The Managing Director of the Nigerian Export-Import Bank NEXIM, Abba Bello has commended the Federal Government’s recent six-month ban on sheanut exports.
He described the move as a strategic step to support local processors and reduce production costs.
Speaking at an interactive session with All progressives Congress youth members in Abuja on Tuesday, Bello noted that although Nigeria supplied 40–60 per cent of global shea, it had no industrial processing plants until 2018.
“When we came on board in 2018, not one industrial plant was processing shea in Nigeria.
“Since then, we’ve financed four, located in Ogun, Kano, and two in Niger State, all now in production,” he said.
He explained that a newly commissioned plant in Niger State had struggled to source raw shea due to competition from long-established foreign buyers who moved the product to neighbouring countries for processing.
“The export ban guarantees a stable supply chain for these plants and reduces input costs.
“I believe we’ll now have excess shea for local processing,” Bello added.
He urged the government to consider extending the suspension to one year to encourage further investment in domestic value addition.
Bello also called for a wider policy to discourage the export of raw agricultural products.
“Let’s not stop at shea. We should begin phasing out the export of unprocessed commodities across other agricultural value chains.
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“This is how we keep jobs and wealth at home,” he said.
On the broader export potential of Nigeria’s non-oil economy, Bello described it as an “opportunity port” for young entrepreneurs, spanning agriculture, services, the creative sector, and solid minerals.
“We’re operating sub-optimally in all value chains today.
“Young Nigerians should invest where their passion lies. With energy and creativity, they can unlock massive export growth,” he said.
