The federal government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to establish Nigeria as a leading player in the global halal market valued at $7.7 trillion.

The agreement is expected to facilitate investment, technical cooperation and market access across key sectors, including food production, pharmaceuticals, finance and livestock.

Speaking during the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima pointed out that the partnership represents a game-changing opportunity to transform Nigeria into a global halal economy powerhouse.

“The vice president, who was represented by Deputy Chief of Staff to the President, (Office of the Vice President), Senator Ibrahim Hassan Hadejia, 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.

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“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 is 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.