President Bola Ahmed Tinubu has approved, the export of raw Shea nut be banned temporarily.
The move will help “curb informal trade and boost local processing.”
The ban which takes effect immediately is subject to review when it expires and is aimed at “boosting Nigeria’s shea value chain” towards generating around “$300 million” yearly on the short term.
This was announced by the Vice President, Kashim Shettima, at a multi-stakeholder meeting at the Presidential Villa.
The VP called on the Ministry of Finance to ensure the quick enforcement of the ban.
According to the official X account of the VP: “President @officialABAT has approved a six-month temporary ban on the export of raw shea nut to curb informal trade, boost local processing, and protect and grow Nigeria’s shea industry.
“The ban, which takes immediate effect, is subject to review upon expiration and is specifically aimed at boosting Nigeria’s shea value chain to generate around $300 million annually in the short term.
“Vice President @KashimSM, who announced the President’s directive on Tuesday during a multi-stakeholder meeting at the Presidential Villa, called on the Federal Ministry of Finance (@FinMinNigeria) and other relevant government agencies to fast-track enforcement.
“Speaking further on the directive, the Vice President said the decision was not “an anti-trade policy but a pro-value-addition policy designed to secure raw materials for our processing factories, enabling industries to run at full capacity, thereby boosting rural income and creating jobs for our people.”
“He added that the decision “will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil, and other derivatives,” noting that it is about “industrialisation, rural transformation, gender empowerment, and expanding Nigeria’s global trade footprint.”
“On opportunities for job creation and income generation, the Vice President said, “Nigeria produces nearly 40% of the global shea product, yet we account for only 1% of the market share of $6.5 billion.””
