President Bola Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, a move aimed at strengthening domestic processing and increasing Nigeria’s value-added exports.

The renewed directive, which runs from February 26, 2026, to February 25, 2027, was disclosed in an official statement on Wednesday by the President’s spokesperson, Bayo Onanuga.

The extension demonstrates the Federal Government’s commitment to transforming Nigeria’s shea industry into a globally competitive sector while promoting job creation, improving incomes for rural communities, and stimulating local manufacturing. By focusing on value addition, the policy seeks to ensure that Nigeria maximizes revenue from its agricultural commodities instead of exporting raw products that command lower prices internationally.

“The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda,” the statement read. “The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.”

Background
The policy was initially introduced in August 2025 as a six-month temporary ban. The initial ban sought to curb informal trade, encourage local processing, and protect investments made by domestic shea processors. Unprocessed shea nuts, often exported in bulk, yield minimal foreign exchange and limit the economic benefits to local communities.

The initial policy sparked mixed reactions across Nigeria’s non-oil export sector. While local processors welcomed the directive as an opportunity to strengthen domestic production, some exporters expressed concerns about potential supply chain disruptions and the short-term impact on foreign exchange earnings. Following consultations with stakeholders, the government announced the extension, reflecting efforts to balance industry growth with economic stability.

Implementation and Regulatory Framework
To ensure effective enforcement of the ban, President Tinubu has tasked the Federal Ministry of Industry, Trade, and Investment, in collaboration with the Presidential Food Security Coordination Unit, to implement a unified national framework for the shea value chain.

The Nigerian Commodity Exchange (NCX) has developed an export regulatory framework to standardize and streamline shea exports. All previously granted waivers allowing direct export of raw shea nuts have been revoked. Henceforth, any surplus production must pass through the NCX framework to ensure transparency, traceability, and fair market pricing.

Additionally, the Federal Ministry of Finance has been directed to facilitate access to a dedicated NESS Support Window to assist operators in the sector. This initiative will support the Ministry of Industry, Trade, and Investment in piloting a Livelihood Finance Mechanism aimed at improving production efficiency, processing capacity, and global competitiveness within the shea industry.

Economic Significance
Shea nuts are predominantly harvested from trees across Nigeria’s savanna belt and are rich in oil content, making them vital raw materials for cosmetics, pharmaceuticals, confectionery, and edible oils. When processed into shea butter, these products command significantly higher prices on the international market than raw nuts.

By promoting local processing, the government expects to generate higher export earnings, create employment opportunities across producing communities, and stimulate industrial growth. The policy also aligns with broader efforts to transition Nigeria from a raw commodity-exporting economy to one that emphasizes industrialization and value-added products.

Stakeholder Impact
Local processors stand to benefit significantly from the extended ban. By consolidating supply for domestic processing, the government aims to ensure that shea butter producers have consistent access to raw materials. Increased processing capacity is expected to strengthen Nigeria’s position in the global shea butter market while supporting sustainable livelihoods in rural areas.

However, some exporters remain cautious about potential disruptions to supply chains and international trade relationships. The government’s approach, which emphasizes consultation and structured regulation, seeks to mitigate these concerns while maximizing long-term gains for the sector.

What You Should Know

• The export ban now runs from February 26, 2026, to February 25, 2027.
• The policy focuses on domestic processing to increase value addition and revenue.
• All raw shea nuts must be channeled through the Nigerian Commodity Exchange.
• The extension supports job creation and industrial development in shea-producing regions.
• Federal agencies are coordinating a unified framework to ensure transparency and competitiveness.

The extension of the raw shea nuts export ban reflects the government’s commitment to industrial growth, value addition, and economic diversification. By prioritizing domestic processing, Nigeria aims to strengthen its agricultural export sector, improve rural livelihoods, and expand its footprint in the global shea butter market.

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The Bank of Industry (BOI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, a move aimed at expanding access to ethical and inclusive financing for underserved business segments.

The approval allows BOI to formally roll out non-interest banking products designed to support Nigeria’s industrial development, particularly for businesses that avoid conventional interest-based financing.

In a statement, BOI’s Divisional Head of Public Relations, Theodora Amechi, said the regulatory nod positions the bank to deepen its impact across the real economy by offering tailored financial solutions aligned with social and developmental objectives.

