Adeleke Moves to Position Osun for $7.7 Trillion Global Halal Economy

 

By Abdulahi Musa 

Governor Ademola Adeleke has announced that Osun State will align with the Federal Government's National Halal Economic Strategy by developing a state-specific policy framework and implementation plan aimed at harnessing opportunities within the rapidly expanding global halal economy.

The governor made this known during the National Economic Council (NEC) meeting held in Abuja on Thursday, where he described the Federal Government's initiative as a strategic move capable of positioning Nigeria to benefit from the estimated $7.7 trillion global halal market.

According to Adeleke, the halal economy has evolved beyond religious considerations and is now a major component of global trade, finance, agriculture, manufacturing, tourism, and ethical business practices. He noted that many Western and non-Muslim countries have successfully integrated halal standards into their economic systems to attract investment and expand exports.

The governor stressed the need for a clear implementation template for states, revealing that his administration plans to establish a Halal Economy Committee that will adapt the federal framework to Osun's unique economic environment.

He explained that the committee would be tasked with designing programmes that would enable businesses, farmers, investors, and other stakeholders in the state to participate in the emerging opportunities offered by the halal economy.

Adeleke expressed confidence that embracing the initiative would help stimulate economic growth, create jobs, attract investment, and enhance the state's competitiveness in both local and international markets.

"I commend President Bola Ahmed Tinubu for this initiative. Osun will work on an implementation plan that will benefit all residents and indigenes of the state. The halal economy covers financing, dietary requirements, infrastructure, and ethical business practices," the governor stated.

The governor also emphasized that the halal economy is inclusive and not restricted to any particular faith, noting that its principles and benefits are accessible to people of all religious backgrounds.

The National Halal Economic Strategy was recently unveiled by Vice President Kashim Shettima as part of the Federal Government's efforts to diversify the nation's economy, increase exports, attract foreign direct investment, and create sustainable employment opportunities.

Shettima explained that the strategy was developed through collaboration with international and domestic partners, including the Halal Products Development Company, a subsidiary of Saudi Arabia's Public Investment Fund, Dar Al Halal Group Nigeria, the Islamic Development Bank, and the Arab Bank for Economic Development in Africa.

With Osun indicating its readiness to adopt the initiative, the state is expected to begin developing policies and programmes that will integrate halal economic principles into its broader development agenda.