• Nigeria Nigeria
Nigeria
Photo: Abuja National Mosque / Mark Fischer / CC BY-SA 2.0

Nigeria is the biggest economy in Africa and the most populous country on the continent. It is also the biggest oil exporter on the continent, with its largest natural gas reserves, according to the World Bank. However, the non-oil sector has been the main driver of growth, with services contributing around 57 percent, while manufacturing and agriculture, respectively contributed about 9 percent and 21 percent, according to the African Development Bank. 

Almost half the country's population is Muslim (the other half Christian), who predominantly live in the north. 

Islamic Economy:

Nigeria's Islamic Economy sectors are largely unregulated. However, with a Muslim population larger than Turkey's, the country has substantial Islamic Economy potential especially for food.

Nigeria's Muslim expenditure on food was estimated to be $39.4 billion in 2014, according to the State of the Global Islamic Economy Report 2015/2016.

Some Islamic Economy sectors are regulated, including Islamic finance which falls under the overall purview of the central bank and other relevant government authorities, and pilgrims' and pilgrimage matters are handled by the country's National Hajj Council of Nigeria, or NAHCON.

In February 2015, the central bank set guidelines for an advisory body -- the Financial Regulation Advisory Council of Experts -- to oversee Islamic banking in the country. The advisory body is guded by the principles of Shariah governance issued by Malaysia-based Islamic Financial Services Board (IFSB). 

There are currently two Islamic banks in operation -- Jaiz Bank Plc and Stanbic IBTC.

In the capital markets, Nigeria's Securities and Exchange Commission (SEC) has put in place necessary regulations paving the way for sovereign sukuk. The country's first sukuk was issued in October 2013 from Osun state. It was a 10 billion naira sale ($62 million). 

GIEI Ranking32
Halal Ranking
Major Industries

Services: The Services sector contributes around 57 percent to GDP (African Development Bank)

Agriculture: 21 percent contribution to GDP (African Development Bank)

Manufacturing: 9 percent contribution to GDP (African Development Bank)

Halal-related agencies Intro

There is currently no halal regulatory organization in Nigeria. The National Agency for Food and Drugs Administration Control (NAFDAC) regulates and controls the manufacture, importation, exportation, distribution, advertisement, sale and use of food, drugs, cosmetics, chemicals, detergents, medical devices and packaged water (i.e.regulated products).

Halal compliance guidelines Intro
Halal-related trade and trading