The Senate Committee on Finance has thrown its weight behind President Bola Tinubu’s unveiling of Nigeria’s National Halal Economy Strategy.
The committee hailed it as “a bold and strategic move to position the country within the lucrative global halal market, estimated at $7.7 trillion.”
In a Saturday statement shared with PUNCH Online and signed by its Chairman, Sani Musa, the committee described the initiative as both “timely and aligned with international best practices.”
This is as it noted that countries such as the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand, and Singapore have “successfully used halal frameworks to boost manufacturing, agricultural exports, financial markets, and foreign investment.”
The endorsement comes days after Tinubu, represented by Vice President Kashim Shettima, formally unveiled the strategy at the Presidential Villa, describing it as “a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value,” and insisting that what must follow is “action that is disciplined, inclusive, and measurable, so that this strategy delivers jobs, exports, and shared prosperity across our nation.”
Highlighting Nigeria’s “vast agricultural resources, large domestic market, youthful population, growing manufacturing sector, and expanding services industry,” the Senate committee said the strategy fits squarely within the administration’s economic reform agenda—boosting non-oil revenue, diversifying exports, supporting SMEs, increasing foreign exchange earnings, and creating jobs.
Developed in collaboration with Saudi Arabia’s Halal Products Development Company after a bilateral agreement signed at the February 2025 Makkah Halal Forum, the framework seeks to strengthen “quality standards, certification processes, and competitiveness” across food, pharmaceuticals, cosmetics, tourism, and ethical finance.
Projected to add about $1.5bn to GDP by 2027 and unlock billions more in value over the next decade, the committee described the policy as “inclusive, market-driven, and globally oriented, while fully respecting Nigeria’s diverse and pluralistic society.”
Meanwhile, it pledged “full legislative support, oversight, and cooperation to ensure smooth implementation, regulatory clarity, and long-term fiscal sustainability in the national interest.”
This is as it concluded that “this decisive step reinforces Nigeria’s readiness to adopt proven international models, unlock new economic frontiers, and establish itself as a competitive player in the evolving global economy.”