Baku: The halal economy is no longer just a market, but has become one of the main driving forces of international trade, investment, industrial development, food security, and financial inclusion, said Nigerian Minister of Budget and Economic Planning Abubakar Atiku Bagudu during the Ministerial Session titled 'Halal Economy for Sustainable Regional Integration' held as part of the Islamic Development Bank (IsDB) Group Annual Meetings 2026 in Baku, APA reports.
According to Azeri-Press news agency, the minister stated that the value of the global halal economy currently exceeds $7 trillion and that this ecosystem covers numerous sectors, including food and beverages, agriculture, livestock, logistics, tourism, healthcare, manufacturing, and Islamic finance. The minister highlighted that the halal economy is one of the fastest-growing segments of the global economy and creates significant opportunities for economic transformation, particularly for developing countries.
Abubakar Atiku Bagudu emphasized that Nigeria views the halal economy not as a religious or cultural initiative, but as an economic development opportunity. With a population of more than 230 million people and as one of Africa's largest economies, Nigeria possesses all the key resources needed to become a leader in the halal economy. Nigeria's agricultural potential, livestock resources, developing Islamic finance sector, and broad entrepreneurial environment provide important advantages.
Bagudu stated that the country's leadership considers the development of the halal industry to be an important element of the national economic strategy. The halal economy aligns with ongoing reforms to diversify the economy, increase non-oil exports, attract investment, strengthen food security, and create new jobs. Nigeria recently adopted a National Halal Economy Strategy aimed at creating new opportunities in agriculture, food processing, logistics, tourism, and the financial sector.
The minister noted that a dedicated national committee has been established to coordinate the implementation of the halal economy strategy. The goal is to unite all participants of the halal ecosystem on a single platform. Bagudu also emphasized three key priorities for advancing regional integration: harmonizing standards, directing investment toward halal infrastructure, and enhancing transparency and consumer confidence through innovation.
He added that Nigeria is ready to expand cooperation on the development of the halal economy with international partners, including the Islamic Development Bank, Saudi Arabia's Halal Products Development Company, and Malaysia's Halal Development Corporation. Nigeria is committed to contributing to building a globally competitive halal economy in collaboration with member states, development finance institutions, investors, and industry representatives.