Idris Oyewale Oyelakin; Asnidar Hanim Yusuf
Halal products are beneficial to a nation’s economic development in terms of its contribution to gross domestic product (GDP) as clearly demonstrated by multi-racial country like Malaysia. This should prompt developing nations such as Nigeria, to provide ethical and healthy products for both Muslims and non-Muslims in the country by using Malaysia as a role model. Nigeria, being a developing country needs to adopt halal implementation as much as Malaysia, simply because of her multi religion state. Thus, the purpose of this study is to look at the prospects for halal products in developing the economy, such as Nigeria and how it can be a major source of revenue generation. This study uses a conceptual method to compare practises of halal implementations in industries in Malaysia as a benchmark to apply the same method in Nigeria. The study also boldly suggests why developing countries, especially Nigeria should establish a government backed halal regulatory authority. The findings of this study conclude that as a Muslim dominated country, Nigeria has the potential to rise as one of the main players in halal industry. However, the limited literature on Nigeria halal products industry has restricted the present researchers to come up with recommendations that should be taken to overcome the issue. However, the general idea of the current situation in Nigeria in regards to halal products industry implementation is stated in this study. The outcome of this research is hoped to be a source of reference for developing nations, especially Nigeria who might be interested in the halal product industry in the future.
[ FULL TEXT PDF 1-10] DOI: 10.30566/ijo-bs/2018.2085