Vice President Kashim Shettima has hinted that Nigeria will become number one hub of opportunities in the global halal economy, noting that the nation’s economic and demographic size puts it in a vantage position to map out a vibrant investment sector for the global halal economy projected to reach a market value of $7.7 trillion by 2025.

Senator Shettima who stated this on Wednesday during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, stated however that Nigeria must first reassess its weaknesses and prioritize its strength to achieve this economic feat.

The Vice President further noted that the lack of clarity and understanding surrounding compliance with investments in the halal economy had stifled vast potential in savings, business ventures, and investments.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said, “Halal products are not just for Muslims, adding that this presents a huge opportunity for rapid growth and improved competitiveness, enhancing our ability to export.”

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, provided key statistics, saying, “Nigeria’s domestic spending on Halal products and services reached approximately 107 billion dollars in 2022.

In a keynote speech, the Secretary-General of the D-8 Organization for Economic Cooperation, Ambassador Isiaka Abdulqadir Imam, emphasised the D-8’s economic significance based on its statistics, saying with a combined population of 1.16 billion people and a GDP of $4.92 trillion in 2023, the D-8 holds substantial economic potential.

He said the organisation, of which Nigeria is a member, has also advanced trade facilitation through the Preferential Trade Agreement and is working to boost intra-trade to $500 billion by 2030.