Shea Nut Prices Plunge After Nigeria Announces Ban on Exports

Nigeria has announced a ban on the export of shea nuts, leading to a significant drop in their prices. Shea nuts are a vital raw material used in the production of cosmetics and confectionery worldwide. The ban aims to encourage local processing and value addition within Nigeria, rather than exporting the unprocessed nuts. The move follows similar actions by other West African countries, including Benin and Burkina Faso, in an effort to develop their domestic shea industries. The price decline has had a substantial impact on the shea nut trade, with traders and exporters facing significant losses. The decision by the Nigerian government is part of a broader strategy to promote local processing and industrialization, aiming to create more jobs and increase the economic benefits of the shea industry within the country. The move is expected to have implications for the global shea nut market, as Nigeria is a major producer and exporter of the commodity.