On 27 April 2023, Dar Al Halal Nigeria Limited gathered members of Nigerian ministries, royal families, and leaders of industry as well as institutions of the Organisation of Islamic Cooperation (OIC) to discuss and brainstorm on the topic of the 2023 Nigeria Halal Markets Opportunity & Prospects Report in Transcorp Hilton, Abuja - Nigeria. This event was attended virtually by IOFS and its subsidiary, International Islamic Food Processing Association (IFPA).
According to the Report produced by DinarStandard and presented by its CEO, Mr. Rafi-uddin Shikoh, Nigeria's halal market has the capacity to establish itself as a leading player in the industry, on every level. Domestically, Nigeria is among the top halal consumer markets in the world, with Muslim spending across halal products and lifestyle sectors equal to US$107 billion, making it the eighth largest in the world. Internationally, Nigeria ranks 11th in Africa for halal product exports, with food accounting for 98% of total exports. Furthermore, Nigeria is a leader in Islamic finance, having issued the most sukuk in Africa, totaling US$41.6 billion. The study intends to give policymakers, investors, and industry leaders an outline for capitalizing on opportunities and mitigating challenges faced by the halal sector in Nigeria.
H.E. Prof. Yerlan Alimzhanuly Baidaulet, Director General of the IOFS and Chairman of IFPA provided a keynote speech highlighting the importance of supporting Dar Al Halal Nigeria exceptional effort that would have an impact on improving Nigeria's food security. The Director General also highlighted that Nigeria's government and businesses should focus on boosting trade, logistical infrastructure, regulatory and policy, quality, and so on. It is important to note, that the IOFS fully supports Dar Al Halal Nigeria Limited in its initiatives to expand the Halal market and will contribute to the development of the meat sector.
