The Managing Director of the Nigerian Export-Import Bank, Abba Bello, has praised the Federal Government’s six-month ban on the export of raw shea nuts, saying the move will protect local processors and create more jobs.
Speaking during an interactive session with members of the All Progressives Congress youth group in Abuja on Tuesday, Bello explained that the ban will make it easier for local factories to get enough raw materials without competing with foreign buyers.
“When we came on board in 2018, not one industrial plant was processing shea in Nigeria,” he said. “Since then, we’ve financed four plants in Ogun, Kano, and two in Niger State, and they are all in production now.”
Bello said a new processing plant in Niger State had been struggling to get enough raw shea because international buyers were moving the product to neighbouring countries for processing.
“The export ban guarantees a stable supply chain for these plants and reduces input costs,” he said. “I believe we’ll now have excess shea for local processing.”
The NEXIM boss urged the government to consider extending the suspension to one year to encourage more investment in the industry. He also called for similar restrictions on the export of unprocessed agricultural products to grow local industries.
“Let’s not stop at shea. We should begin phasing out the export of unprocessed commodities across other agricultural value chains. This is how we keep jobs and wealth at home,” he said.
Bello also encouraged young Nigerians to explore opportunities in the non-oil export sector, which he described as a goldmine for agriculture, creative industries, services, and solid minerals.
“Young Nigerians should invest where their passion lies. With energy and creativity, they can unlock massive export growth,” he added.
