Over the past two years, plant-based food consumption has grown by 49% across the EU, reaching a total sales volume of €3.6 billion.
Why Nigeria should enter the $180 billion halal market
2025-05-15
Emir of Kano, HajiHis Royal Highness Aminu Addo Bayero has urged Nigerians to capitalise on the immense opportunities created by the burgeoning halal industry.
Monarch said the market expectsThe annual growth rate is 10.7%.
Bayero said the growth is expected toIt is projected to increase from $107 billion in 2022 to $180 billion in 2027.
The Emir said this presents a huge opportunity for businesses and investments to capitalise on the growing demand for the halal economy.
He held the He spoke at the unveiling of the 2023 Nigeria Halal Market Opportunities and Outlook Report.
Halal Market Outlook Report byDar Al Halal is produced in partnership with DinarStandard.
The Halal Report provides a comprehensive overview of the halal market opportunity in Nigeria and the roadmap for unlocking its full potential.
Bayero said:“One of the benefits is the potential for job creation and economic growth, particularly in agriculture, food processing, the film industry and logistics.
“This will contribute to the overall development of the country as the market provides opportunities to grow businesses. Investing in the halal market can help enhance the country’s global reputation and attract more foreign investment.
Minister of Finance, Budget and National PlanningZainab Ahmed said the halal economy is one of the fastest growing markets in the world today, estimated at $6.3 trillion.
Ahmed said the market will help stimulate growth in individual investments, simplify beliefs, lead to regulations as well as increase consumer awareness.
She said the market remains a strategic economy for the country's overall economic development.
She said:“For the halal economy to contribute more to the Nigerian economy and make it a viable reality, government needs to create the right regulatory and enabling environment for entrepreneurs, organizations, associations and certification bodies to support the entire value chain.