- Senate Backs Tinubu’s Halal Economy Plan, Eyes $7.7tn Global Market
- The committee said the initiative aligns with the Tinubu administration’s wider economic reform agenda
- Senator Musa pledged the committee’s full legislative backing and oversight to ensure effective implementation, regulatory clarity and long-term fiscal sustainability
The Senate Committee on Finance has praised President Bola Ahmed Tinubu for launching Nigeria’s National Halal Economy Strategy, describing the initiative as a bold and strategic move to position the country within the fast-growing global halal market, valued at an estimated $7.7 trillion.
Eko Hot Blog reports that in a statement signed by the committee’s chairman, Senator Sani Musa, the lawmakers described the strategy as timely and in line with international best practices adopted by several successful economies.
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The committee noted that countries such as the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand and Singapore have leveraged halal frameworks to strengthen manufacturing, expand agricultural exports, deepen financial markets and attract foreign investment.
According to the statement, Nigeria is well placed to benefit from the halal economy due to its vast agricultural potential, large domestic market, youthful population, growing manufacturing base and expanding services sector.
The committee said the initiative aligns with the Tinubu administration’s wider economic reform agenda, particularly efforts to diversify exports, boost non-oil revenue, create jobs, support small and medium-sized enterprises (SMEs) and increase foreign exchange earnings.
President Tinubu, represented by Vice President Kashim Shettima, officially unveiled the strategy on Thursday, February 6, 2026, at the Presidential Villa in Abuja.
The framework was developed in partnership with Saudi Arabia’s Halal Products Development Company (HPDC), following a bilateral agreement signed in February 2025 at the Makkah Halal Forum. It is designed to improve quality standards, strengthen certification processes and enhance competitiveness in key sectors such as food, pharmaceuticals, cosmetics, tourism and ethical finance.
The Senate committee described the strategy as inclusive, market-driven and globally focused, while fully respecting Nigeria’s religious and cultural diversity.
It is projected to make a significant contribution to the economy, with estimates suggesting it could add about $1.5 billion to Nigeria’s GDP by 2027 and unlock billions more in domestic value over the next decade through increased exports and investment.
Senator Musa pledged the committee’s full legislative backing and oversight to ensure effective implementation, regulatory clarity and long-term fiscal sustainability.
“This decisive step underscores Nigeria’s readiness to embrace proven global models, open up new economic frontiers and position itself as a competitive player in the evolving global economy,” the statement concluded.
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