NEXIM Bank Backs Shea Nut Export Ban, Calls for Wider Halt on Raw Exports

The Nigerian Export-Import Bank (NEXIM) has endorsed the Federal Government’s six-month suspension of shea nut exports, describing the move as a bold step to strengthen local processors and stabilise Nigeria’s agricultural value chain.

Managing Director of NEXIM, Abubakar Bello, stated this during an interactive session with youth members of the All Progressives Congress (APC) in Abuja on Tuesday.

Bello noted that the ban would lower production costs for processors and sustain ongoing investments in the shea industry.

“When we came on board in 2018, not one industrial plant was processing shea in Nigeria. Since then, we’ve financed four plants in Ogun, Kano, and two in Niger State, all of which are now in production,” he said.

He revealed that a newly commissioned plant in Niger State had struggled to source raw shea because foreign buyers were moving large quantities to neighbouring countries for processing. According to him, the new policy will ease that pressure and ensure stable supply for domestic processors.

“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 said.

While commending the government, he urged that the suspension be extended to one year, stressing that short-term relief may not be sufficient to attract fresh investments.