Nigeria eyes $150bn investment from Halal trade

Nigeria is targeting about $150 billion investment from the International Halal Expo, according to the Abuja Chamber of Commerce and Industry, ACCI.

President of ACCI, Dr. Al-Mujtaba Abubakar, said this at a virtual press conference to announce the expo scheduled to hold on September 14 to 16, 2021 at the Abuja Trade and Convention Centre.

Abubakar said that the investment would target Nigeria’s cosmetic, pharmaceutical and tourism sectors, adding that the expo would also serve as a launchpad to attract new businesses for Nigeria and Africa at large.

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

Abubakar stated: “We have been working on the expo for the past four months and we are giving it all it takes for the expo to succeed. The Halal business also covers all assets of commerce, banking, production where Nigerian companies can take advantage of to forge new businesses.”

Also, Executive Director, ATC, Mr. Jude Chime, said that the $50 billion trade by Nigerian companies is majorly in the beverage and food industry while calling on Nigerian businesses to leverage the opportunities the platform provides.

“We will be signing a Memorandum of Understanding, MoU, to expand the frontiers of trade in the Halal industry. We are targeting the tourism, pharmaceutical, and cosmetics industry. Nigeria is going to benefit a lot from this expo investment-wise,” he said.

Chime pointed out that a whole 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 allow Nigerian exporters to break even into the Middle East markets through the Halal certification.

Courtesy: Vanguard