The Abuja Chamber of Commerce and Industry (ACCI) says its forthcoming Halal Expo Nigeria 2020 will increase trade volume and investment in Halal economic sector.
Prince Adetokunbo Kayode, ACCI President, in a news conference on Friday in Abuja said that Nigeria had more than 100 million Muslim population making it an ideal market place worth trillions of dollars.
Halal economy is a multi trillion dollars opportunity that captures the core of faith-based Muslim spending.
The Nigeria First International Halal Expo being organised by ACCI is scheduled to hold from June 8 to June 10, to commemorate Nigeria’s 60th independence anniversary.
Listing the benefits of the expo, the ACCI president said that it would create a platform to tap into the more than two trillion used Halal market and enhance Nigeria’s Gross Domestic Product (GDP) as well as the economy.
“It will provide over 100 million Muslims Halal food from properly certified agency opportunities to expand and get exposed to other markets in the Muslim countries.
“It will create a platform that will encourage big volume export from Nigeria to Muslim countries and give access to markets in the Middle East, Malaysia, Pakistan and Indonesia,” he said.
The trade advocate said that it would equally project Islamic banking and insurance as a solution for all, not just Muslims.
He said that as the Halal movement gained traction, the global industry sets its sights on Nigeria’s growing demand for Shariah-compliant goods.
According to him, as a home to one of the world’s largest Muslim population next to Indonesia and India, Nigeria does not have one of the world’s most viable Halal markets.
He added that Islamic finance, relatively a mature interest-free market that catered to the Muslim consumer, had estimated the total assets of shariah-compliant products across the world.
According to him, the Halal industry now spans across food processing and services, cosmetics and personal care, pharmaceuticals and logistics industries are expanding further into life style offerings.
Dr Ibrahim Oreagba, Chairman, Halal Certification Authority also said that the expo was aimed at guaranteeing safety, wholesale, quality and public health to Nigerians and Muslim population that demanded Halal products based on their faith.
Oreagba said the expo would also create awareness in the sense that Halal products were not limited to what was permissible based on the Quran but also to something hygienic, wholesome and High quality.
He explained that Halal standard for products was just being developed in Nigeria with the agency in collaboration with Standards Organisation of Nigeria (SON).
“But we at the Halal certification authority, has already given labels to those companies’ products that met the standard for Halal.
“There are different certifying bodies for Halal, we have few in Nigeria, but we are expecting more later. What is important is to see Halal label that is traceable to that particular certifying body,” he said.
He listed some Halal non-interest Financial Institutions as Jaiz Bank, Taj Bank Abuja, Lotus capital and Albarka Micro Finance Bank which partner with entrepreneurs by funding businesses based on loss and profit shares platform. (NAN)
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