Nigeria has signed a landmark agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to become a major player in the global halal market, valued at $7.7 trillion.
This deal aims to facilitate investment, technical cooperation, and market access in key sectors such as food production, pharmaceuticals, finance, and livestock for both countries.
According to Vice President Kashim Shettima, this agreement is a game-changer that will transform Nigeria into a global halal economic powerhouse.
The deal aligns with the Renewed Hope Agenda, creating new jobs, attracting foreign direct investment, and diversifying the economy.
The partnership will leverage Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds and the establishment of Islamic banks.
The Islamic Development Bank and the Arab Bank for Economic Development in Africa will support the initiative through capacity building, regulatory framework development, and financing opportunities.
