Fed Govt Earns $5m Annually From Shea Butter Exports

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Nigeria currently earns over $5 million yearly from shea butter exports. The country, however, is targeting about $100 million annual earnings from the commodity.

The Federal Capital Territory (FCT) , Dr. Ramatu Aliyu, disclosed this yesterday in a message the Third Technical Meeting the National on Export held in Abuja.

Aliyu, who was represented by the FCT Permanent Secretary, Mr. Olusade Adesola, also maintained that FCT administration has chosen Shea-butter and handicraft under the scheme because the commodity has been identified as a high economic impact export product.

According her, the FCT administration resolved key into the zero-oil plan with One-State-One Product (OSOP) initiative.

Aliyu, however, called for collaboration with the Export Council and other export facilitation agencies support for stakeholders in the Shea-butter value chain to increase and ease processing with minimal labour.

She noted: “The administration has resolved to key into the Zero Oil Plan, especially one its strategic components, OSOP initiative, whereby each state the federation and the FCT is to choose a product and an alternate one in which it has a comparative and competitive advantage in. FCT chose Shea-butter and handicraft under the scheme, in order to link the rural communities with the national export value-chain and facilitate Nigeria’s socio-economic growth through job creation and families’ empowerment.

“Shea is a high economic impact export product that trades globally an average $200 million annually. Nigeria’s current export value is $5 million but the Zero Oil Plan potential and target is $100 million. This is what the FCT desires to leverage to create jobs and drive inclusion by exploring the inherent potential presented by this sub-sector for the export market.”

Minister of Industry, Trade and Investment, Mr. Otunba Adeniyi Adebayo, informed the that the had earlier rectified the plan, stressing that the African Continental Free Trade Agreement (AfCFTA) would lots of potential for Nigeria to grow its exports.