NaijaBuzz

Fresh Naija News • Football • Gossip • Entertainment • World Updates

Tinubu extends ban on raw shea nut export

Naija News • 4d ago
Tinubu extends ban on raw shea nut export
**Shea Nut Export Ban Extended: Bola Tinubu's Drive for Local Value Addition** In a move aimed at boosting Nigeria's local processing capacity, President Bola Tinubu has extended the ban on the export of raw shea nuts for another year. This decision is part of the federal government's Renewed Hope Agenda, which seeks to position Nigeria as a competitive player in global agricultural value chains. The ban, initially approved in August last year, was designed to curb informal trade and promote the export of value-added shea products. Despite criticism from some quarters that Nigeria lacks the capacity to process all its shea butter, the government remains committed to its vision. With Nigeria accounting for nearly 40 per cent of global shea production but only 1 per cent of the $6.5 billion market share, the potential for growth is vast. The extension of the ban, which will run from February 26, 2026, to February 25, 2027, is expected to deepen domestic processing capacity, improve livelihoods in shea-producing communities, and boost the country's shea value chain. According to projections, Nigeria is expected to earn around $300 million annually in the short term, with a 10-fold increase by 2027. To drive implementation, President Tinubu has authorized the ministers overseeing the Federal Ministry of Industry, Trade, and Investment and the Presidential Food Security Coordination Unit (PFSCU) to coordinate a unified national framework for the shea value chain. The framework will align industrialization, trade, and investment priorities using evidence-based strategies. The ban has not been without its challenges, with some farmers complaining of reduced profits due to their inability to sell their products. However, the government remains resolute in its commitment to promoting local value addition and industrial growth. As Nigeria seeks to diversify its economy and reduce dependence on oil revenue, initiatives like the shea nut export ban are crucial in driving the country's agricultural sector forward.
Source: Original Article. AI-enhanced version.