Nigeria bans exports of raw shea nuts used for cosmetic products
Summary
Nigeria has stopped the export of raw shea nuts for six months. The aim is to increase the production of refined shea butter and other skincare products domestically. This move aligns Nigeria with other West African countries that have similarly restricted shea nut exports.Key Facts
- Nigeria has banned the export of raw shea nuts for six months.
- The goal is to become a global supplier of refined shea butter.
- The decision is meant to add value to local industries and create jobs.
- Shea butter is widely used in skincare products like lotions and shampoos.
- Nigeria produces 40% of the world's raw shea nuts but only 1% of the global market share in shea products.
- A shea butter processing plant recently opened in Nigeria's Niger state.
- The ban is expected to increase revenue by $300 million soon and $3 billion by 2027.
- The move contrasts with Nigeria's usual free-market policies under President Bola Tinubu.
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