According to the bank, the Non-Interest Banking operations will promote inclusive growth, mobilise ethical funding, and support the financing of customer assets and raw materials using approved non-interest products.

“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments,” the bank stated.

It added that the initiative would expand BOI’s reach to businesses that have traditionally been excluded from conventional credit channels, particularly faith-sensitive and ethically motivated enterprises.

Expanding Access to Ethical Financing

With the launch of the NIB Window, BOI said it would be able to finance customers’ assets and raw materials under non-interest structures, providing alternatives to interest-based loans while supporting productive economic activities.

The Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, described the approval as a major milestone in the bank’s transformation agenda.

“This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served,” Olusi said.

He noted that the CBN’s approval reflects confidence in BOI’s commitment to responsible financing and would enable the institution to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs).

Olusi added that the non-interest banking framework would open new opportunities for businesses facing challenges accessing traditional credit, allowing them to participate more confidently in the formal financial system.

Driving Inclusive Industrial Growth

BOI said the decision to commence non-interest banking operations is part of a broader strategy to drive inclusive economic growth and strengthen support for Nigeria’s real sector.

By mobilising ethical funding and aligning financing activities with developmental goals, the bank aims to enhance industrial productivity while catering to diverse financing preferences within the economy.

As Nigeria’s foremost Development Finance Institution, BOI plays a central role in funding the establishment and expansion of large, medium, small-scale, and micro enterprises across key sectors of the economy.

The institution was established in 1959 as the Investment Company of Nigeria (ICON), later reconstituted as the Nigerian Industrial Development Bank (NIDB) in 1964 under World Bank guidance. It assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).

BOI’s primary mandate remains the provision of financial assistance to support industrial growth and inclusive economic development across Nigeria.

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The Lekki Deep Sea Port is projected to contribute $360 billion to Nigeria’s economy and create around 170,000 jobs over its 45-year concession period, according to the port’s Managing Director, Wang Qiang.

Speaking at a stakeholders’ meeting in Lagos on Tuesday, Qiang noted that while the port is still in its early operational stages, it has already attracted significant investment and continues to recover from initial construction costs.

“We invested over one billion dollars in building the port, and it will take some time to recoup the investment,” he said. “The port is running well, but due to the heavy upfront costs, we are still in the recovery phase.”

Qiang described Lekki Port as a critical link in Nigeria’s logistics network and called for stronger government support, particularly in infrastructural development.

Emmanuel Anda, Port Manager of the Nigerian Ports Authority, praised the port as a “game-changer” for the country’s trade and economy, highlighting its role in boosting exports and improving import efficiency. He expressed optimism that Nigeria could become a global export hub within the next decade.

The Chief Commercial Officer of Lekki Freeport Terminal, Kehinde Olubi-Neye, emphasized that automation has improved operations and reduced congestion, while the port can now accommodate the largest vessels in Nigeria.

Adesuwa Ladoja, Managing Director of Lagos Free Zone, noted that surrounding free zones have enhanced value addition for exports. She described Lekki Port as a model of resilience and innovation, developed even during the challenging COVID-19 period.

Community representatives also welcomed the project, praising its corporate social responsibility initiatives, including youth empowerment, skills training, and educational support programs.

Located in the Lagos Free Zone, 65 kilometers east of Lagos, Lekki Port is Nigeria’s first multi-purpose deep sea port and the deepest in West Africa, with a depth of 16.5 meters, capable of receiving 18,000 TEU vessels. The port began its concession in 2019, completed phase 1 of construction in 2022, and commenced commercial operations in April 2023.

Qiang urged Nigerians and businesses to take advantage of the opportunities offered by the port, stressing its potential to transform trade and industrial activity in the country.

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Nigeria’s long-awaited steel revolution is gathering momentum as the Federal Government has sealed a $400 million partnership with Stellar Steel Company Limited, a Chinese-backed firm, to build a state-of-the-art steel plant in Ewekoro, Ogun State.

The agreement, signed in Abuja between the Federal Ministry of Steel Development and Stellar Steel, represents one of the largest foreign direct investments in Nigeria’s steel sector in nearly a decade.

