Tinubu Administration Targets Halal Economy To Boost Growth, Support SMEs

The Federal Government has intensified efforts to develop Nigeria’s halal economy as part of broader economic reforms aimed at boosting growth, supporting small businesses and expanding the country’s participation in the rapidly growing global halal market.

Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, disclosed this during the annual meeting of the Islamic Development Bank (IsDB) Group in Baku, Azerbaijan.

According to Hadejia, the administration of President Bola Tinubu began laying the foundation for a structured halal ecosystem less than a year ago, with plans to strengthen certification, infrastructure and market access to position Nigeria as a major player in the sector.

He noted that Nigeria is currently the seventh-largest consumer of halal products globally and the second-largest in Africa, presenting significant opportunities for economic expansion.

“The government is stepping in to develop the ecosystem, provide certification support, improve infrastructure and help Nigeria tap into one of the fastest-growing sectors of the global economy,” he said.

Hadejia explained that the halal economy has evolved beyond its traditional association with religious dietary requirements and now encompasses a wide range of products and services driven by ethical, health, safety and quality standards that appeal to both Muslim and non-Muslim consumers.

He added that the global halal economy is projected to approach $7 trillion, creating opportunities in food production, livestock, pharmaceuticals, cosmetics, finance, logistics, tourism and manufacturing.

According to him, countries such as Australia, New Zealand, Brazil and the United States have successfully leveraged the halal market despite not being predominantly Muslim nations, demonstrating its economic potential beyond religious considerations.

Hadejia highlighted Nigeria’s large livestock population and growing agricultural capacity as major advantages, particularly in supplying halal-certified meat and related products to international markets, including the Middle East.

He said the establishment of the Ministry of Livestock Development would further support efforts to improve production, value addition and export opportunities within the sector.

The presidential aide stressed that the initiative is designed primarily to support Micro, Small and Medium Enterprises (MSMEs), creating opportunities for local producers, processors, traders and entrepreneurs.

“We are talking about an ecosystem built from the ground up. This is about empowering MSMEs and creating economic inclusion, not just supporting large industries,” he said.

Hadejia also linked the initiative to the administration’s broader economic reforms, including foreign exchange reforms, infrastructure development and improvements in the oil and gas sector.

He noted that ongoing investments in road infrastructure and logistics would help reduce transportation costs, improve food distribution and ease inflationary pressures across the country.

Speaking on the role of the Islamic Development Bank, Hadejia commended the institution’s financing model, describing it as one of the most affordable and straightforward sources of development funding available to Nigeria.

He noted that the bank’s non-interest financing structure encourages risk-sharing and has contributed significantly to the growth of non-interest banking in Nigeria.

The Federal Government believes the development of a robust halal ecosystem will create jobs, attract investment, boost exports and position Nigeria as a leading player in the global halal economy.