The Emir of Kano, His Royal Highness Alhaji Aminu Ado Bayero, has urged Nigerians to take advantage of the enormous opportunities created by the emerging Halal industry.

The monarch said the market is expected to grow at an annual rate of 10.7%.

Bayero said the growth is expected to increase from US$107 billion in 2022 to US$180 billion in 2027.

The Emir said this provides huge opportunities for businesses and investment to capitalize on the growing demand for the Halal economy.

He spoke at the unveiling ceremony of the 2023 Nigeria Halal Market Opportunities and Prospects Report held in Abuja.

The Halal market prospects report was produced by Dar Al Halal in collaboration with DinarStandard.

The Halal report provides a comprehensive overview of Nigeria's Halal market opportunities and a roadmap for unlocking its full potential.

Bayero said: 'One of the benefits is the potential to create jobs and economic growth, especially in agriculture, food processing, the film industry and logistics.

'This will contribute to the country's overall development, as the market offers opportunities to develop businesses. Investing in the Halal market helps improve the country's global reputation and attract more foreign investment.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Halal economy is one of the fastest-growing markets in the world today, estimated at US$6.3 trillion.

Ahmed said the market will help stimulate the growth of individual investment, simplify faith, lead to regulations, and raise consumer awareness.

She said the market remains a strategic economy for the country's overall economic development.

She said: 'To make the reality of the Halal economy contributing more to Nigeria's economy come true, the government needs to create the right regulatory and enabling environment for entrepreneurs, organizations, associations and certification bodies to support the entire value chain.'

FAQ

Why should Nigeria enter the Halal market?
According to the Emir of Kano at the unveiling of the 2023 Nigeria Halal Market Opportunities Report, the Halal market is expected to grow at an annual rate of 10.7%, increasing from US$107 billion in 2022 to US$180 billion in 2027, providing huge opportunities for businesses and investment. Benefits include creating jobs and economic growth (especially in agriculture, food processing, the film industry and logistics), improving the country's global reputation, and attracting foreign investment. The Halal market prospects report was produced by Dar Al Halal in collaboration with DinarStandard.
How large is the global Halal economy (according to this article's data)?
According to Nigeria's Minister of Finance, Budget and National Planning, the Halal economy is one of the fastest-growing markets in the world today, estimated at US$6.3 trillion. The government needs to create the right regulatory and enabling environment for entrepreneurs, organizations, associations and certification bodies to support the entire value chain, so that the Halal economy can contribute more to Nigeria's economy.