Says it will position the nation to competitively access the estimated $7.7 trillion global halal market
By Henry Umoru
ABUJA- THE Senate has hailed the Federal government for what it described as the bold and forward-looking launch of Nigeria’s National Halal Economy Strategy, a strategic policy initiative aimed at positioning the nation to competitively access the estimated $7.7 trillion global halal market and accelerate economic diversification.
In a statement signed yesterday by the Chairman, Senate Committee on Finance, Senator Sani Musa, APC, Niger East, he said that Nigeria’s entry into the global halal economy is both timely and strategic, particularly given the country’s vast agricultural base, large domestic market, youthful population, expanding manufacturing capacity, and growing services sector.
Senator Musa said that the Committee has further observed that the Strategy aligns seamlessly with the administration’s broader economic reform agenda, including non-oil revenue mobilisation, export diversification, job creation, SME development, and foreign exchange earnings.
He has assured President Bola Tinubu and the Nigerian people of the full support of the Committee on Finance of its full legislative cooperation and oversight support to ensure effective implementation, regulatory clarity, and fiscal sustainability of this initiative in the overriding national interest.
Senator Musa’s statement read, ” the Senate Committee on Finance warmly commends His Excellency, President Bola Ahmed Tinubu, GCFR, for the bold and forward-looking launch of Nigeria’s National Halal Economy Strategy, a strategic policy initiative aimed at positioning the nation to competitively access the estimated $7.7 trillion global halal market and accelerate economic diversification.
“The Committee notes that this initiative places Nigeria firmly in line with global best practices, as several advanced and emerging economies have, over the years, deliberately developed and institutionalised halal economy frameworks as part of their national trade, investment, and export strategies. Countries such as the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand, and Singapore have successfully leveraged the halal ecosystem to drive manufacturing growth, expand agricultural exports, deepen financial markets, and attract international investment.
“Against this backdrop, Nigeria’s entry into the global halal economy is both timely and strategic, particularly given the country’s vast agricultural base, large domestic market, youthful population, expanding manufacturing capacity, and growing services sector. The Committee further observes that the Strategy aligns seamlessly with the administration’s broader economic reform agenda, including non-oil revenue mobilisation, export diversification, job creation, SME development, and foreign exchange earnings.
“Importantly, the Committee emphasises that the National Halal Economy Strategy is inclusive, market-driven, and globally oriented, designed to enhance quality standards, certification, and competitiveness across multiple sectors, while respecting Nigeria’s diversity and plural character.
“The Senate Committee on Finance assures Mr. President and the Nigerian people of its full legislative cooperation and oversight support to ensure effective implementation, regulatory clarity, and fiscal sustainability of this initiative in the overriding national interest.
“This decisive step reinforces Nigeria’s readiness to adopt proven international models, unlock new economic frontiers, and position itself as a competitive player in the evolving global economy.”
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