FRI FEB 28 2025-theGBJournal| The Federal 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.
Vice President Kashim Shettima during the signing ceremony at the Makkah Halal Forum in Saudi Arabia pointed out that the partnership represents a game-changing opportunity to transform Nigeria into a global Halal economy powerhouse.
The agreement was signed during the forum, with Saudi Arabia’s Minister of Commerce, Sheikh Majid bin Abdullah bin Osman Al-Qasabi, and Nigeria’s Deputy Chief of Staff to the President representing their respective nations.
The agreement will be executed by HPDC, a subsidiary of the Saudi Public Investment Fund.
Vice President 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 US540 million, while strategic import substitution could add nearly 1 billion dollars by 2027.
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