A recent report by Dar-Al-Halal Nigeria indicates that, despite deteriorating economic situation in Nigeria due to growing inflation and decrease in oil revenue, investments in the Halal sector could contribute $1.6bn annually to the economy of this country in four years.
The authors categorized the halal sector into six subsectors of food, fashion, pharmaceuticals, cosmetics, travel and tourism and media and recreation.
The report refers to Nollywood as the world’s second-largest film industry, suggesting it could open opportunities for Islamic themed movies.
Dar-Al-Halal Nigeria mentions that the country’s exports of halal products to Organization of Islamic Cooperation (OIC) countries can increase from $240m to $788m, boosting Nigeria’s GDP by $548m.
The report urges closer cooperation between industry players and the government to develop halal economy strategies, as a means to attract regional and international investments, which could position Nigeria as a leader in Africa’s halal economy.