Nigeria's Shea Sector Sees Revival with Local Processing Boost
Nigeria's shea sector is experiencing a rebound as local processing boosts revenue growth. Market data shows that shea nut prices in Nigeria initially dipped after the government banned raw exports but have since stabilized and are approaching pre-ban levels.
Prices fell to N570 per kilogram post-announcement but have now risen to between N710 and N800 per kilogram, indicating renewed confidence in the market. This recovery reflects the government's focus on domestic value addition for economic growth.
President Bola Ahmed Tinubu's economic policy, Nigeria First, aims to prioritize local processing as a pathway to development. The average market price for shea nuts currently stands at approximately N850 per kilogram, signaling growing stability in the sector.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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