Muassasat Nasrul Ilm Wa Da’wat Foundation has charged Muslims to take practical steps towards harnessing the vast opportunities within the halal economy.
Halal economy refers to an economic system and market that operates in line with Islamic principles, covering a wide range of industries beyond food, including finance, tourism, fashion, pharmaceuticals and ethical business practices.
The National President of the Foundation and Convener of the Muslim Economic Summit (MES 1.0), Ibraheem Adigun, made the call in Lagos on Saturday during the maiden edition of the summit.
Adigun said the global halal economy is currently valued at about N7.7 trillion, stressing that Nigerian Muslims must position themselves to benefit from the fast-growing sector.
According to him, the summit was organised to explore ways Muslims can contribute meaningfully to national economic growth, especially as the country seeks to diversify its economy away from oil.
“The nation is talking about economic diversification, and the government is looking beyond oil to grow the GDP. We believe that channeling energy into the halal economy will help Nigeria tap into this globally trending market,” he said.
Adigun noted that the Foundation has been actively engaging with society and responding to widespread poverty by contributing to the country’s socio-economic development.
He disclosed that prior to the summit, the Foundation had trained 375 participants, including Christians, emphasising that the halal economy is inclusive and not restricted to Muslims alone.
He added that the summit would become an annual event and expressed hope that it would be sustained through the Foundation’s MES Waqf Fund, an Islamic endowment initiative.
Speaking at the summit, Prof. Ahmad Dogarawa of the Department of Accounting, Ahmadu Bello University, Zaria, said Nigeria is well positioned to benefit from the rapidly expanding halal market due to its large population and abundant natural resources.
Dogarawa noted that Nigeria’s vast arable land, livestock resources and oil reserves give it a strong comparative advantage, particularly in halal food and beverage production.
However, he stressed that government must play a key role in educating the public, noting that the halal economy is not about Islamisation or the imposition of Sharia law.
“The halal economy is about economic growth, business development, prosperity and investment,” he said.
Also speaking, the Special Adviser to Lagos State Governor on Religious Matters, Dr Ahmad Jebe, described the halal economy as primarily a religious concern, while stressing that government must remain neutral.
Jebe said government collaboration with religious groups was important and assured that Lagos State would continue to support initiatives that promote economic development across religious lines.
According to him, the halal economy emphasises that what people consume and engage in economically must align with acceptable ethical and religious standards.