Nigeria Targets $12bn Investment as FG Moves to Capture Share of $7tn Halal Economy

By: Michael Mike

Nigeria is positioning itself to capture a significant share of the estimated $7 trillion global halal economy, with the Federal Government unveiling an ambitious strategy aimed at mobilising more than $12 billion in investment and turning the country’s vast agricultural, manufacturing and consumer potential into jobs, exports and industrial growth.

The government’s renewed push was disclosed at the Lagos Halal Leadership Reception 2026 held at Eko Hotel, Lagos, where Vice President Kashim Shettima said Nigeria could no longer afford to remain primarily a consumer of halal products while other countries captured the higher-value opportunities in production, processing, finance, logistics and global trade.

Shettima, represented by the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said the halal economy had evolved far beyond food and beverages, now encompassing Islamic finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing and digital commerce.

According to him, Nigeria has the population, natural resources, entrepreneurial capacity and strategic access to African markets required to become a major player in the rapidly expanding sector.

He said the administration of President Bola Ahmed Tinubu had identified the halal economy as an important component of its Renewed Hope Agenda, particularly in advancing economic diversification, expanding non-oil exports and creating employment.

Shettima said the Nigeria Halal Economy Strategy Implementation Committee, inaugurated on March 3, 2026, had already activated its four workstreams and consolidated its implementation programme into 13 delivery clusters, with a target of mobilising more than $12 billion in investment.

He disclosed that the initiative had also been taken to the National Economic Council, while Osun, Katsina and Kano States had expressed interest in domesticating the strategy to drive halal-related activities at the subnational level.

The Vice President said the government was also strengthening international partnerships with institutions including the Islamic Development Bank, Arab Bank for Economic Development in Africa (BADEA) and the D8 Halal Forum.

He added that proposals were being developed for a Nigerian Halal Accreditation and Verification Platform that could eventually serve as a continental model, alongside plans for a regional capacity-building centre in Nigeria in collaboration with international partners.

Shettima said the Federal Government was working towards presenting the Governance Framework, National Halal Mark, Halal Accreditation and Verification Platform and associated fees architecture to the Federal Executive Council.

But he cautioned that government policies, frameworks and international partnerships would have little economic impact unless they translated into actual businesses, investments, exports and jobs.

He therefore urged the private sector to take the lead in converting Nigeria’s halal potential into commercially viable enterprises.

The Vice President encouraged manufacturers, farmers, financial institutions, logistics companies, tourism operators and technology entrepreneurs to regard halal certification, traceability and conformity assessment as tools for penetrating international markets rather than regulatory burdens.

He also identified non-interest finance as a critical component of the strategy, pointing to Nigeria’s experience with Sukuk as evidence that alternative financing mechanisms could be deployed on a large scale to fund infrastructure and productive economic activities.

Earlier, the Managing Partner of The Metropolitan Law Firm and Coordinator of the reception, Ummahani Ahmad Amin, said the event was conceived as a policy and stakeholder engagement platform rather than a commercial gathering.

She stressed the need for stronger coordination among government agencies, regulators, investors, financial institutions, businesses and professional organisations if Nigeria was to transform its enormous halal potential into sustainable economic value.

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and member of the Board of Directors of the Islamic Chamber of Commerce and Development (ICCD), Engr. Dr Jani Ibrahim, said Nigeria must move beyond repeatedly discussing the potential of the halal economy and begin implementing policies capable of attracting investment and expanding market access.

Ibrahim pledged NACCIMA’s support for efforts to position Nigerian businesses to benefit from emerging halal opportunities, insisting that halal should be viewed primarily as a trade and investment opportunity rather than merely a certification issue.

Also speaking, the Secretary General of ICCD, Sheikh Yousef Hassan Khalawi, said Nigeria had the capacity to secure a far larger share of the global halal market but needed to capture more value from its raw materials.

He cited Nigeria’s strong position in shea butter production, arguing that the country could generate substantially greater economic returns by developing domestic processing, branding and manufacturing capacity instead of exporting raw materials.

Khalawi said Nigeria’s challenge was therefore not simply to increase production, but to ensure that the value generated from its natural and agricultural resources corresponded with the country’s production capacity.

For the financial sector, the President of the Non-Interest Financial Institutions Association of Nigeria (NIFIAN) and Chairman of Arthur Group, Dr Basheer Oshodi, said Nigeria’s non-interest finance industry was ready to provide the financial architecture needed to support the halal economy.

Oshodi said the sector had developed beyond its emerging phase, pointing to Nigeria’s non-interest banking framework, Sukuk market and expanding Islamic finance ecosystem as evidence of its capacity to support manufacturing, exports, investment and financial inclusion.

He called for closer collaboration among financial regulators, standards bodies and halal institutions to build an integrated ecosystem capable of financing businesses from production through processing and ultimately into international markets.

According to him, the success of Nigeria’s halal strategy should ultimately be measured by tangible outcomes—more export-ready Nigerian companies, increased investment in manufacturing and processing, expanded access to international markets and the creation of quality jobs.

The reception, organised by Halal 360 and The Metropolitan Law Firm in partnership with ICCD, the Halal Products Development Company (HPDC), the Nigeria Halal Economy Strategy Implementation Committee Secretariat (NHESICS) and NACCIMA, brought together government officials, regulators, investors, financial institutions, manufacturers, exporters, diplomats and business leaders.

The consensus among participants was that Nigeria’s competitive advantage in the halal economy would not be secured by its huge population or abundant natural resources alone.

Rather, they said, the country must build trusted standards and certification systems, attract substantial capital, develop domestic processing and manufacturing capacity, expand international market access and create globally competitive Nigerian halal brands.

With the global halal economy expanding across multiple industries, Nigeria’s emerging strategy now faces its defining test: converting its enormous potential into bankable projects, productive investments, higher-value exports and jobs for millions of Nigerians.

Nigeria Targets $12bn Investment as FG Moves to Capture Share of $7tn Halal Economy