Saudi Arabia, Nigeria Partner to Unlock the $7.7 Trillion Global Halal Market
Saudi Arabia and Nigeria signed a strategic agreement to boost both countries' roles in the $7.7 trillion halal economy. The deal, formalized with Saudi's Halal Products Development Company (HPDC), strengthens bilateral economic cooperation. It aims to position Nigeria as a key global halal market contributor. The partnership underscores shared goals to expand trade and halal industry ties.
The deal focuses on food production, pharmaceuticals, Islamic finance, and livestock, leveraging Nigeria's vast agricultural resources and Saudi Arabia's halal industry leadership. Both nations will share technical expertise, enhance trade routes, and streamline halal certification processes to boost cross-border commerce. Strategic Alignment with Saudi Leadership
Nigeria's Vice President Kashim Shettima hailed the agreement at the Makkah Halal Forum as a 'game-changer' for Nigeria's economy. He linked it to President Bola Tinubu's Renewed Hope Agenda, prioritizing diversification. The ceremony brought together Saudi Commerce Minister Dr. Majid Al-Qasabi and HPDC CEO Fahad Alnuhait. Their participation underscores alignment with Saudi Arabia's strategy to cut oil dependency through non-traditional sectors. This mirrors Crown Prince Mohammed bin Salman's reforms, emphasizing diversification and global partnerships. Technical Cooperation and Market Access
Central to the accord is Saudi HPDC's role in facilitating market access. The company, a subsidiary of Saudi Arabia's Public Investment Fund, will support capacity building and regulatory harmonization. Transitioning from rhetoric to action, the deal aligns with Saudi Arabia's 2030 vision to codify laws and modernize economic frameworks, as noted in recent BTI Transformation Index reports.
Beyond trade, the pact reflects Nigeria's pivot toward strategic alliances with Gulf nations. As Saudi Arabia balances diplomatic initiatives like Ukraine peace talks with domestic reforms, this partnership positions both nations to capitalize on global halal demand—projected to grow 8.2% annually by 2030.
Transitioning Nigeria from a hydrocarbon-dependent economy to a halal powerhouse, this collaboration promises jobs, foreign investment, and a renewed global identity for Africa's largest economy.
Short link :
Post Views: 36
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
2 hours ago
- Leaders
Saudi FM Strengthens Relations with Djiboutian Counterpart
Less than a minute Less than a minute Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah welcomed today his Djiboutian Counterpart Abdulkadir Hussein Omar in Riyadh, according to the Saudi Press Agency. Both ministers discussed the bilateral relations and explored ways to foster Saudi-Djiboutian cooperation across various sectors. During the meeting, they also addressed several issues of mutual concern. Consequently, both officials co-chaired a meeting of the political consultations committee. The discussions focused on coordinating joint action on major regional and international issues. Related Topics: Saudi Arabia Welcomes First Batch of Djiboutian Pilgrims Saudi Arabia condemns terrorist attack on Djiboutian security forces Official Visit: Saudi FM Arrives in Damascus Short link :
Saudi Gazette
4 hours ago
- Saudi Gazette
TASI closes at 11,202 points, the highest since May 21
Saudi Gazette report RIYADH — All Tadawul Share Index (TASI), the benchmark Saudi stock market index, rose for the fifth consecutive session on Sunday, rising nearly one percent (134.37 points) to close at 11,202 points, its highest level since May 21. The total value of traded shares amounted to SR5 billion. The Saudi Parallel Market Index (NOMU) also closed higher, gaining 195.03 points to settle at 27,248.13 points, with a total trading value of SR39 million. The Saudi market was able to regain levels seen before the outbreak of Iranian-Israeli conflict. This was supported by broad gains across most sectors, with the exception of the utilities sector, which recorded a slight decline. Most Gulf markets registered gains during Sunday's trading session, driven by improved regional sentiment. The public utilities and consumer goods retail and distribution sectors recorded a decline of 0.09 percent and 0.02 percent, respectively, while the media and entertainment sector led the gainers, increasing by 7.5 percent. Basic materials was the highest traded sector, with a value of SR780 million. In the transportation sector, the shares of newly listed Flynas returned to SR80, the same offering price, while Saudi Aramco's shares stabilized at SR24.24, despite a slight increase in oil prices. Naseej International Trading shares rose 9 percent, their strongest gain in 14 weeks, while Sadaq led the gainers with a 10 percent rise to SR30. Sinomi Retail shares came in third place in terms of gainers, jumping nearly 9 percent to SR22.39, continuing its positive performance over the past three months, during which it recorded gains of nearly 150 percent. Investors are awaiting the general assembly meeting of ACWA Power, a company included in the utilities index, on Monday, where a vote will be held on a proposal to double the company's capital to SR14 billion. Across the rest of the Gulf markets, most stock exchanges recorded varying gains. The Kuwait Stock Exchange index rose 1.75 percent, followed by Bahrain with a 0.85 percent increase, and Qatar with a 0.78 percent rise. Meanwhile, the Muscat Securities Market bucked the trend, declining slightly by 0.15 percent.
Saudi Gazette
8 hours ago
- Saudi Gazette
Iranian Army Chief calls Saudi Defense Minister to discuss regional stability
Saudi Gazette report RIYADH — Saudi Minister of Defense Prince Khalid bin Salman received on Sunday a phone call from Iranian Chief of Staff of the Armed Forces Maj. Gen. Abdolrahim Mousavi. During the call, they discussed regional developments as well as efforts to maintain security and stability in the region. They also reviewed bilateral relations in the defense field.
