Nigeria’s hALAL mARKET report launch-2023
Nigeria Halal Markets report 2023
Dar Al Halal is delighted to present to you the 2023 Nigeria Halal Markets Opportunity & Prospects Report:
“Seizing The Opportunity, Nigeria’s Path to Dominating the Halal Industry”
Nigeria Halal Markets report 2023
Driven by one of the largest global Muslim populations, Nigeria has become the world’s eighth-largest domestic halal economy market. Domestic spending on halal economy products and services in Nigeria reached US$107 billion in 2022, and it is expected to grow at a CAGR of 10.7% to reach US$180 billion by 2027.
The Nigeria Halal Economy Report 2023 aims to inspire and empower government entities in Nigeria, industries, and investors to grow Nigeria’s presence in the global and regional halal economy. Simplifying trade regulations, enhancing production competitiveness, increasing consumer awareness, and fostering partnerships are some strategies that can help Nigeria develop and grow its halal economy. This report offers insights and recommendations to enable Nigeria to tap into the potential of its halal market and contribute to the growth of the global halal industry.
Overall, this report estimates Nigeria’s halal economic opportunity to further boost its GDP by US$1.6 billion annually (mid scenario) within the next four years through incremental exports, import substitution, and FDI opportunities. The report presents key sectors, markets, and overall strategic areas based on a National Halal Economy Strategy framework to expand trade and investment opportunities.
The Lucrative Opportunity Awaiting Nigeria: Leadership in Africa’s Halal Economy
Globally, Muslim consumer spending on food, clothing, media and recreation, pharmaceuticals, cosmetics, and travel was worth US$2.3 trillion in 2022. Nigeria’s Muslim consumer spend totals US$107 billion, accounting for 4.7% of the global spend and 22.7% of Africa’s spend. Nigeria’s Islamic finance assets were estimated to be worth US$3.3 billion. This positions Nigeria as the second-largest halal market in Africa after Egypt.
In terms of trade, Nigeria is the 11th largest exporter of halal products to OIC within the African region. It exported a total of US$379 million in halal products (food, pharma, and cosmetics) to OIC countries.
Keynote Speakers at the Event.
“As more and more Muslims in Nigeria and around the world seek our Halal products and services, businesses that can meet this demand will be well positioned to establish themselves as leaders in the Halal industry and expand their reach both domestically and internationally.”
His Royal Highness, Sarkin Kano, Alhaji Aminu Ado Bayero, CFR, JP
(Royal Father of the day and Chairman of the Occasion)
“I believe we need the Halal market in Nigeria certainly it is a huge market and a lot of people can earn a living. Congratulations to Dar Al Halal for organizing this event and I hope and pray that our people will key into this vision so that this market can develop in a very short period.”
His Royal Highness, Sarkin Zazzau, Ambasador Ahmad Nuhu Bamalli, CFR
“Nigeria can tap into the growing global Halal market by developing the Halal industry and creating new opportunities for businesses and entrepreneurs. This can lead to the creation of new jobs and income streams, as well as diversified sources of foreign exchange earnings and a reduction in the import bills that have been used to import products. All of these can help boost the economy.”
Dr. Mansur Muhtar, Vice President, Islamic Development Bank (IsDB)
(Keynote Speaker)
“The Nigerian Halal economy report aims to inspire and empower government entities in Nigeria, empower industries and investors to grow Nigeria’s presence in the global and regional Halal economy. It also aims to simplify trade regulations, enhance production and competitiveness, increase consumer awareness and also foster partnerships and collaborations as some of the strategies that Nigeria can help develop to grow its Halal economy.”
Dr. Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning
“I would like to thank Dar Al Halal Nigeria Limited for such an exceptional initiative and willingness to enhance the Nigerian Halal market and IOFS from its side will encourage this initiative for future mutual contribution.”
H.E. Prof. Yerlam Baidaulet, Director General, Islamic Organization for Food Security (IOFS)
“I would like to congratulate Nigerian authorities especially Dar Al Halal for the efforts made to develop this sector in Nigeria and for inaugurating and launching and sharing this report with us.”
H.E. Latifa Elbouabdellaoui, Director General, Islamic Centre for the Development of Trade (ICDT)