FG implements ban on raw shea nuts exports

Vice President, Kashim Shettima has declared an immediate prohibition on the export of raw shea nuts, with a review planned after a designated timeframe. This initiative aims to strengthen Nigeria’s shea value chain and potentially generate around $300 million per year in the near future.

During a meeting with various stakeholders at the Presidential Villa on Tuesday, Vice President Kashim Shettima communicated President Tinubu’s directive and urged the Federal Ministry of Finance along with other relevant government agencies to promptly carry out the necessary enforcement actions.

He said, “an anti-trade policy but a pro-value addition policy designed to secure raw materials for our processing factories and enabling industries run at full capacity thereby boosting rural income and jobs for our people.

“Will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives.

“Nigeria produces nearly 40% of the global shea product, yet we account for only 1% of the market share of $6.5 billion.

“This is unacceptable. We are projected to earn about $300 million annually in the short term, and by 2027, there will be a 10-fold increase. This is our target”, Shettima added.

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He emphasised that the government is not shutting doors, but rather creating opportunities, citing how the President is presently in Brazil, where both nations have committed to facilitating the entry of Nigerian shea butter and oil into the Brazilian market.

“We are not closing doors, we are opening better ones. Today, we plant the seeds of an industry that will yield fruit for decades to come for our women, for our economy, and for Nigeria’s place in global trade”, Vice President concluded.