The halal economy is no longer just a market, but has become one of the main driving forces of international trade, investment, industrial development, food security and financial inclusion, said Nigerian Minister of Budget and Economic Planning Abubakar Atiku Bagudu during the Ministerial Session titled “Halal Economy for Sustainable Regional Integration” held as part of the Islamic Development Bank (IsDB) Group Annual Meetings 2026 in Baku, APA reports.
The minister stated that the value of the global halal economy currently exceeds $7 trillion and that this ecosystem covers numerous sectors, including food and beverages, agriculture, livestock, logistics, tourism, healthcare, manufacturing and Islamic finance.
“Today, the halal economy is one of the fastest-growing segments of the global economy and creates significant opportunities for economic transformation, particularly for developing countries,” he said.
Abubakar Atiku Bagudu emphasized that Nigeria views the halal economy not as a religious or cultural initiative, but as an economic development opportunity.
“For Nigeria, the halal economy is not merely a religious or cultural concept. It is primarily an economic opportunity. With a population of more than 230 million people and as one of Africa’s largest economies, our country possesses all the key resources needed to become one of the leaders of the halal economy,” the minister noted.
According to him, Nigeria’s rich agricultural potential, extensive livestock resources, developing Islamic finance sector and broad entrepreneurial environment create important advantages in this direction.
Bagudu stated that the country’s leadership considers the development of the halal industry to be an important element of the national economic strategy.
“The halal economy is fully aligned with the reforms being implemented to diversify the economy, increase non-oil exports, attract investment, strengthen food security and create new jobs,” he stressed.
The minister noted that Nigeria recently adopted a National Halal Economy Strategy aimed at creating new opportunities in agriculture, food processing, logistics, tourism and the financial sector.
“We have developed a comprehensive strategy to fully realize the potential of the halal economy and established a dedicated national committee to coordinate its implementation. Our goal is to bring together all participants of the halal ecosystem on a single platform,” he said.
Abubakar Atiku Bagudu also emphasized the importance of three key priorities for advancing regional integration.
“First, it is important to harmonize standards and strengthen mutual recognition mechanisms to facilitate cross-border halal trade. Second, greater investment should be directed toward halal infrastructure, logistics hubs, industrial parks and the development of small businesses. Third, transparency and consumer confidence should be enhanced through innovation, digital technologies and traceability systems,” the minister noted.
He added that Nigeria is ready to expand cooperation on the development of the halal economy with the Islamic Development Bank, Saudi Arabia’s Halal Products Development Company, Malaysia’s Halal Development Corporation and other international partners.
“Nigeria is ready to contribute to building a globally competitive halal economy together with member states, development finance institutions, investors and industry representatives. We are committed to realizing this shared vision,” Abubakar Atiku Bagudu added.
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