PRESIDENT TINUBU APPROVES IMMEDIATE BAN ON EXPORT OF RAW SHEA NUT.

President Bola Tinubu has placed a six-month ban on exportation of raw shea nut to encourage local processing and boost Nigeria’s shea value chain to generate around 300 million dollars annually in the short term.

Vice President, Kashim Shettima, announced the president’s directive yesterday during a multi-stakeholder meeting at the Presidential Villa and urged the Federal Ministry of Finance and other relevant government agencies to ensure swift implementation.

Speaking on the directive, Shettima said the decision which takes immediate effect and subject to review on expiration, was not an anti-trade policy but a pro-value addition policy designed to secure raw materials for processing factories and enable industries run at full capacity, thereby boosting rural income and jobs for the people.

He believes the decision will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives.