Nigeria : How Nigeria Can Attract $150bn From $4trn Global Halal Trade

  • 26 August 2021 / News / 170 / Fares RAHAHLIA

Nigeria : How Nigeria Can Attract $150bn From $4trn Global Halal Trade

Nigeria has the potential to ramp up its current $50 billion worth of trade in the halal industry to about $150 billion from the $4 trillion traded annually in the industry globally.

This was the take of the President of Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar, at a virtual event on planned halal expo in Nigeria.

Abubakar said Nigeria is expected to attract over $150 billion investment from the halal trade exhibition.

He said the investment would target Nigeria’s cosmetic, pharmaceutical and tourism sectors, adding that the expo would also serve as a launch pad to attract new businesses for Nigeria and Africa at large.

The ACCI president said globally, the halal business is worth over $4 trillion, adding that Nigeria is currently doing about $50 billion worth of trade in the industry.

Halal business covers all assets of commerce, banking, production in which Nigerian companies can take advantage to forge new businesses.

Also speaking, the Executive Director, Abuja Trade Centre (ATC), Jude Chime, said the $50 billion trade by Nigerian companies is majorly in the beverage and food industry, and called on Nigerian businesses to leverage on the opportunities the platform provides.

“We will be signing a Memorandum of Understanding (MoU) to expand the frontiers of trade in the halal industry. We are targeting the tourism, pharmaceutical and cosmetics industry,” he said.

He pointed out that a whole lot of foreign companies in the Middle East are seeking ways to enter the Nigerian market not just to bring in their products but also to expand their manufacturing activities in the country.

Reacting to the rejection of Nigerian goods at the international market, he said products from Nigeria should have the halal certification.

The first Deputy President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, said the halal expo is about promoting trade and investments taking cognisance of religion to reach a wider market.


See too