Halal Industry: Nigeria Eyes $150bn Foreign Investment from Middle East on Islamically Allowed Products

Halal Industry: Nigeria Eyes $150bn Foreign Investment from Middle East on Islamically Allowed Products

  • The Abuja Chamber of Commerce and Industry (ACCI) will hold an International Halal Expo in Abuja from 14th to 16th of September, 2021
  • Dr Al-Mujtaba Abubakar, the president of the ACCI, said the plan is to take advantage of the expo to attract $150 billion investment to Nigeria from the Middle East
  • The investment is specifically meant for the nation's halal industry, that is, the sector offering products in line with the Islamic law

FCT, Abuja - The Abuja Chamber of Commerce and Industry (ACCI) has expressed optimism about attracting $150 billion investment to Nigeria from the Middle East via the Halal industry.

The Guardian reported that the ACCI intends to leverage its International Halal Expo which is scheduled to hold on the 14th to 16th of September, 2021 in Abuja, to achieve the targetted volume of investment.

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Halal Industry: Nigeria Eyes $150bn Foreign Investment from Middle East
The Abuja Chamber of Commerce and Industry (ACCI) has expressed optimism about attracting $150 billion investment to Nigeria. Photo credit: Abuja Chamber Of Commerce And Industry- ACCI
Source: Facebook

Legit.ng gathers that the president of the ACCI, Dr Al-Mujtaba Abubakar, made this known at a virtual press conference to announce the expo.

According to him, the investment would target Nigeria’s cosmetic, pharmaceutical and tourism sectors.

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Dr Abubakar said the expo would also serve as a launchpad to attract new businesses for Nigeria and Africa at large.

He said globally, the Halal business is worth over $4 trillion, saying that Nigeria is currently doing about $50 billion worth of trade in the Halal industry.

According to him, the Halal business also covers all assets of commerce, banking, production where Nigerian companies can take advantage of to forge new businesses.

Halal is an Arabic word meaning permissible according to Islamic Sharia law and can refer to both goods and services acceptable to Muslims.

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“We are already in touch with so many organisations in Taiwan, Malaysia, Jordan, Morocco and Algeria. Going forward, we are going to be having this expo on a yearly basis and would be championed as part of our activities,” he said.

Middle East countries interested in Nigerian market

Dr Abubakar also pointed out that a lot of foreign companies in the Middle East are seeking ways to enter the Nigerian market, not just to bring in their products, but also to expand their manufacturing activities in the country.

He said the expo would also give Nigerian exporters the opportunity to break even into the Middle East markets through the Halal certification.

He added that efforts will be made to increase the level of acceptability of Nigerian products in the international market.

The ACCI president said the products must also have Halal certification.

Meanwhile, the first deputy president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, said the Halal expo is about promoting trade and investments taking cognisance of religion to reach a wider market.

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He urged members of the business community to take advantage of the opportunity while also restating NACCIMA’s commitment to supporting the expo.

The current Chairman, Halal Certification Authority, Dr. Ibrahim Oreagba, said Halal fair is about promoting products that are permissible and wholesome for food safety and quality.

Nigerians reveal what FG should do to stop rising increase in prices of foodstuffs

In another report, Nigerians have highlighted some important steps the federal government should take to address the rising increase in the prices of food in the country.

Earlier, Legit.ng reported that President Muhammadu Buhari acknowledged the ballooning prices of foodstuffs in the country in spite of the investments of his administration in agriculture.

Speaking to Legit.ng via Facebook comment, Tripple Hope advised the government to stop devaluing the Naira against the dollar and put in place a "tight and strong security" for farmers.

Source: Legit.ng

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