At signing the deal in Saudi Arabia, Vice President Kashim Shettima said the agreement is a game-changer.
He said it will transform Nigeria into a global halal economic powerhouse.
Shettima represented by the Deputy Chief of Staff to the President, Office of the Vice President, Ibrahim Hadejia, said the agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying Nigeria’s economy.
He added that the halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth.
Shettima’s media aide, Stanley Nkwocha quoted his principal in a statement saying that the agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
Read Also: FG unveils AI training for 6,000 teachers nationwide
At the event, the Special Assistant to the President on Export Promotion Aliyu Sheriff said the agreement builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank, IsDB, and the Arab Bank for Economic Development in Africa, BADEA, will support the initiative through capacity building, regulatory framework development, and financing opportunities.
The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; the Chairman of the Board of Directors, Bank of Industry Mansur Muhtar; Minister of Trade and Investment Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and the Representative of the Standard Organization of Nigeria Hajiya Amina.
Others are the Chairman of the Nigeria-Saudi Chamber of Commerce Ibrahim Usman; Minister of Finance Wale Edun, represented by Nur Muftau Ahmed; CEO of Nigeria Export Promotion Council Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA Jani Ibrahim, and Managing Director of Bank of Industry Olasupo Olusi, represented by Jelilat Ismaila-Ayinde.
The deal will facilitate investment, technical cooperation, and market access in key sectors like food production, pharmaceuticals, finance, and livestock for Nigeria and Saudi Arabia.