Nigeria targets $12bn in capital to enter $7tn global halal market

The Nigerian federal government has launched a national strategy to tap into the $7 trillion global halal economy, aiming to mobilise $12 billion in capital. The initiative seeks to transform Nigeria from a consumer of halal products into a major producer and exporter, driving investment, job creation, and economic diversification.

Speaking at the Lagos Halal Leadership Reception 2026, Vice President Kashim Shettima—represented by Minister of State for Budget and Economic Planning Dr. Doris Uzoka-Anite—emphasized that Nigeria must capture the value generated by this sector rather than allowing other nations to dominate trade. The strategy leverages Nigeria’s large consumer market, agricultural and livestock resources, manufacturing capacity, and access to the African Continental Free Trade Area (AfCFTA).

The scope of the halal economy under this plan extends beyond food and beverages to include Islamic finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing, and digital commerce. To coordinate these efforts, the Nigeria Halal Economy Strategy Implementation Committee was inaugurated on March 3, 2026, with its secretariat consolidating implementation plans into 13 delivery clusters.