- Safiu Kehinde
President Bola Tinubu has explained the reason behind his temporary ban on the export of raw shea nut.
NPO Reported that the President had yesterday gave a directive banning the export of shea nut for the next six months while speaking at the multi-stakeholder meeting at the Presidential Villa, Abuja.
Represented by Vice President Kahsim Shettima, Tinubu 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.
However, the President in a statement issued on his official X handle on Wednesday further cited the imbalance in the Nigeria’s rate of shea butter supply, which he described as Nigeria’s green wealth, in the global market and the revenue earned by the country.
According to Tinubu, Nigeria produces nearly 40 percent of the world’s supply but earn less than one percent in the global market.
Tinubu declared an end to the imbalance as he disclosed that with the new market access opening in Brazil, the export of shea butter will be a win-win situation for farmers and Nigeria as a whole.
“Nigeria’s shea is our green wealth. We produce nearly 40% of the world’s supply yet capture less than 1% of its $6.5bn global market. That imbalance ends now.
“I have approved a six-month suspension of raw shea exports, on the recommendation of the Presidential Food Systems Coordinating Unit, to secure supply for local processors, create jobs, and protect a value chain where 95% of pickers are women.
“This is a win for our farmers, for our women, and for Nigeria.
“VP Kashim Shettima will work with stakeholders to rapidly expand processing capacity and ensure that this reform translates into lasting prosperity.
“With new market access opening in Brazil and beyond, we will no longer export poverty and import value. We will create value at home, compete abroad, and deliver prosperity under the Renewed Hope Agenda.” Tinubu wrote.