The Abuja Chamber of Commerce and Industry, (ACCI) has emphasized that Nigeria should leverage and tap into the Non-Oil Sector to boost its economic activities.
The Chamber urged Nigeria to set a strategic pathway for the Halal market which can achieve great strides like that of Malaysia which is doing over $5.8b for halal food annually.
Mr Jude Chime the Executive Director, Trade and Investment, Abuja Chamber of Commerce and Industry stated this on Friday during an interview on the developments around the Global Halal Market.
He stated that Non-Oil Export Products provide immense opportunities for the growth of the Global Halal Market, considering the disruption of the Global supply chain by the COVID 19 Pandemic, which has adversely affected the revenue base of countries especially like Nigeria that are heavily dependent on crude oil.
He noted that the Halal Industry had a projected growth size of about $3trn in 2020 which will be affected by the impact of COVID-19, but had great prospects considering the fact that in 54 countries 40% of the population were Muslims.
Mr Chime stated that the Halal market value chain from clothing, food, hospitality, tourism amongst others was a pathway for supporting Nigeria’s drive to revenue diversification adding that the current prevailing crisis was an opportunity for Nigeria to give priority to the diversification of the nation’s revenue through the Non-Oil export products. See The Video Below
“Investing in the halal market, we have the population and the resources to compete with the market. If Nigeria can have halal market well monitored which will also improve the lifespan of people in terms of what we consume, our health and modesty in terms of fashion, it will be a great market for Nigeria to tap into” he said.
Speaking on additional opportunities that the country can unlock in the Halal market, the Executive Director for Trade and Commerce for the ACCI identified agriculture as one sector that can boost the non-oil export products, especially the Halal Beef which Kano State is already venturing into.
He also said the role ACCI is playing to promote the halal industry and the ecosystem in Nigeria, he noted that there has been massive advocacy and awareness on the market and its economic prospects in the country.
He asserted that the forthcoming exhibition by the Abuja Chamber of Commerce and Industry will bring a whole lot of Halal investors to look into the Nigerian market.
“Also, ACCI is working on the investment aspect of the halal market, also, the arbitration Center” he said.
In terms of partnerships to promote the Halal industry, he listed some of the countries that have been engaged which include; India, Morrocco, Cotedvoire, Malaysia, Turkey, Indonesia, the D8 group and several other Developing Countries.
For Islamic finance Institutions in Nigeria he stressed that the approach to the halal industry post pandemic, should be that of understanding of the market which will lead to its expansion.
He emphasized on the need for strategic funding to support the growth and scaling of SMEs in the value chain.
On the learning points for Nigeria from developed markets like Malaysia, Chime stressed the need for Nigeria to pay close attention to manufacturing, and look inwards to develop a robust market that can compete globally, embrace collaboration, empower SMEs, harmonize policies and drive exports.