Bilaterally – Nigeria, Saudi’s HPDC Sign Pact To Boost $7.7trn Halal Economy
Bilaterally – Nigeria, Saudi’s HPDC Sign Pact To Boost $7.7trn Halal Economy.
• Unveiling Nigeria as a player on the globe.
The Vice President, represented by the Deputy Chief of Staff, Senator Ibrahim Hassan-Hadejia, said, “This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.
“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait.
Also speaking, Special Assistant to the President on Export Promotion, Aliyu 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 like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that 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.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy. The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth”, he said.
During the Halal Economy Stakeholders Engagement Programme in September last year, the Vice President emphasised 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.
