The Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, has commended the Federal Government’s six-month ban on shea exports, describing it as a move that will stabilise raw material supply for domestic processors and reduce their input costs.
Speaking during an interactive session with members of the All Progressives Congress (APC) youth wing in Abuja on Tuesday, Bello noted that Nigeria contributes between 40 and 60 percent of global shea supply, yet had no industrial-scale processing plants before 2018.
“When we came on board in 2018, not one industrial plant was processing shea in Nigeria. We prioritised it, and so far, we have financed four plants—one in Ogun State, two in Niger State, and one in Kano—all now in production,” he said.
Bello explained that promoters of the newest facility, commissioned in Niger State two weeks ago, had complained about difficulty sourcing raw nuts as long-established buyers moved products to neighbouring countries with existing processing capacity.
He said the temporary export ban would secure supply for local industries at competitive prices: “Before, they were competing with buyers from outside. Now, we will even have excess shea for production.”
Bello urged the government to extend the suspension from six months to a year to attract further investment in domestic value addition.
He also called for a broader policy shift discouraging the export of raw agricultural commodities. “Let’s not only make it shea. Let’s look at other value chains and stop exporting primary products. We must add value at home to keep jobs here,” he said.
Highlighting opportunities in the non-oil sector, Bello described the economy as an “opportunity port,” stressing that agriculture, services, creative industries, and solid minerals were all underutilised. He advised young Nigerians to pursue investments aligned with their passion, noting that with energy, creativity, and focus, they could drive Nigeria’s export growth.
ADEOLA KUNLE
