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Nigeria, Saudi Arabia sign agreement to enhance $7.7trn halal economy
The Nigerian Government entered into a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) on Wednesday, with the objective of establishing Nigeria as a prominent participant in the global halal market, currently valued at $7.7 trillion.
This agreement is expected to promote investment, enhance technical cooperation, and provide market access in essential sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
At the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima remarked that this collaboration represents a pivotal opportunity to transform Nigeria into a powerhouse of the global halal economy.
Senator Shettima, who was represented by Deputy Chief of Staff to the President, (Office of the Vice President), Senator Ibrahim Hassan Hadejia in a statement by Stanley Nkwocha, the Vice President spokesman, said, “This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.
“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.
Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, said the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he said.
The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and R’representative of the Standard Organization of Nigeria, Hajiya Amina.
Others are the Chairman, Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.
VP Shettima had during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, in September last year emphasized the economic potential of the sector, noting that “increasing Nigeria’s halal exports to OIC markets from two percent to six percent could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
By Emmanuel Agaji
The Rivers State House of Assembly, authentic Speaker Martins Amaewhule, has concluded its session and has directed the Inspector General of Police to seal all local government secretariats.
Naijablitznews reports this is coming hours after the Supreme Court verdict recognizing Amaewhule as the authentic speaker.
Details shortly…
Emphasising his shared vision with Global Citizen, Chairman of Coronation Group and Access Holdings, Aigboje Aig-Imoukhuede stated: “Africa’s creative economy is a powerful engine for sustainable growth. Our strategic partnership with Global Citizen, which began in 2019, is built on a shared commitment to real economic opportunities, long-term investment, and wealth creation. Move Afrika exemplifies how bridging global influence with African talent can unlock immense potential and create a lasting impact across communities on the continent.”
The tour, which made a historic stop in Lagos this week, attracted an esteemed audience of industry leaders, senior government officials, philanthropists, and key figures from the creative sector.
Employees from Coronation Group and Access Holdings experienced the vibrant energy and impact of Move Afrika firsthand, underscoring the synergy between art and economic empowerment, further highlighting the commitment of both organisations to fostering innovation and global engagement within their workforce.
The electrifying evening at The Palms, Lekki, featured a dynamic performance by award-winning artiste John Legend, who honoured Nigeria’s fashion industry by donning outfits crafted by talented local designers—further highlighting the country’s rich creative talent on a global stage.
Nigerian superstar Simi also delivered an extraordinary performance, alongside DJ Consequence, ensuring an unforgettable night that seamlessly blended global excellence with African ingenuity.
Notable figures from the entertainment and creative industries were also in attendance, including Ronami Ogulu, a renowned creative director; media personality and actor Uti Nwachukwu; Afrobeat musician Made Kuti and his wife, Inedoye Adanne Kuti; and celebrated-actor Wole Ojo.
The concert was graced by Hugh Evans, Co-Founder and CEO, Global Citizen; members of the Global Citizen Africa Board, including Aigboje Aig-Imoukhuede CFR, Chairman of Coronation Group and Access Holdings; and Tunde Folawiyo, Chair of the Global Citizen Africa Board and Chairman of Coronation Merchant Bank, alongside other distinguished personalities.
As Global Citizen continues to expand its footprint across the continent, Coronation remains committed to empowering industries, fostering innovation, and crafting wealth that transcends generations.
By Kayode Sanni-Arewa
Senator Natasha Akpoti-Uduaghan has requested for live television broadcast of her appearance for probe proceedings by the Ethics and Disciplinary Committee of the Senate directed to probe her.
Senator Akpoti-Uduaghan was referred to the Senate’s Ethics and Disciplinary Committee following her face-off with President of the Senate, Godswill Akpabio over her seating arrangement which was changed without her being informed.
The vibrant female lawmaker in a post across social media platforms on Thursday, February 27, 2025, stressed that Nigerians have a right to witness the process.
Akpoti-Uduaghan however, said that while she was ready to face the panel, would not allow the matter to be handled behind closed doors.
She explained that she deliberately refrained from speaking publicly on the issue and other developments in the Senate, but had now decided to break her silence.
The outspoken senator urged Nigerians to follow the proceedings closely, stressing that she would push for full transparency.
Akpoti-Uduaghan wrote; “Good morning courageous people of Kogi Central, Kogi State and Nigeria. This petition came to my notice a few hours ago.
“In as much as I have refrained from publicly speaking on the matter and a lot of occurrences at the Senate under Senate President Akpabio, it’s about time I break my silence.
“Arise News, set a date and I shall be in your studio in person. Spare no questions.
“And to Nigerians, please be sure to join the probe which I shall insist would be covered live.
“The next few days and weeks shall be interesting but will shape the standard and quality of Nigeria’s leadership,” she said.
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