Nigeria Halal Markets Report 2023
Description
Driven by one of the largest global Muslim populations, Nigeria has become the world’s eighth-largest domestic halal economy market. Domestic spending on halal economy products and services in Nigeria reached US$107 billion in 2022, and it is expected to grow at a CAGR of 10.7% to reach US$180 billion by 2027.
Executive Summary
The Nigeria Halal Economy Report 2023 aims to inspire and empower government entities in Nigeria, industries, and investors to grow Nigeria’s presence in the global and regional halal economy. Simplifying trade regulations, enhancing production competitiveness, increasing consumer awareness, and fostering partnerships are some strategies that can help Nigeria develop and grow its halal economy. The report offers insights and recommendations to enable Nigeria to tap into the potential of its halal market and contribute to the growth of the global halal industry. The report indicates that incremental export and import substitution alone can boost the country’s GDP by US$1.49 billion. Nigeria’s exports currently represent only 5.7% of Africa’s US$4.2 billion halal products exports to OIC countries. If Nigeria increases its share of exports to the OIC from 2% to 6% (mid-scenario) in the next four years, its exports to the OIC will increase from US$240 million to US$788 million, boosting Nigeria’s GDP by US$548 million. Some key products Nigeria should prioritize for exports include cocoa preparations, meat and edible meat offal, sugar and confectionery, live animals, and medicaments.
