President Bola Tinubu has approved a six-month ban on the export of raw shea nut to boost local processing and protect and the nation’s growing shea industry.
Vice President Kashim Shettima announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa on Tuesday,
He called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.
Speaking on the directive, Shettima said the decision was not an anti-trade policy but a pro-value addition policy designed to secure raw materials
The ban, which is with immediate effect, is subject to review on expiration and is specifically aimed at boosting the nation’s shea value chain to generate around $300 million annually in the short term.
News edited by Favour Owonibi