Backed by Chinese industrial giants Galaxy Group and RSIN Group, both based in Fuzhou, Fujian Province, the new steel facility is expected to begin operations by mid-2026.

According to a statement by the Ministry’s Public Information Officer, Ijomah Opia, the deal was formalized by Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Mr. Li, President of Inner Galaxy Group, representing Stellar Steel.

“The Federal Ministry of Steel Development has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited,” the statement read. “The company has committed approximately $450 million to establish a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.”

The ministry explained that the project is designed to revitalize Nigeria’s steel industry, reduce dependency on imported steel, and strengthen the nation’s manufacturing capacity.

Job Creation and Local Impact

The partnership is projected to create over 2,000 direct and 20,000 indirect jobs across the steel value chain. It will also help localize iron ore supply, potentially saving over $1 billion in foreign exchange annually.

Minister Audu stated that the initiative aligns with the government’s target of producing 10 million tonnes of crude steel per year by 2030, supporting industrial self-reliance and economic diversification.

He assured that the Ministry will provide necessary policy and infrastructure support, including integration into the National Infrastructure Plan and access to fiscal incentives.

In return, Stellar Steel will prioritize local recruitment and training, working closely with Nigerian universities to develop technical and managerial expertise in steel manufacturing.

Environmental and Regional Benefits

The new facility will adopt green steel production technologies, using clean and energy-efficient methods to ensure environmental sustainability.

Mr. Li, who led the Stellar Steel delegation, reaffirmed the company’s commitment to completing the project on schedule while adhering to strict safety and environmental standards.

He was accompanied by Mr. You Xiastian (Vice Chairman, RSIN Group), Mr. Jackie Den (Vice President, Inner Galaxy Group), and Mr. Yin (Director, RSIN Group).

Reviving Nigeria’s Steel Dreams

Despite having vast iron ore reserves, Nigeria continues to import over $4 billion worth of steel products annually, with local output meeting less than 10% of domestic demand.

The government hopes that the Ewekoro steel plant will mark a turning point — filling the gap left by the long-dormant Ajaokuta Steel Complex and positioning Nigeria as West Africa’s steel manufacturing hub.

Minister Audu described the agreement as “a new era for Nigeria’s steel industry,” underscoring the government’s commitment to sustainable industrial growth and economic transformation.

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After more than three decades of dormancy, the Nigergas Company Limited in Emene has been brought back to life through a major rehabilitation and upgrade spearheaded by the Enugu State Government.

The gas plant, originally established in 1962 under the leadership of Dr. Michael Okpara, had been abandoned for years due to weak governance and mismanagement. The new administration undertook a full-scale restoration, introducing modern facilities and a management model that combines public ownership with private-sector efficiency.

During the relaunch on Thursday, Governor Peter Mbah said the revived plant has already employed over 100 skilled and semi-skilled workers, with projections to generate more than 5,000 indirect jobs across transport, fabrication, distribution, and supply chains.

He stressed that the project aligns with his broader economic agenda to expand Enugu’s economy from $4.4 billion to $30 billion. “This is not merely the reawakening of old pipes and equipment, but the revival of industrial promise and productivity for our people,” Mbah said.

The plant’s new installed capacity includes the production of 100 cubic metres of oxygen per hour and 45 cubic metres of acetylene per hour. It will serve hospitals, manufacturers, welders, and agro-processors, ensuring steady supplies of medical and industrial gases while reducing reliance on costly imports and distant suppliers.

Mbah also announced plans to add nitrogen, argon gas, carbon dioxide, and compressed natural gas (CNG) stations to the production line in the near future.

Stakeholders described the relaunch as a turning point for the state’s industrial sector. Dr. Sam Ogbu-Nwobodo, head of the Enugu State Investment Authority, said the project had revived the original vision of the Okpara government. Chief Chike Madueke, Managing Director of Ten Gas Development Ltd the engineering firm responsible for the rehabilitation said the facility would also serve as a training hub for young people in the state.

Traditional rulers, community leaders, and business figures, including Nollywood veteran Kanayo O. Kanayo, applauded the administration for revitalizing state-owned assets and strengthening security to support industrial and creative activities.

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