President Bola Tinubu has approved a six-month ban on the export of raw shea nut to boost local processing, protect and grow Nigeria’s shea industry.
The ban, which is with immediate effect, is subject to review on expiration and specifically aimed at boosting Nigeria’s shea value chain to generate around $300 million annually in the short term.
Vice President Kashim Shettima, who announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa on Tuesday, called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.
Speaking on the directive, Shettima said the decision was not “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.”
He believes the decision “will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives.”