The price of shea nuts in Nigeria has dropped by 33% following the federal government’s decision to place a six-month ban on the export of the commodity.
Market data from Vestance, a Lagos-based consultancy, shows that shea nut prices fell to ₦800,000 per tonne (about $521) as of Thursday, down from earlier levels this month.
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President Bola Tinubu announced the suspension of raw shea nut exports on August 26, saying the move was designed to boost local processing, create jobs, and support women who form the majority of shea nut pickers across the country.
Vice President Kashim Shettima, who also spoke on the policy, said the measure would help Nigeria build value-added industries and position the country as a major supplier of processed shea products in the global market.
Industry analysts, however, say the sudden price fall has raised concerns among exporters and traders. Some warn that many exporters may struggle to meet existing contracts, while domestic processing capacity remains limited.
Despite the challenges, some players in the sector welcomed the government’s move, describing it as a step toward curbing illegal exports and ensuring raw materials are available for local processors.
Nigeria is one of the world’s leading producers of shea nuts, which are used in food, cosmetics, and pharmaceuticals.
