President Tinubu has currently issued an immediate temporary ban on the export of raw shea nuts.
Vice President Shettima announced an immediate ban on the export of raw shea nuts, with plans for a review after a specified period. This measure is intended to enhance Nigeria’s shea value chain, aiming to generate approximately $300 million annually in the near future.
Vice President Kashim Shettima, during a meeting with multiple stakeholders at the Presidential Villa on Tuesday, relayed the president’s Tinubu directive. He urged the Federal Ministry of Finance and other related government bodies to swiftly implement the necessary enforcement measures.
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.
“Government is not closing doors; we are opening opportunities. Mr President is currently in Brazil, and both countries have agreed to prioritize access for Nigerian shea butter and oil into the Brazilian market. This process will be completed within the next 3 months.
“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.”