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Tinubu bans shea nut export for six months

Tinubu bans shea nut export for six months

President Bola Tinubu has approved a six-month ban on the export of raw shea nut to curb informal trade, boost local processing, and grow the industry in Nigeria.

Vice-President Kashim Shettima announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa, Abuja, on Tuesday.

The ban, which took immediate effect, will be reviewed after six months.

It is aimed at boosting Nigeria’s shea value chain to generate around $300 million annually in the short term.

Shettima 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 country.

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He, therefore, urged the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.

The vice-president said the decision was not “an anti-trade policy” but a pro-value addition policy designed to secure raw materials for processing factories.

He added that the decision would enable industries to run at full capacity to boost income and create jobs for Nigerians.

“The decision will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil, and other derivatives,” Shettima stated.

Source: RipplesNigeria | Read Full Story…

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