Senate commends FG over launch of national halal economy strategy

The Senate has commended the Federal Government for launching Nigeria’s National Halal Economy Strategy, describing the initiative as bold, forward-looking, and critical to the country’s economic diversification drive.

Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), gave the commendation in a statement issued on Sunday, noting that the strategy is designed to position Nigeria to tap into the estimated $7.7 trillion global halal market.

According to him, Nigeria’s participation in the global halal economy is both timely and strategic, considering the country’s vast agricultural resources, large domestic market, youthful population, growing manufacturing capacity, and expanding services sector.

Musa said the committee observed that the strategy aligns with the Tinubu administration’s broader economic reform agenda, particularly in areas of non-oil revenue generation, export diversification, job creation, small and medium-scale enterprise development, and foreign exchange earnings.

He noted that several advanced and emerging economies, including the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand, and Singapore, have successfully institutionalised halal economy frameworks to boost trade, attract investments, and strengthen their manufacturing and agricultural sectors.

The lawmaker stressed that Nigeria’s adoption of a similar framework reflects the country’s readiness to embrace proven global models and unlock new economic opportunities.

Musa also emphasised that the National Halal Economy Strategy is inclusive and market-driven, aimed at improving quality standards, certification processes, and competitiveness across multiple sectors while respecting Nigeria’s diverse and plural character.

He assured President Bola Tinubu and Nigerians of the committee’s full legislative cooperation and oversight to ensure effective implementation, regulatory clarity, and fiscal sustainability of the initiative.

“The decisive step reinforces Nigeria’s readiness to adopt proven international models, unlock new economic frontiers, and position itself as a competitive player in the evolving global economy,” he said.