Nigeria has formed a strategic partnership with Saudi Arabia to expand its presence in the $7.7 trillion halal economy. The deal covers essential sectors like food, finance, and pharmaceutical products. Officials highlighted the economic potential of increased halal trade, aiming for job creation and foreign investment, aligned with national development goals.
The Nigerian Federal Government has entered a partnership with Saudi Arabia’s Halal Products Development Company to tap into the global halal economy, projected at $7.7 trillion. This agreement aims to enhance investment, technical collaboration, and market access in critical sectors such as food production, pharmaceuticals, finance, and livestock.
The cooperation agreement with Saudi Arabia positions Nigeria to explore the lucrative halal market. By leveraging this partnership, Nigeria seeks to create jobs, attract foreign investment, and strengthen its economy, aligning with policy goals like the Renewed Hope Agenda. This step could substantially increase Nigeria’s halal exports and GDP over the coming years.
Original Source: punchng.com
