The Nigerian government’s abrupt six-month ban on shea nut exports has caused domestic prices to plummet, falling by a third to N800,000 ($521) per tonne.
The move, announced by President Bola Tinubu, aims to secure raw materials for local processors, create jobs, and protect a value chain that primarily employs women.
However, the policy has sparked a mixed reaction. While some local processors welcome the ban as a way to stop the illegal export of raw nuts and build domestic industry, major exporters are facing severe financial strain.
Industry experts warn that the sudden implementation could cause companies to default on international contracts and fails to address the current lack of local processing capacity.
“Exports made the market vibrant. Local demand is not as high as local supply,” said Rildwan Bello, CEO of the consultancy Vestance.
He added that building a local processing industry “doesn’t happen overnight,” criticizing the manner of the ban’s implementation.
Nigeria is a major global producer, accounting for nearly 40% of the world’s shea nuts, but currently captures less than 1% of the $6.5 billion global market for processed shea products.
The ban is part of President Tinubu’s broader strategy to generate jobs by restricting the export of raw materials.
Other West African producers like Ghana and Burkina Faso also restrict exports to promote local processing.
Shea butter is used globally in cosmetics, confectionery, and as a substitute for cocoa butter.
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.
Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.
He had done many courses in communication, including the EU-BBC Editing Course in 2002.
Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).
He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.
He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.
Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.
