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Nigeria to lead $7.7trn global halal market – Shettima
Nigeria to lead $7.7trn global halal market – Shettima, Shettima stated this on Wednesday during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja.
He said the nation’s economic and demographic size puts it in a vintage position to map out a vibrant investment sector for the global halal economy projected to reach a market value of $7.7 trillion by 2025.
The Vice-President noted, however, that Nigeria must first reassess its weaknesses and prioritise its strength to achieve this economic feat.
“For Nigeria to become a hub of opportunities in the global halal economy, we must prioritise our strengths and reassess our weaknesses.
“Today’s engagement provides a platform for us to collaborate with key international organisations.
“This will allow us to develop a comprehensive halal ecosystem and agree on strategies that will position Nigeria as a top halal exporter, targeting high-value markets.”
Shettima commended the private sector for its immense contributions to driving the halal economy, particularly in the financial sector.
He encouraged all stakeholders to partner with President Bola Tinubu’s administration to deliver the halal ecosystem.
“To ensure this, we must attract international investment by showcasing the vast opportunities within Nigeria’s halal sector through investor summits, roadshows, and business matchmaking events.
“The expansion of regional trade, particularly through the African Continental Free Trade Area (AfCFTA), also provides us with a pathway to become a leading supplier of halal goods and services across Africa.
“Therefore, we must increase public awareness through strategic orientation campaigns, specialised training programmes.
“We must also deepen engagement with the global market to elevate the visibility and competitiveness of Nigeria’s halal ecosystem,” he said.
Shettima described halal as an economy that accommodates all actors and stakeholders.
He noted that the halal market holds vast potential that aligns “with the overarching agenda of His Excellency, President Bola Ahmed Tinubu.”
He said that lack of clarity and understanding surrounding compliance with investments in the halal economy had stifled vast potential in savings, business ventures, and investments.
Shettima expressed delight that in an era of knowledge and enlightenment, more Nigerians are now getting rid of outdated concerns and are, instead, embracing the need to have a say in how their money is invested.
Earlier, Sen. Ibrahim Hadejia, the Deputy Chief of Staff to the President (Office of the Vice President), had emphasised the importance of the initiative.
” Nigeria, as one of the largest economies in Africa, is launching this programme to engage with the global Halal market.
“We are determined to position Nigeria as a leader in the Halal economy, not just in Africa but globally,” Hadejia said.
Also, Special Assistant to the President on Export Expansion, Aliyu Sheriff, highlighted halal economic potential.
“If we can increase our halal exports to the Organization of Islamic Cooperation (OIC) countries from 2% to 6% over the next four years, it could boost our Gross Domestic Product (GDP) by 548 million dollars,” he said.
Sheriff said some of the key objectives of the initiative include establishing a robust regulatory framework for Halal certification and increasing consumer awareness about Halal products.
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said Nigeria’s domestic spending on Halal products and services reached approximately 107 billion dollars in 2022.
“This sector is projected to grow at a rate of 10.7%, reaching 180 billion dollars by 2027.
“This positions Nigeria as the 8th largest domestic Halal economy globally and the second largest in Africa,” he added.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated halal products are not just for Muslims.
“There are over 125 products that are produced in the Halal way. This presents a huge opportunity for rapid growth and improved competitiveness, enhancing our ability to export,” he said.
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Okpebholo orders Edo LG – Okpebholo orders Edo LG…
Okpebholo orders Edo LG – Gov. Monday Okpebholo of…
Gov. Monday Okpebholo of Edo on Tuesday directed the 18 local government chairmen in the state to submit their statements of account from September 2023 to date within 48 hours.
A statement by Fred Itua, the Chief Press Secretary to the governor, instructed that the documents should be submitted to the Assets Verification Committee through the Secretary to the State Government (SSG).
At a meeting with the chairmen, the governor emphasised the administration’s commitment to transparency and accountability.
Okpebholo, represented by the Deputy Governor, Dennis Idahosa, assured the council chairmen of collaborative governance for the betterment of the state.
The governor reiterated that the directive would enhance the committee’s ability to verify assets efficiently. According to the governor, I have listened keenly to the ALGON Chairman, I’m a leader of all and we are one family.
The governor urged the chairmen to comply with the directive promptly to support the committee’s work.
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LASEMA rescues 4 victims – LASEMA rescues 4 victims…
LASEMA rescues 4 victims – The Lagos State Emergency…
The Lagos State Emergency Management Agency (LASEMA), said it rescued four accident victims on Monday evening.
The agency’s Permanent Secretary, Dr Olufemi Oke-Osanyintolu, said this in a statement on Tuesday in Lagos. Oke-Osanyintolu said the victims were severely injured in the accident involving two buses.
He said that the incident happened in the late hours of Monday, on Third Mainland Bridge, inward Owroronshoki.
“Following distress calls received through the 767 and 112 toll-free emergency lines at 17.25hrs, LASEMA activated its emergency response team from the Command and Control Centre, Alausa, Ikeja.
“On arrival to the incident scene at 17.35hrs, we discovered that a white Toyota coaster bus, Registration Number KJA-380-XV collided with a parked Lagos State BRT, Registration Number AGL938-YD.
“This happened while the coaster bus was on motion resulting in significant damage and injuries.
“The accidented Toyota Coaster bus blindsided a parked BRT in an attempt to overtake a car while headed inward Iyana Oworo,” he said.
He said four people were severely injured including the driver, adding that no fatalities were recorded in the incident.
“The recovery operation was coordinated by the agency and we extricated the trapped passengers.
“The injured victims were administered pre-hospital care treatment by the agency’s paramedics before being evacuated to nearby government-owned hospitals.
“The white coaster bus was subsequently towed to Iyana-Oworo and handed over to the Police. Recovery operation concluded,” he stated.
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Labour strikes cripple activities – Labour strikes cripple activities…
Labour strikes cripple activities – Economic activities were paralysed…
Economic activities were paralysed in Abuja, Nasarawa, Kaduna, and Ebonyi states on Monday as the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) embarked on a one-week warning strike over the non-implementation of the ₦70,000 minimum wage.
In Abuja, teachers expressed frustration with the Federal Capital Territory’s (FCT) area councils for failing to comply with the minimum wage directive.
The labour action caused widespread disruption to public services across the nation’s capital.
Kaduna state saw ministries and agencies grind to a halt despite the government’s claims of having commenced minimum wage payments in October, barring consequential adjustments.
“We have started implementation,” said a Kaduna State official.
However, workers dismissed these claims as insufficient.
In Ebonyi, Governor Francis Nwifuru responded to the industrial action by announcing a 72-hour ultimatum for workers to resume or face dismissal.
He stated that the state government had approved and started implementing a ₦75,000 minimum wage.
However, striking workers described the announcement as “mere rhetoric” lacking actionable backing.
Nasarawa also witnessed widespread disruption, with organised labour accusing state authorities of failing to meet the October and November implementation deadlines.
The strike highlights escalating tensions between labour unions and state governments over wage disparities. Union leaders have vowed to sustain their protest until their demands are met.
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