Tag: Raw shea nut

Shea nut prices drop by 33% after FG’s 6-month export ban – Report 

Aminu Imam
Shea nut prices drop

The price of shea nuts, a key ingredient in cosmetics and confectionery, has plunged in Nigeria following the government’s decision to join other West African nations in halting exports, Bloomberg reports. At the close of trading on Thursday, the price of the nuts was ₦800,000 ($521) per ton, down 33 percent from a few days earlier, Bloomberg said, quoting Rildwan Bello, the Chief Executive Officer of Vestance, a Lagos-based consultancy that monitors agricultural markets. Recall that on August 26, President Bola Tinubu directed a six-month temporary ban on the export…

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FG orders 6-month ban on raw shea nut export

Aminu Imam
FG orders

…To unlock $3bn annual revenue potential President Bola Tinubu has ordered an immediate six-month ban on the export of raw shea nuts from the country. The temporary export restriction aims to curb informal trade that undermines official export channels while increasing processor utilisation within Nigeria’s domestic shea processing facilities. The move aims to help the country capture higher export value, by promoting processed shea products over raw materials and stabilizing the shea sector through improved market coordination. According to Government estimates, the enhanced shea value chain could generate approximately $300m…

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