutions like Jaiz Bank, as foundational strengths for expanding halal trade.

Special Assistant to Nigeria’s President on Export Promotion, Aliyu Bunu Sheriff, noted that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity-building programs, regulatory guidance, and financing. “This collaboration is not just about tapping into a lucrative market but establishing Nigeria as a global hub for halal innovation and trade,” Sheriff added.

With over 100 halal-certified products already in Nigeria, officials underscored the nation’s readiness to scale production and meet international standards. The partnership also seeks to enhance bilateral trade opportunities, leveraging Saudi Arabia’s expertise and Nigeria’s agricultural and manufacturing capabilities.

The Nigerian delegation included senior representatives from trade, finance, and foreign affairs sectors, signaling a cross-governmental commitment to the initiative. As global demand for halal products surges, this alliance marks a strategic effort by both nations to secure a competitive edge in a market projected to exceed $10 trillion by 2028.