Nigeria is positioning itself to attract up to $12 billion in capital from the global halal economy, as the country seeks to tap into a market estimated at about $7 trillion.
The initiative is expected to create new opportunities in sectors such as Islamic finance, food, pharmaceuticals, tourism and other halal-related industries.
Stakeholders say Nigeria’s large Muslim population, growing financial sector and expanding consumer market provide a strong foundation for attracting halal investments.
Islamic finance, in particular, is seen as an important avenue for mobilising long-term capital through instruments such as sukuk and other Sharia-compliant investment products.
Experts believe that stronger regulatory frameworks, greater investor confidence and increased awareness could help Nigeria secure a larger share of the rapidly expanding global halal market.
They also urged the government and private sector to develop products and investment opportunities capable of meeting international halal standards.
If effectively harnessed, the market could provide fresh capital for infrastructure and businesses, create jobs and support Nigeria’s broader economic diversification efforts.