FG SIGNS A COOPERATION AGREEMENT WITH SAUDI ARABIA’S HALAL PRODUCTS DEVELOPMENT COMPANY TO ESTABLISH $7.7 TRILLION DEAL 27-02-25
By Sadiq Aminu The Nigerian Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to establish Nigeria as a leading player in the global halal market valued at $7.7 trillion.
The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
Speaking during the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima pointed out that the partnership represents a game-changing opportunity to transform Nigeria into a global halal economy powerhouse.
The Vice President who was represented by Deputy Chief of Staff to the President, Office of the Vice President, Senator Ibrahim Hassan Hadejia, said, the collaboration is an important step to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.
In a statement signed by the Senior Special Assistant to The President on Media & Communications, Office of The Vice President, Stanley Nkwocha, 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.
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.