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Informal Trade: Tinubu Bans Exportation Of Raw Shea Nut For Six Months
In order to curb informal trade, boost local processing, protect and grow Nigeria’s Shea industry, President Bola Tinubu has ordered the immediate ban of raw Shea nut export for six months.
The Vice President, Mr Kashim Shettima, who announced the ban on Tuesday, disclosed that it is subject to review on expiration and specifically aimed at boosting the country’s Shea value chain to generate around $300 million annually in the short term.
A statement signed yesterday by Mr Shettima’s spokesman, Mr Stanley Nkwocha, disclosed that 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 quoted his principal as saying at a multi-stakeholder meeting at the Presidential Villa in Abuja that the decision “will transform Nigeria from an exporter of raw Shea nut to a global supplier of refined Shea butter, oil and other derivatives,” calling on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.
“Nigeria produces nearly 40 per cent of the global Shea product, yet we account for only 1 per cent 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,” the VP stated.
He explained that the ban was a collective decision involving the sub-nationals and the federal government with clear directions for economic transformation in the overall interest of the nation, stressing that the “government is not closing doors; we are opening opportunities.”
He averred that “by protecting the Shea industry, we are protecting livelihoods, dignity and opportunity for millions of our women,” adding that, “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.”
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