Abuja: President Bola Tinubu has sanctioned a six-month temporary suspension on the exportation of raw sheanuts in a strategic move to curb informal trade and enhance local processing, thereby protecting and advancing Nigeria’s shea industry. The directive was communicated by Vice-President Kashim Shettima during a multi-stakeholder meeting held at the Presidential Villa.
According to News Agency of Nigeria, the ban, which takes immediate effect, is planned for reassessment upon its expiration. The primary objective is to bolster Nigeria’s shea value chain, with the potential to generate approximately 300 million dollars annually in the short term. Shettima emphasized that the decision was reached collaboratively between sub-national and federal entities, aimed at steering economic transformation in favor of the nation’s interests.
Vice-President Shettima urged the Federal Ministry of Finance and other pertinent government bodies to expedite the ban’s enforcement. He clarified that the measure should not be perceived as an ‘anti-trade policy’ but rather a pro-value addition initiative intended to secure raw materials for domestic processing facilities. This approach is anticipated to enable industries to operate at full capacity, thereby enhancing rural incomes and creating employment opportunities.
Shettima further elaborated that the decision is poised to transition Nigeria from being a mere exporter of raw sheanuts to a global supplier of refined shea butter, oil, and related products. This aligns with broader goals of industrialization, rural development, gender empowerment, and expanding Nigeria’s presence in global trade.
On the prospect of job creation and income generation, the vice-president highlighted that Nigeria is responsible for nearly 40 percent of the global shea production. However, the nation currently holds only a 1% share of the 6.5 billion dollar market, indicating significant room for growth and increased market participation.
