President Tinubu suspends raw shea exports for six months to empower local processors, create jobs, and capture more value from Nigeria’s $6.5 billion global shea market.
E247 mag reports: Nigeria, the world’s largest producer of shea nuts, accounting for nearly 40% of global supply, has historically earned minimal returns from the $6.5 billion shea market due to exporting unprocessed nuts. President Bola Tinubu announced a decisive policy change on his verified X handle on Wednesday to reverse this trend and maximize local economic gains.
“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,” Tinubu wrote.
Acting on recommendations from the Presidential Food Systems Coordinating Unit, Tinubu approved a six-month suspension of raw shea exports. The move is designed 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,” the president added, emphasizing the importance of local processing to capture higher market returns.
On expanding Nigeria’s processing capacity and boosting global competitiveness, Tinubu said: “Vice President 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.”